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Feiyu Technology Announces 2016 Interim Results

- Licensing Income Increased by Approximately 182.4%;
- Newly Launched Carrot Fantasy III;
- Continue to Focus on Expanding Established Game Portfolio


Hong Kong, 26 August 2016 -- (ACN Newswire) - Feiyu Technology International Company Ltd. ("Feiyu Technology" or the "Company"; together with its subsidiaries, the "Group", stock code: 1022), a reputable developer and operator of mobile games and web games, today announced its unaudited interim results for the six months ended 30 June 2016 (the "period under review").

During the period under review, the Group's total revenue decreased by approximately 52.7% to approximately RMB95.3 million mainly due to the change in lifecycle stage of the Company's existing titles, which reached the mature stage in the period under review. In addition, the Company's strategic decision to postpone the launch of three key new games for better quality and expected performance also affected the revenue negatively. The Group recorded a loss attributable to the parent of RMB76.5 million, while excluding share-based compensation and amortization of intangible assets recognised for acquisitions, the Group recorded an adjusted net profit attributable to owners of the parent of RMB8.8 million. The Board did not declare an interim dividend for the period under review.

Mr. Yao Jianjun, Founder, Chairman and Chief Executive Officer of Feiyu Technology said, "China's online game industry continued to record a strong growth in the first half of 2016. Being a leading online game developer and operator in China, we have been committed to providing excellent games to global players with a strategic focus on mobile games. In addition to domestic market, we target to further penetrate into new overseas markets through elaborately developed games with self-owned IPs. These IPs are extremely valuable, not only did they lay a solid foundation for the success of sequels and prequels in the future, but also enable us to develop and expand our IP licensing business."

On 22 March 2016, the Company entered into a license agreement in relation to the cooperation with Qihoo 360 Technology Co., Ltd. ("Qihoo 360") to distribute and publish Shen Xian Dao II in the Mainland China. In the first quarter of 2016, the Company entered into an exclusive license agreement with Tencent Holdings Limited ("Tencent") for distributing and publishing Plump Fish in Mainland China on Tencent platforms for single-player games. In June 2016, the Company launched Carrot Fantasy III successfully on Tencent platforms. Shortly after the launch of its iOS version on 16 June 2016, Carrot Fantasy III climbed up to No. 1 in Apple's China app store in terms of free download and maintained such position for 17 consecutive days. Besides, the Company also launched the foreign language version of San Guo Zhi Ren in Vietnam in the first half of 2016.

The Company achieved significant progress in IP licensing business in the first half of 2016. The licensing income increased by approximately 182.4% to approximately RMB7.0 million during the period under review. The plush toy of Carrot Fantasy, for which the Company licensed the IP to NICI International Trading (Shanghai) Co., Ltd., a subsidiary of NICI GmbH ("NICI"), which is a Germany-based globally-active producer of high-quality brand name goods, went on sale in NICI stores since April 2016 and has been enjoying great popularity. The Manufacture d'Articles de Precision Et de Dessin ("Maped") stationery licensed with Carrot Fantasy have been launched in all Maped's online and offline stores in Mainland China and Hong Kong since June and July 2016 respectively. In addition, the network drama, Jiong Xi You II, which is the sequel to Jiong Xi You, a network drama produced under an IP licensing arrangement of one of the Company's popular games of the same name ,was clicked for over 200 million times as at 30 June 2016.

To focus on providing high-quality games to global players, the Company maintains a relatively limited product portfolio, in which there are a number of hit titles with its self-owned IP, such as Carrot Fantasy series, Shen Xian Dao, San Guo Zhi Ren and Jiong Xi You. As at 30 June 2016, the Company's RPG mobile games and web games had approximately 209.4 million cumulative registered users, with approximately 167.2 million users for web games and approximately 42.2 million users for mobile games; and the Company's casual mobile games had approximately 356.8 million cumulative activated downloads. For the month of June 2016, the Company's RPG mobile games and web games had 1.5 million MAUs in aggregate, with approximately 0.8 million MAUs for mobile games and approximately 0.7 million MAUs for web games; and the Company's casual mobile games had approximately 36.5 million MAUs.

During the period under review, the Company's ARPPU of RPG mobile games increased by 5.2% year-on-year to RMB89.7 and ARPPU of casual games increased by 6.7% to RMB4.8. As part of the business strategy, the Company will continue to make efforts to promote players' in-game purchases, roll out upgrades frequently to enhance the features of the games and maintain user interest, and launch various in-game promotions and activities. Since Carrot Fantasy III has been launched working with Tencent, who has the biggest social platforms (QQ and WeChat) in China and strong online game distribution capabilities, the Company believes the ARPPU of casual games will increase substantially going forward.

In the second half of 2016, the Company will continue to focus on expanding its established game portfolio through introducing new mobile games, which will include Shen Xian Dao II and Jiong Xi You II. Besides, the web version of Shen Xian Dao II is also expected to be launched in the second half of 2016 under a license agreement entered into between the Company and its business partner, XD.COM.

Looking ahead, Mr. Yao said, "We will continue to upgrade and introduce more value-added features to our existing games in the second half of 2016 in order to further enhance player experience and build enduring franchises. We will also make continuous efforts to improve and promote Carrot Fantasy III with our business partner, Tencent. We will approach international markets cautiously yet aggressively for bringing Carrot Fantasy III to global players. One of our hit titles, San Guo Zhi Ren, is expected to be launched in Singapore, Malaysia and Thailand in the third quarter of 2016.

Along with the popularity of our casual mobile game Carrot Fantasy III, we plan to accelerate the expansion of our IP licensing product portfolio. However, we have been very cautious about selecting licensing partners to meet our stringent criteria. On 28 July 2016, we opened our Carrot Fantasy store in JD Mall to sell all Carrot Fantasy licensing products going forward. We also began to work with Pizza Hut China in August 2016 to cross-promote Carrot Fantasy III and Pizza Hut leveraging the two brands' extraordinary brand awareness and remarkable customer base. We will endeavor to increase market shares to achieve sustainable growth and maximize the benefits of shareholders."

About Feiyu Technology International Company Ltd. ("Feiyu Technology")
Feiyu Technology is a reputable developer and operator of mobile games and web games. It is one of the few game development companies based in PRC that offers games in both the casual and RPG categories. As of 30 June 2016, the Company had nine mobile games and two web games, with the series of Shen Xian Dao, Carrot Fantasy, Jiong Xi You etc. According to the iResearch Report, Shen Xian Dao was ranked 3rd in terms of gross billings for all web games in China for 2012 and 10th for all mobile games in China for 2013, as Carrot Fantasy was ranked No.1 among tower defense games in China in terms of average number of monthly active users in 2013, with over 16.9 million monthly active users. Feiyu Technology's games are available on most of the popular game distribution and publishing platforms in China, including Baidu, Tencent platforms, 37wan.cn, 91wan.cn, 360.cn and duowan.com, enabling the Company to tap into a large and diversified player base.

For further information of Feiyu Technology, please visit http://www.feiyuhk.com.

# # #


Submitted by ACN Newswire, ACN Newswire on Friday, 26 August 2016 at 9:20 PM
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