China quick review : Perfect World & funding, Qihoo & financial results

By March 06, 2013
Keywords : fund, game, Mobile, search, Security

Perfect World to increase its investment in VC Fund / Qihoo 360 reports fiscal year 2012 results

Perfect World to Increase Its Investment in VC Fund

Perfect World, a online game developer and operator based in Beijing, announces that one of its consolidated entities has recently entered into a definitive agreement to invest an additional RMB 396.0 million as a limited partner into a venture capital fund, of which one of Perfect World's consolidated entities is an existing limited partner. The VC Fund intends to invest the additional capital received into another private equity fund as one of its limited partners.

The private equity fund will primarily focus on investing in mature companies in the consumer and retail, financial services, health care, TMT, energy and natural resources, and high value-added manufacturing industries in China. The core team managing this fund consists of former senior members of global private equity and financial services firms and a former senior executive of a Fortune 500 company. According to the company statement, the team members have managed private equity investments of nearly three billion U.S. dollars in aggregate in the past.

Qihoo 360 Reports Fiscal Year 2012 Results

Qihoo 360 Technology, a Beijing based Internet company, today reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012. Revenues for the 2012 were $329.0 million, an increase of 96% from $167.9 million in 2011. Net income attributable to Qihoo 360 was $46.8 million (+ 200% ). Monthly active users of their PC-based products increased to 456 million at the end of 2012. Chinese smartphone users of 360 Mobile Safe, the Qihoo mobile security product, has reached 207 million.

Online advertising revenues were $221.5 million (+80%). The growth was primarily driven by products such as the 360 browsers and the 360 Personalized Start-up Pages. Internet value-added service revenues, which are mainly derived from web game operations, were $103.3 million (+ 137%). For the first quarter of 2013, the Company expects revenues to be between $104.5 million and $106.5 million, representing a year-over-year increase of 50.8% - 53.7%.

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