<SEC-DOCUMENT>0001144204-12-013124.txt : 20121107
<SEC-HEADER>0001144204-12-013124.hdr.sgml : 20121107
<ACCEPTANCE-DATETIME>20120306092855
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-013124
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Giant Interactive Group Inc.
		CENTRAL INDEX KEY:			0001415016
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2/F NO. 29 BUILDING, 396 GUILIN ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200233
		BUSINESS PHONE:		8621 6451-5001

	MAIL ADDRESS:	
		STREET 1:		2/F NO. 29 BUILDING, 396 GUILIN ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200233
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 6, 2012</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Stephen Krikorian</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Giant Interactive Group Inc.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Form 20-F for the Fiscal Year Ended December
31, 2010</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Filed June 17, 2011</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">File No. 001-33759&nbsp;</TD></TR>
</TABLE>

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

<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-indent: 0.5in">On behalf of Giant Interactive Group Inc. (&ldquo;<B>Giant</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;), set forth below are our responses to your comment letter dated February 21, 2012 (the &ldquo;<B>Comment
Letter</B>&rdquo;) with respect to the above-referenced Form 20-F (the &ldquo;<B>2010 Form 20-F</B>&rdquo;) filed with the Securities
and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on June 17, 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">For your convenience, we have reproduced the
comments from the Commission&rsquo;s staff (the &ldquo;<B>Staff</B>&rdquo;) in the order provided followed by Giant&rsquo;s corresponding
response. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the 2010 Form 20-F.</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 0.1in 0 0.5in">Giant responds to the Comment Letter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>Form 20-F for the Fiscal Year
Ended December 31, 2010</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>Item 5. Operating and Financial
Review and Prospects</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><U>B. Liquidity and Capital Resources,
page 57</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>We note your response to prior comment 2. Please confirm that you will also revise your future periodic filings to include
the amount of cash, cash equivalents and short term investments held by your subsidiaries and VIE that would be subject to this
tax upon distribution.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Staff&rsquo;s comment is duly noted. The Company respectfully
submits that it will revise its future Form 20-F filings to include the amount of cash, cash equivalents and short-term investments
held by its subsidiaries and VIE that would be subject to such withholding tax upon distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>Audited Consolidated Financial
Statements as of December 31, 2009 and 2010</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>Notes to the Consolidated Financial
Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><U>2. Summary of Significant Accounting
Policies</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 6, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><U>2) Consolidation, page F-10</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>We note your response to prior comment 3. Please clarify your disclosure to indicate whether the VIE comprises all of
the Company&rsquo;s Consolidated Statements of Operations and Comprehensive Income, and all of the Consolidated Statement of Cash
Flows. To the extent it does not, please clarify the portion attributable to the VIE. Please also clarify whether all of the cash
and cash equivalents, short-term investments, and investments in equity investees in the consolidated balance sheets are held by
the parent and other entities. To the extent they are not, clarify the portion held by the VIE. Further, please clarify whether
all of the other assets and liabilities in the consolidated balance sheet are held by the VIE. Please include your proposed disclosure
in your response.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In response to the Staff&rsquo;s comment, the Company
respectfully advises the Staff that it will revise the disclosure in its future Form 20-F filings as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&ldquo;Our VIE contributed RMB1,092 million to our net
income in 2010, which represented all of the net income attributable to the Company&rsquo;s shareholders and our comprehensive
income. In addition, our VIE accounted for RMB1,086 million, or 65%, of the net increase in our cash and cash equivalents in 2010,
as reflected in our Consolidated Statements of Cash Flows for such period. Furthermore, as of December 31, 2010, our VIE held cash
and cash equivalents of RMB281 million, investments in equity investees of RMB33 million, other assets of RMB343 million and other
liabilities of RMB491 million, which represented 10%, 94%, 8%, and 70%, respectively, of such assets and liabilities for our Company
on a consolidated basis as of the same date.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><U>17. Income Tax Expense</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B>We
note your response to prior comment 6 that the Company had sufficient cash in 2008, 2009 and 2010 at the listing
company level from its IPO proceeds for the payment of dividends in those years, and thus it was not necessary for its PRC
subsidiaries to distribute any dividends to the Company in order to further distribute to the Company&rsquo;s shareholders.
However, we note your disclosure on page F-53 that the Company declared a total dividend of US$42 million paid out of
2009&rsquo;s distributable profits. Please reconcile these statements and clarify your disclosures accordingly. Please
include your proposed disclosures in your response. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company respectfully advises the Staff that the Company
did declare a dividend of RMB279 million (US$42 million) in 2010, and that this dividend was paid out of available cash held by
the Company as a result of its initial public offering rather than the Company&rsquo;s 2009 distributable profits. The use of the
Company&rsquo;s initial public offering proceeds to pay this dividend is permitted under Cayman law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In response to the Staff&rsquo;s comments, the disclosure
in the financial statements to be included in the Company&rsquo;s future Form 20-F filings will be revised as follows:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 6, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&ldquo;Pursuant to a resolution of the Board of Directors
dated April 15, 2010, the Company declared a dividend in an aggregate amount of RMB279 million (US$42 million), which amount was
paid out of available cash held by the Company in accordance with applicable law.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B><U>14) Revenue Recognition, page F-20</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>We note your response to prior comment 4. Please clarify whether the fees you charge to your customers for the stand-alone
IT services are a fixed amount, or are charged based on time and materials incurred. Please further clarify how you use this information
to determine the amount of service revenue to defer in your multiple element arrangements that include both royalty revenues and
service revenues. As part of your response, please clarify whether it is the stated percentage of game point revenue that you defer
as service revenue and how this amount is equal to either the fixed amount you charge for stand-alone transactions, or the estimate
of hours to provide the service multiplied by the rate charged when the services are sold separately. Please also tell us the amount
of royalty revenue recognized pursuant to these multiple element arrangements for all periods presented.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company respectfully advises
the Staff that the Company charges its customers for the stand-alone IT services on a time and materials incurred basis. The Company
determines the amount to charge for the standalone services based on a reasonably dependable estimate of the number of hours required
to complete the services based on an internal analysis performed by the Company comprising of payroll records and other supporting
documentation for its previously completed transactions. Based on this analysis, the Company is able to determine a charge rate
on hourly basis in accordance with total costs incurred plus a reasonable margin. The Company applies the same pricing structure
across all its service transactions. The Company uses this information to establish its VSOE of fair value, on a time and materials
basis, for its IT services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The agreed upon percentage of game
point revenue earned by the Company is for both the royalty revenue and IT services. Specifically, the Company charges a stated
percentage of the game point revenue for providing both the licensing arrangement and the IT services. Since the Company has VSOE
of both the royalty revenue and the IT services, it is able to allocate the game point revenue earned to the royalty revenue and
the IT services based on their relative fair values. Therefore, the Company respectfully advises the Staff that the amount deferred
as service revenue is the relative fair value of the stated percentage of game point revenue allocated to the IT services, which
is based on the estimate of hours needed for providing the service multiplied by the rate charged when the services are sold separately.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 6, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company respectfully advises
the Staff that the amount of royalty revenue recognized pursuant to these multiple element arrangements amounted to nil, RMB220,440,
and RMB29,731,009 or nil, 0.02%, 2.23% of total net revenue for the years ended December 31, 2008, 2009 and 2010, respectively.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 6, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">If you have any questions
or wish to discuss any matters with respect to this response letter, please do not hesitate to contact me at +</FONT>86-21-2307-7091
or send me an email at pku@omm.com, or Vincent Lin at <FONT STYLE="color: black">+</FONT>86-21-2307-7068 or send him an email at
vlin@omm.com<FONT STYLE="color: black">. </FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-indent: 0.5in">&#9;Sincerely,</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-indent: 0.5in"><U>/s/ Portia
Ku&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-indent: 0.5in">&#9;<FONT STYLE="color: black">Portia Ku</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-indent: 0.5in">&#9;of O&rsquo;Melveny &amp; Myers LLP</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: 0in">Enclosures</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Mr. Yuzhu Shi</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Ms. Jazy Zhang</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">(</FONT>Giant Interactive
Group Inc.<FONT STYLE="color: black">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Mr. Lawrence Lau</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">(</FONT>Ernst &amp;
Young Hua Ming<FONT STYLE="color: black">)</TD></TR>
</TABLE>

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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>

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