Last $6.63 USD
Change Today -0.015 / -0.23%
Volume 141.1K
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As of 2:32 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

No. 1 Office Building

690 Bibo Road

Pudong New Area

Shanghai, 201203

China

Phone: 86 21 5050 4740

Fax: 86 21 5089 5052

Shanda Games Limited operates as an online game company in the People’s Republic of China (China or PRC). The company develops, sources, and operates online games, as well as licenses its games to third parties. The company develops and sources a range of game content through multiple channels, including in-house development, licensing, investment, acquisition, joint development, and joint operation. As of March 31, 2014, it operated 38 massively multi-player online games (MMO) games and 25 mobile games in China and certain overseas markets. Its in-house development capabilities consisted of approximately 1,700 game development personnel and operated 8 MMO games and 5 mobile games that the company developed in-house. The company licenses games from international and domestic developers. As of March 31, 2014, 40 of its 63 games were licensed from third-party developers on an exclusive basis, 2 games were jointly developed with a third-party developer, and 1 game was jointly operated with third-party developers. For the three-month period ended December 31, 2013, the company had 17.7 million average monthly active users and 2.9 million average monthly paying users for its MMO games, and 558,900 average daily active users for its mobile games. The company is expanding its business into selected overseas markets. It established Shanda Games International, its wholly owned Singapore subsidiary, to help establish its overseas business. The company operates a localized version of Dragon Nest in Singapore. It also offers Million Arthur in South Korea through its majority-owned subsidiary, Actoz Soft Co., Ltd. In 2013, the company started to operate Dragon Nest in Europe. In addition, it licenses certain of its MMO games and mobile games, in which the company owns the related game intellectual property rights, to overseas third parties. As of March 31, 2014, the company licensed 12 MMO games and 3 mobile games to third parties in international markets, including Hong Kong, Macau, Taiwan, Vietnam, Brazil, Malaysia, Indonesia, the Philippines, Singapore, Thailand, South Korea, Japan, the United States, Canada, Australia, New Zealand, and Russia, as well as countries in the Middle East and Europe. Games The company operates MMO games and mobile games in China and in certain overseas markets. Majority of its MMO games are massively multi-player online role-playing games (MMORPGs), which are action-based and draw upon themes, such as martial arts adventure, fantasy, strategy, and historical events. Each of these MMORPGs creates a virtual world within which game players could play and interact with each other simultaneously through the Internet. The company’s MMO games also include advanced casual games and have a story line, elaborate graphics, virtual items available for purchase, and frequent interactions among game players. Some of its MMO games are Web games. Web games are played through a Web browser and do not require any client-side software to be installed. The company categorizes them as MMORPGs rather than a separate category of online games. The company also operates mobile games for smartphones and tablets. It offers mobile games to both iOS and Android devices, and has adopted an item-based revenue model for all of these games. All of the MMO games that the company operates in China are accessible through a Website dedicated to each game. Game players access the company’s games at Internet cafes or through the Internet by using personal computers. The company offers its mobile games in different versions that are adapted for a range of mobile devices, including iPhone, iPad, and Android devices. All of its mobile games are accessible from mobile devices, including tablets and mobile phones, through App Store, Google Play, its own mobile game distribution platform G-Home, and other third-party mobile app platforms for Android. Acquisitions In 2013, the company acquired Shanghai Shengzhan Networking Technology Co., Ltd. and Tianjin Shengjing Trade Co., Ltd., two affiliates providing platform services and prepaid card distribution services. Intellectual Property and Proprietary Rights As of December 31, 2013, the company owned 230 software copyrights, each of which has been registered with the State Copyright Bureau of the PRC. It owned 253 trademarks, each in various categories, each of which has been registered with the China Trademark Office; and had 36 trademark applications, each in various categories, pending with the China Trademark Office. The company has also filed applications to register certain trademarks in various other jurisdictions, including Hong Kong and Vietnam. As of December 31, 2013, the company had 92 patent applications pending with the State Intellectual Property Office of China. It owned or licensed 375 registered domain names, including its official Website and domain names registered in connection with each of the games that the company offers. Government Regulations The company is required to register with the Ministry of Commerce, any license agreement with a foreign licensor that involves an import of technologies, including online game software into China. Competition The company competes primarily with other online game and mobile game developers and operators in China, including Boyaa Interactive; Changyou.com Limited; China Mobile Games and Entertainment Group Limited; Forgame Holdings Limited; Giant Interactive; IGG Inc.; Kingsoft Corporation Limited; KongZhong Corporation; NetEase, Inc.; NetDragon Websoft, Inc.; Perfect World Co., Ltd.; Tencent Holdings Limited; and The9 Limited. History Shanda Games Limited was founded in 2001.

 

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Valuation GAME Industry Range
Price/Earnings 7.3x
Price/Sales 2.6x
Price/Book 12.5x
Price/Cash Flow 7.3x
TEV/Sales 1.5x
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