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Sungy Mobile Reports Fourth Quarter and Full Year 2013 Unaudited Financial Results

4Q13 Total Revenues Up 63.5% YOY to RMB98.9 Million

4Q13 Net Income Up 76.4% YOY to RMB30.8 Million

4Q13 Adjusted EBIT Up 228.9% YOY to RMB34.9 Million

GUANGZHOU, China, March 25, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Total revenues increased by 63.5% to RMB98.9 million (US$16.3 million) from RMB60.5 million in the prior year period.
  • Revenues from mobile application products and services increased by 230.7% to RMB50.9 million (US$8.4 million) from RMB15.4 million in the prior year period.
  • Net income increased by 76.4% to RMB30.8 million (US$5.1 million) from RMB17.5 million in the prior year period.
  • Adjusted earnings before interest and tax, or adjusted EBIT1 increased by 228.9% to RMB34.9 million (US$5.8 million) from RMB10.6 million in the prior year period.

Full Year 2013 Highlights

  • Total revenues increased by 77.5% to RMB328.8 million (US$54.3 million) from RMB185.2 million in 2012.
  • Revenues from mobile application products and services increased by 350.3% to RMB153.4 million (US$25.3 million) from RMB34.1 million in 2012.
  • Net income increased by 505.3% to RMB91.8 million (US$15.2 million) from RMB15.2 million in 2012.
  • Adjusted EBIT increased significantly to RMB107.7 million (US$17.8 million) from RMB8.5 million in 2012.

Key Operating Metrics

  • As of December 31, 2013, total users of GO series products reached 364 million representing a 76.0% year-over-year increase from 207 million as of December 31, 2012.
  • Total average monthly active users (MAU) of GO series products increased by 44.6% to 94 million in the fourth quarter 2013 from 65 million in the prior year period.
  • The number of paid downloads of GO series products increased by 18.2% to 0.6 million in the fourth quarter 2013 from 0.5 million in the prior year period.

Mr. Yuqiang Deng, Sungy Mobile's Chief Executive Officer, stated, "We're very pleased to report solid results for our first quarter as a US-listed company with total revenues increasing by 63.5% year over year. Moreover, for the first time in our Company's history, revenues from mobile app products and services accounted for over 50% of our total revenues, representing a major and increasingly promising growth driver of our overall business. We believe these accomplishments highlight the richer functionality and improved user experience that our users find when using our mobile apps and services. In particular, our top-notch Android-based mobile app product, Go Launcher, serves as an entry point for users to access their phones and organize and manage their apps and overall interface, uniquely embedding our brand in the daily smartphone experience and deepening our impact on our growing user base. The quality of user experience has driven our ability to rapidly expand the app's adaption, as Go Launcher has over 268 million users globally as of December 31, 2013 and 46 million MAU for the fourth quarter of 2013. Looking ahead, we aim to continue broadening our user base and strengthening our Go platform through the introduction of new innovative products and services related to e-commerce and game publishing. With our expanding global product and distribution capabilities, we are well-positioned in the burgeoning mobile internet market which is increasingly international and app-centric."

Mr. Winston Li, Sungy Mobile's Chief Financial Officer, commented, "In addition to our strong top-line growth, we are very pleased to increase our profitability with gross margin and adjusted EBIT margin2 improving to 75.1% and 35.3%, from 65.3% and 17.5%, respectively, in the same period of 2012. This strong performance demonstrates the cost advantages associated with our growing mobile app-centric business, which is inherently less burdened by hard content costs and marketing spending than mobile internet portal and mobile reading businesses. Following our successful IPO and acquisition of GetJar, we aim to build upon our strong financial performance in 2013 and deliver revenue growth and margin improvement in the coming quarters by extending the reach of our dynamic mobile apps and products through executing our international expansion plans and offering our growing user base an ever-improving mobile experience."

Fourth Quarter 2013 Financial Results

REVENUES

Total revenues for the fourth quarter of 2013 increased by 63.5% to RMB98.9 million (US$16.3 million) from RMB60.5 million in the prior year period.

Revenues from mobile application products and services increased by 230.7% to RMB50.9 million (US$8.4 million) in the fourth quarter of 2013 from RMB15.4 million in the prior year period. This increase was primarily driven by a 407.6% year-over-year increase in marketing revenues related to GO series products to RMB33.5 million (US$5.5 million) and a 97.7% year-over-year increase in the revenues from paid downloads to RMB17.4 million (US$2.9 million).

Revenues from mobile reading services increased by 15.9% to RMB26.3 million (US$4.3 million) in the fourth quarter of 2013 from RMB22.7 million in the prior year period, primarily driven by an increase in user demand and subscriptions to the Company's online literary content.

Revenues from mobile portal marketing service decreased to RMB14.5 million (US$2.4 million) in the fourth quarter of 2013 from RMB16.5 million in the prior year period primarily due to the expected on-going shift in advertisers' preferred mobile marketing medium to individual mobile applications and away from mobile internet portals.

Revenues from others, which primarily consist of the promotion of third-party provided mobile applications or value-added services, increased by 22.5% to RMB7.2 million (US$1.2 million) in the fourth quarter of 2013 from RMB5.9 million in the prior year period.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues increased by 17.6% to RMB24.7 million (US$4.1 million) in the fourth quarter of 2013 from RMB21.0 million in the prior year period. This increase was primarily attributable to an increase in content acquisition costs and other costs relating to the expansion of the Company's overall business.

Gross profit increased by 87.8% to RMB74.2 million (US$12.3 million) in the fourth quarter of 2013 from RMB39.5 million in the prior year period. Gross margin increased to 75.1% in the fourth quarter of 2013 from 65.3% in the prior year period. The increase in gross margin was mainly attributable to the improved cost efficiency resulting from the scale effect associated with the Company's growing business as well as the Company's on-going shift to higher-margin mobile application products and services.

OPERATING INCOME AND EXPENSES

Total operating expenses for the fourth quarter of 2013 increased by 82.1% to RMB52.8 million (US$8.7 million) from RMB29.0 million in the prior year period. This increase was primarily attributable to higher general and administrative expenses and research and development expenses which were associated with the growth of the Company's overall business.

  • Research and development expenses increased to RMB17.1 million (US$2.8 million) from RMB9.9 million in the prior year period. This increase was primarily attributable to increased staff-related costs associated with the Company's ongoing build-out of its research and development capabilities as well as share-based compensation expenses associated with the Company's newly granted stock options in the year of 2013.
  • Selling and marketing expenses increased to RMB12.4 million (US$2.1 million) from RMB11.7 million in the prior year period. This increase was primarily attributable to increased share-based compensation expenses associated with the Company's newly granted stock options in the year of 2013.
  • General and administrative expenses increased to RMB23.3 million (US$3.8 million) from RMB7.5 million in the prior year period. This increase was primarily attributable to increased share-based compensation expenses associated with the Company's newly granted stock options in the year of 2013, foreign exchange losses of RMB2.7 million (US$0.4 million) as well as an office relocation costs of RMB3.5 million (US$0.6 million).

Operating income in the fourth quarter of 2013 increased by 103.5% to RMB21.4 million (US$3.5 million) from RMB10.5 million in the prior year period. Operating margin increased to 21.6% in the fourth quarter of 2013 from 17.4% in the prior year period. The increase in operating margin was primarily due to increased gross margin and operating leverage associated with the Company's expansion.

NET INCOME

Net income increased by 76.4% to RMB30.8 million (US$5.1 million) in the fourth quarter of 2013, from RMB17.5 million in the prior year period. Net margin in the fourth quarter of 2013 increased to 31.2% from 28.9% in the prior year period.

Accretion to the redeemable convertible preferred shares was RMB7.7 million (US$1.3 million) in the fourth quarter of 2013, compared to RMB14.5 million in the prior year period. The accretion of redeemable convertible preferred shares was related to the preferred shares which were automatically converted to ordinary shares upon the completion of the Company's initial public offering on November 22, 2013 and therefore, are non-recurring following the Company's initial public offering. Net income attributable to ordinary shareholders was RMB23.1 million (US$3.8 million) in the fourth quarter of 2013, compared RMB2.9 million in the prior year period.

Adjusted EBIT increased by 228.9% to RMB34.9 million (US$5.8 million) in the fourth quarter of 2013 from RMB10.6 million in the prior year period. Adjusted EBIT margin increased to 35.3% in the fourth quarter of 2013 from 17.5% in the prior year period.

Adjusted net income3 increased by 151.2% to RMB44.1 million (US$7.3 million) from RMB17.6 million in the prior year period. Adjusted net margin4 increased to 44.6% in the fourth quarter of 2013 from 29.0% in the prior year period.

NET INCOME PER ADS

Diluted earnings per ADS5 in the fourth quarter of 2013 increased significantly to RMB0.76 (US$0.12), from RMB0.13 in the prior year period.

Adjusted diluted earnings per ADS6 in the fourth quarter of 2013 increased by 804.1% to RMB1.19 (US$0.20), from RMB0.13 in the prior year period.

BALANCE SHEET AND CASH FLOWS

As of December 31, 2013, the Company had cash and cash equivalents of RMB759.4 million (US$125.4 million).

Full Year 2013 Financial Results

For the full year of 2013, total revenues increased by 77.5% to RMB328.8 million (US$54.3 million) from RMB185.2 million in 2012.

Revenues from mobile application products and services increased by 350.3% to RMB153.4 million (US$25.3 million) for the full year of 2013 from RMB34.1 million in 2012. This increase was primarily driven by a year-over-year increase in marketing revenues related to GO series products of 648.7% to RMB89.1 million (US$14.7 million) from RMB11.9 million and a year-over-year increase in the revenues from paid downloads of 189.6% increase to RMB64.3 million (US$10.6 million) from RMB22.2 million in 2012.

Revenues from mobile reading services increased by 37.1% to RMB99.8 million (US$16.5 million) from RMB72.8 million in 2012, primarily driven by the increase in user demand and subscriptions to the Company's online literary content.

Revenues from mobile portal marketing service decreased to RMB52.2 million (US$8.6 million) from RMB57.5 million in 2012 primarily due to the expected on-going shift in advertisers' preferred mobile marketing medium to individual mobile applications and away from mobile internet portals.

Revenues from others increased by 12.4% to RMB23.5 million (US$3.9 million) from RMB20.9 million in 2012.

Gross profit increased by 112.6% to RMB234.7 million (US$38.8 million) from RMB110.4 million in the prior year. Gross margin increased to 71.4% from 59.6% in the prior year. The increase in gross margin was mainly attributable to the improved cost efficiency resulting from the scale effect associated with the Company's growing business as well as the Company's on-going shift to higher-margin mobile application products and services.

Operating income for the full year of 2013 increased significantly to RMB89.5 million (US$14.8 million) from RMB4.8 million in the prior year. Operating margin increased to 27.2% in the full year of 2013 from 2.6% in the prior year. The increase in operating margin was primarily due to increased gross margin and operating leverage associated with the Company's expansion.

Net income for the full year of 2013 increased by 505.3% to RMB91.8 million (US$15.2 million) from RMB15.2 million in the prior year. Net margin for the full year of 2013 increased to 27.9% from 8.2% in 2012.

Adjusted EBIT increased significantly to RMB107.7 million (US$17.8 million) in the full year of 2013 from RMB8.5 million in 2012. Adjusted EBIT margin increased to 32.8% for the full year of 2013 from 4.6% in 2012.

Adjusted net income increased by 603.1% to 109.6 million (US$18.1 million) from RMB15.6 million in 2012. Adjusted net margin increased to 33.3% for the full year of 2013 from 8.4% in 2012.

Diluted earnings per ADS for the full year of 2013 was RMB1.54 (US$0.25), compared with a diluted loss per ADS of RMB4.98 for 2012.

Adjusted diluted earnings per ADS for the full year of 2013 was RMB2.21 (US$0.36), compared with an adjusted diluted loss per ADS of RMB4.93 for 2012.

SHARES OUTSTANDING

As of December 31, 2013, the Company had a total of 200.4 million ordinary shares outstanding, or the equivalent of 33.4 million ADSs outstanding, comprised of 58,995,186 Class A ordinary shares and 141,435,672 Class B ordinary shares7.

Business Outlook

For the first quarter of 2014, the Company expects its total revenues to be between RMB92 million and RMB95 million, representing a year-over-year growth of approximately 55.0% to 60.1%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

Conference Call Information

The Company will hold a conference call on Tuesday, March 25, 2014 at 8:00 pm Eastern Time or Wednesday, March 26, 2014 8:00 am Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

United States (Toll Free): 1-877-870-4263
International: 1-412-317-0790
China (Toll Free): 4001-201203
Hong Kong (Toll Free): 800-905945

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.sungymobile.com/.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.0537 to US$1.00, the noon buying rate in effect on December 31, 2013 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").

About Sungy Mobile Limited

Sungy Mobile Limited is a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development. Sungy Mobile's platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones; it is the mobile access point from which many Android users are able to find new and innovative ways to customize their experience, download apps and interact with their mobile devices every day.

Safe Harbor Statements

This press release contains forward-looking statements. These statements constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: Sungy Mobile's growth strategies; Sungy Mobile's ability to retain and increase its user base and expand its product and service offerings; Sungy Mobile's ability to monetize its platform; Sungy Mobile's future business development, financial condition and results of operations; competition from companies in a number of industries including internet companies that provide mobile internet portal services and operate mobile reading services; expected changes in Sungy Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Sungy Mobile's filings with the U.S. Securities and Exchange Commission. Sungy Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement Sungy Mobile's consolidated financial information presented in accordance with U.S. GAAP, Sungy Mobile uses adjusted EBIT, adjusted EBIT margin, adjusted net income, adjusted net margin, and adjusted diluted earnings (loss) per ADS, which are non-GAAP financial measures.

Adjusted earnings before interest and tax, or adjusted EBIT, is net income or loss excluding interest income, income tax expense or benefit, share-based compensation costs and change in fair value of warrants. Adjusted EBIT margin is adjusted EBIT as a percentage of total revenues. Adjusted net income is net income excluding share-based compensation costs. Adjusted net margin is adjusted net income as a percentage of total revenues. Adjusted diluted earnings (loss) per ADS is adjusted net income or loss attributable to ordinary shareholders divided by weighted average number of diluted ADS.

The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation costs adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation costs, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Sungy Mobile Limited Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

1 Adjusted earnings before interest and tax, or Adjusted EBIT, is a non-GAAP financial measure, which is defined as net income or loss excluding interest income, income tax expense or benefit, share-based compensation costs and change in fair value of warrants.

2 Adjusted EBIT margin is a non-GAAP financial measure, which is defined as adjusted EBIT as a percentage of total revenues.

3 Adjusted net income is a non-GAAP financial measure, which is defined as net income excluding share-based compensation costs.

4 Adjusted net margin is a non-GAAP financial measure, which is defined as adjusted net income as a percentage of total revenues.

5 ADS is American Depositary Share. Each ADS represents six Class A ordinary shares of the Company. Diluted earnings per ADS is net income attributable to ordinary shareholders divided by weighted average number of diluted ADS.

6 Adjusted diluted earnings (loss) per ADS is a non-GAAP financial measure, which is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of diluted ADS.

7 Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof.

SUNGY MOBILE LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of ADSs and per ADS data)
Three Months Ended Twelve Months Ended
December December December December December December
31, 31, 31, 31, 31, 31,
2012 2013 2013 2012 2013 2013
RMB RMB US$ RMB RMB US$
Revenues 60,472 98,850 16,329 185,219 328,843 54,321
Cost of revenues (20,963) (24,660) (4,074) (74,813) (94,145) (15,552)
Gross profit 39,509 74,190 12,255 110,406 234,698 38,769
Research and development expenses (9,862) (17,128) (2,830) (34,041) (46,641) (7,705)
Selling and marketing expenses (11,674) (12,417) (2,051) (45,914) (47,294) (7,812)
General and administrative expenses (7,461) (23,254) (3,841) (25,615) (51,246) (8,465)
Operating income 10,512 21,391 3,533 4,836 89,517 14,787
Share of losses of equity method investment -- -- -- (1,073) -- --
Gain on disposal of an equity method investment -- -- -- 4,182 -- --
Investment income on short-term investment -- 192 32 125 361 60
Interest income 60 113 19 194 280 46
Income before income taxes 10,572 21,696 3,584 8,264 90,158 14,893
Income tax benefit 6,904 9,139 1,510 6,904 1,657 274
Net income 17,476 30,835 5,094 15,168 91,815 15,167
Accretion of redeemable convertible preferred shares (14,527) (7,714) (1,275) (58,233) (50,711) (8,377)
Net income (loss) attributable to ordinary shareholders 2,949 23,121 3,819 (43,065) 41,104 6,790
Net income 17,476 30,835 5,094 15,168 91,815 15,167
Other comprehensive income (loss)
Foreign currency translation adjustment, net of nil income taxes 3,930 (5,759) (952) 1,335 4,686 774
Comprehensive income 21,406 25,076 4,142 16,503 96,501 15,941
Earnings (loss) per ADS
- Basic 0.13 0.85 0.14 (4.98) 1.70 0.28
- Diluted 0.13 0.76 0.12 (4.98) 1.54 0.25
Weighted average number of ADS used in calculating earnings (loss) per ADS
- Basic 8,646,745 19,090,855 19,090,855 8,646,745 11,275,557 11,275,557
- Diluted 8,646,745 21,436,030 21,436,030 8,646,745 12,477,649 12,477,649
SUNGY MOBILE LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
December 31, December 31, December 31,
2012 2013 2013
RMB RMB US$
ASSETS
Current assets:
Cash 83,598 759,388 125,442
Accounts receivable, net 46,342 84,345 13,933
Amount due from related parties 3,311 -- --
Prepaid expenses and other current assets 10,484 14,546 2,403
Short-term investments -- 12,500 2,065
Deferred income tax assets 6,904 16,421 2,713
Total current assets 150,639 887,200 146,556
Property and equipment, net 8,636 9,215 1,522
Intangible assets, net 1,489 2,071 342
Other non-current assets 3,555 4,518 746
Total assets 164,319 903,004 149,166
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 5,057 9,355 1,545
Accrued expenses and other current liabilities 39,356 50,798 8,391
Income tax payable -- 7,861 1,299
Total current liabilities 44,413 68,014 11,235
Non-current liabilities 2,220 -- --
Total liabilities 46,633 68,014 11,235
Redeemable Series A convertible preferred shares 21,941 -- --
Redeemable Series B convertible preferred shares 159,974 -- --
Redeemable Series C convertible preferred shares 265,214 -- --
Shareholders' equity (deficit):
Class A ordinary shares -- 36 6
Class B ordinary shares 42 97 16
Additional paid-in capital -- 1,111,259 183,567
Accumulated other comprehensive income 40,335 45,022 7,437
Accumulated deficit (369,820) (321,424) (53,095)
Total shareholders' equity (deficit) (329,443) 834,990 137,931
Commitments and contingencies -- -- --
Total liabilities, redeemable convertible preferred shares and shareholders' equity (deficit) 164,319 903,004 149,166
SUNGY MOBILE LIMITED
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of ADSs and per ADS data)
Three Months Ended Twelve Months Ended
December December December December December December
31, 31, 31, 31, 31, 31,
2012 2013 2013 2012 2013 2013
RMB RMB US$ RMB RMB US$
Net income 17,476 30,835 5,094 15,168 91,815 15,167
Deduct: interest income (60) (113) (19) (194) (280) (46)
Deduct: income tax benefit (6,904) (9,139) (1,510) (6,904) (1,657) (274)
Add back: share-based compensation costs 89 13,284 2,194 426 17,823 2,944
Adjusted EBIT 10,601 34,867 5,759 8,496 107,701 17,791
Total revenues 60,472 98,850 16,329 185,219 328,843 54,321
Adjusted EBIT margin 17.5% 35.3% 4.6% 32.8%
Net income 17,476 30,835 5,094 15,168 91,815 15,167
Add back: share-based compensation costs 89 13,284 2,194 426 17,823 2,944
Adjusted net income 17,565 44,119 7,288 15,594 109,638 18,111
Total revenues 60,472 98,850 16,329 185,219 328,843 54,321
Adjusted net margin 29.0% 44.6% 8.4% 33.3%
Adjusted net income 17,565 44,119 7,288 15,594 109,638 18,111
Deduct: Accretion of redeemable convertible preferred shares (14,527) (7,714) (1,274) (58,233) (50,711) (8,377)
Deduct: Allocation of Adjusted net income to participating redeemable convertible preferred shares (1,901) (10,906) (1,802) -- (31,401) (5,187)
Adjusted net income (loss) attributable to ordinary shareholders 1,137 25,499 4,212 (42,639) 27,526 4,547
Adjusted diluted earnings (loss) per ADS 0.13 1.19 0.20 (4.93) 2.21 0.36
Weighted average number of ADS used in calculating adjusted diluted earnings (loss) per ADS 8,646,745 21,436,030 21,436,030 8,646,745 12,477,649 12,477,649

CONTACT: Investor Relations Contact ICR, Inc. Jeremy Peruski Tel: +1-646-417-5388 Email: IR@sungymobile.comSource:Sungy Mobile Limited