Our MMOG business began operations as a business unit within the Sohu Group in 2003. In June 2003, the Sohu Group launched its first MMOG, KO, which was licensed from a Korean developer. KO had limited acceptance in the Chinese market, and its operation was discontinued in November 2006 when the license expired. In October 2004, the Sohu Group launched BO, its second MMOG, which was licensed from a local independent game studio. In May 2007, the Sohu Group launched TLBB, its first in-house developed MMOG.
In December 2007, ChangYou was carved out as stand-alone company and completed its initial public offering on the NASDAQ Global Select Market on April 2, 2009.
On May 11, 2011, ChangYou completed the acquisition of 68.258% of the equity in Shenzhen 7Road Technology Co., Ltd. (“7Road”). 7Road is primarily engaged in Web game development and operates our Web games Wartune and DDTank. On June 5, 2013, ChangYou completed the acquisition of all of the ordinary shares of 7Road held by the non-controlling shareholders, representing 28.074% of the outstanding share capital of 7Road. As a result of the acquisition, 7Road became a wholly-owned subsidiary of ChangYou.
On December 15, 2011, ChangYou completed the acquisition from Sohu of the 17173 Business, which operates a leading game information portal in China.
On December 24, 2013, ChangYou completed the acquisition of 62.5% of the equity interests, on a fully-diluted basis, of a company that holds all of the assets associated with RaidCall ("RaidCall"), a free social communication platform (such assets, the "RaidCall Business").