德意志银行-中国互联网行业研究报告2011年12月(109页).pdf

文档介绍：Deutsche Bank
Markets Research

Industry Date
02 December 2011
China
Asia
Insights China
Technology
Software & Services


Alan Hellawell III

Research Analyst
([phone]
@

Alex Yao Yoshio Ando, CMA
Research Analyst Research Analyst
([phone] ([phone]
@ @


Jeetil Patel
Research Analyst
([phone]
@

. for investors
China social games: New characters,
new plots, new twists
China's social panies are climbing the same steep growth curves plotted by their
counterparts in the US and Japan. The market otherwise has very distinct elements to it, from the
wide range of revenue shares that peting SNS platforms offer to the delicate partner-
competitor duality that panies and platforms must negotiate. We expect Sina Weibo
to disturb the current order as it builds share, while Tencent grapples with social gaming's
deflationary impact on its high-ARPU online gaming business.

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Deutsche Bank AG/Hong Kong
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced
from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject
companies. Deutsche Bank does and seeks to do business panies covered in its research reports. Thus,
investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND
ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 146/04/2011.
Deutsche Bank
Markets Research

Asia Industry Date
China China 02 December 2011
Technology FITT Research
Software & Services Insights