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This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.www.mackieresearch.com
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Key Developments� Tencent (SEHK:700) invests $300mm in Digital Sky Technologies (investor in Facebook, Zynga etc.)
� DST invests $135mm in Groupon at $1.2b valuation
� Frogster Interactive Pictures AG (XTRA:FRG) reported revenue for 2009 rose 6x to Euro16.7mm with net profit of Euro2.3mm
� Webzen Inc. (KOSE: A069080) signed an agreement to acquire NHN Games Co., Ltd. for approximately KRW 240b
� The9 Limited (NasdaqGS:NCTY) reported consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported loss from operations of RMB 220.2mm on revenue of RMB22.5mm
� NetDragon WebSoft, Inc. (SEHK:777) announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2009. For the quarter, the company reported operating profit of RMB 1,584,000 on revenues of RMB 134,190,000.
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Public Company Data
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Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 98 - - -
Glu M obile, Inc. GLUU NasdaqGM USD United States 1.01 30.9 NA
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 60.6 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,540.00 2,715.3 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 254,100 316.0 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,820.00 94.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 230.0 276
IAC/InterActiveCorp. IACI NasdaqGS USD United States 23.64 2,755.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8.00 463.2 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 13.2 NA
iseemedia Inc. IEE TSXV CAD Canada 0.12 8.2 NA
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Public Company Listing cont.Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.25 11.2 79
Kent International Holdings Inc. KNTH OTCPK USD United States 1.81 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.12 874.2 NA
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.65 8.0 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.06 18.2 NA
M ixi, Inc. 2121 TSE JPY Japan 609,000.00 1,020.3 NA
M obile Data Corp. M BYL OTCBB USD United States 0.08 2.0 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 425.00 3,895.2 NA
M oggle, Inc DB:M 0C DB EUR United States 1.29 81.2 2
M OKO.mobi Limited M KB ASX AUD Australia 0.10 10.8 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.19 42.5 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.16 189.8 405
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 38,800.00 731.9 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.32 294.2 NA
Netease.com Inc. NTES NasdaqGS USD China 35.16 4,554.0 NA
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.65 74.5 NA
NeXplore Corporation NXPC OTCPK USD United States 0.50 27.9 NA
Ngi Group Inc. 2497 TSE JPY Japan 53,100.00 71.3 NA
Northgate Technologies Limited 590057 BSE INR India 18.45 14.4 160
OAO RBC Information Systems RBCI M ICEX RUB Russia 44.21 204.6 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 47.14 2,661.7 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.69 225.4 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.16 6.7 NA
Paid Inc. PAYD OTCBB USD United States 0.36 95.5 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 34.78 1,732.9 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.72 56.9 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.45 66.2 NA
Quepasa Corp. QPSA OTCBB USD United States 4.15 53.8 71
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 NA
RealNetworks Inc. RNWK NasdaqGS USD United States 4.40 594.6 1,754
Sahara M edia Holdings, Inc. SHHD OTCBB USD United States 0.25 7.8 15
Score M edia Inc. TSX:SCR TSX CAD Canada 0.80 63.8 220
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.05 2,962.6 NA
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.69 634.5 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 14,150.00 530.3 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.24 7.9 NA
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Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Socialwise, Inc. SCLW OTCBB USD United States 0.58 28.1 NA
Sohu.com Inc. SOHU NasdaqGS USD China 49.76 1,879.3 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.76 77.4 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.5 7
Taleo Corp. TLEO NasdaqGM USD United States 26.87 1,065.6 916
Tencent Ho ldings Ltd. 700 SEHK HKD China 157.30 37,060.2 7,515
The New York Times Company NYT NYSE USD United States 12.11 1,762.6 7,665
The9 Limited NCTY NasdaqGS USD China 6.84 174.5 1,626
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.61 113.9 NA
Tree.Com, Inc. TREE NasdaqGM USD United States 9.14 100.6 700
Unilava Corporation UNLA OTCBB USD United States 0.44 44.0 39
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.08 1.9 NA
United Online, Inc. UNTD NasdaqGS USD United States 8.11 702.0 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.7 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.09 820.5 1,086
Velti Plc VEL AIM GBP United Kingdom 3.11 178.4 450
VOIS, Inc. VOIS OTCBB USD United States 0.01 9.0 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.00 37.4 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 13,450 142.6 NA
Wizzard Software Corporation WZE AM EX USD United States 0.24 15.9 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 1
XING AG O1BC XTRA EUR Germany 27.39 191.5 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,240 83.8 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,230 23.0 NA
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Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).
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