YY Inc. announced that it has enhanced the independence of its Board of Directors by appointing two additional independent directors, effective as of May 23, 2013. After the appointment, the Company's Board will consist of a majority of independent directors. YY appointed Mr. Richard Weidong Ji as an independent director and a member of the audit committee of the Board and Mr. David Tang, as an independent director and a member of the compensation committee of the Board. Additionally, Mr. Alexander Hartigan, a non-independent director of the Board who has been a director since 2008, has resigned from the Board effective May 23, 2013. Mr. Richard Weidong Ji served as managing director and head of Asia-Pacific Internet/media investment research at Morgan Stanley Asia Limited from 2005 to 2012. Mr. David 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.

YY Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. Net revenues increased by 130.5% to RMB 315.0 million ($50.7 million) from RMB 136.7 million in the corresponding period of 2012 driven by a 143.8% increase in revenues from internet value-added services, or IVAS revenues. Net income attributable to YY Inc. increased significantly to RMB 63.9 million ($10.3 million) from RMB 3.5 million in the corresponding period of 2012. Non-GAAP net income attributable to YY Inc. increased by 164.2% to RMB 82.1 million ($13.2 million) from RMB 31.1 million in the corresponding period of 2012. Operating income in the first quarter of 2013 increased significantly to RMB 64.5 million ($10.4 million) from RMB 4.3 million in the corresponding period of 2012. Non-GAAP operating income increased to 159.9% to RMB 82.6 million ($13.3 million) in the first quarter of 2013 from RMB 31.8 million in the corresponding period of 2012. Diluted net income per ADS in the first quarter of 2013 was RMB 1.11 ($0.18), compared to a diluted net loss per ADS of RMB 2.22 in the corresponding period of 2012. Diluted non-GAAP net income per ADS in the first quarter of 2013 was RMB 1.42 ($0.23), compared to a diluted non-GAAP net loss per ADS of RMB 1.19 in the corresponding period of 2012. Income before income tax expenses was RMB 7,215,000 against RMB 77,434,000 a year ago. For the second quarter of 2013, the company expects its net revenues to be between RMB 335 million and RMB 345 million, representing year-over-year growth of approximately 78% to 84%.

YY Inc., Q1 2013 Earnings Call, May 02, 2013