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Changyou.com (NASDAQ: CYOU) is a leading developer and operator of online games in China as measured by the popularity of our games, TLBB, DDTank and Wartune (also known as Shen Qu). We began operations in 2003 as Sohu.com's massively multi-player online games ("MMORPG") business unit, before our carve-out as a separate, stand-alone company in December 2007 and subsequent listing on the NASDAQ Global Select Market in April 2009. We engage in the development, operation and licensing of online games, including MMOGs, which are interactive online games that may be played simultaneously by hundreds of thousands of game players, and web games, which are played over the Internet using a web browser. We also own and operate the 17173.com Website, one of the leading game information portals in China, that has an experienced team with strong expertise in running the Website, building a game community and developing relationships with advertisers in the online game industry.

We have a leading in-house technology platform that includes our advanced 2.5D and 3D graphics engine, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. Our product development team and game operations team work closely together to translate game player feedback into game updates and expansion packs on a timely basis. In addition, our close relationship with Sohu provides us with unique competitive advantages and we have benefited from Sohu’s strong brand recognition in China and large user base. Sohu’s trusted brand name in China provides us with a broad marketing reach. By marketing across Sohu’s Web domains and taking advantage of the Sohu Group’s single-user ID system that provides easy access to our games, we believe we have been able to tap into Sohu’s large user base on its portal Website to drive new users to our games.

Our award-winning, in-house developed game, Tian Long Ba Bu, or TLBB, has been instrumental in our success. Adapted from the popular Chinese martial arts novel of the same name, which in English means "Novel of Eight Demigods," TLBB is a 2.5D martial arts-style fighting and community-building MMORPG. Since TLBB’s launch, we have regularly developed new content and released game updates in the form of expansion packs for the game. TLBB has won various awards in China, including 2008 “Best Self-Developed Online Games (First Place)” and 2008 and 2009 “Most Liked Online Games by Game Players (First Place)” awards at the China Digital Entertainment Expo and Conference, or ChinaJoy. Its expansion packs, TLBB2 and TLBB3, won the 2010 “Most Liked Online Games by Game Players” award and the 2011 “Best Self-Developed Online Games” award, respectively, at ChinaJoy. To leverage the success of TLBB, we licensed the game to third-party operators overseas. TLBB is currently licensed to third-party operators in Vietnam, Taiwan, Hong Kong, Malaysia and Thailand. We also operate a modified version of TLBB in the U.S. and certain European countries.

Our web game DDTank was developed in-house by our VIE 7Road and is a popular Q-style multi-player Web-based shooting game in China that has won various game awards. Players use keyboards to control tanks to compete with others, using different weapons to produce different firing effects. Since DDTank’s launch, we have regularly developed new content and released new versions of the game. DDTank is currently licensed to third-party operators in China, Vietnam, Malaysia, Taiwan, and Brazil. DDTank’s 2.4 version won the 2010 “Most Liked Web-based Games by Game Players” award at ChinaJoy.

We are currently in the process of developing and testing several other proprietary and licensed games with different themes, graphic styles and game-play that complement our current product offering, including MMOG Dou Po Cang Qiong, which we are developing in-house, and MMOG Grand Chase, which we licensed from a third party.