First-quarter net profit surged 9 times times year-on-year

April 29, Touch Technology today to the SEC submitted an IPO update document, disclosed in the company's first quarter 2014 results: The company's first quarter revenue year-on-year growth of 125.9%, net profit rose 929.9%. The specific results are as follows:

-In the first quarter of 2014, the company's revenue was 237.4 million yuan (about 38.197 million U.S. dollars), an increase of 125.9%, of which mobile gaming contributed 98% revenue, About 232.7 million yuan, the same period last year for 104.1 million yuan, online advertising revenue for the 4.756 million yuan, the same period of 947,000 yuan a year ago.

-The first quarter of the revenue expenditure of 119.7 million yuan (about 19.253 million U.S. dollars), an increase of 113%;

-The first quarter gross profit of 117.8 million yuan (about 18.944 million U.S. dollars), an increase of 141%, operating profit of RMB 13.567 million yuan (about 2.182 million U.S. dollars), an increase of 135%;

-The net profit for the first quarter was 12.75 million yuan (about 2.051 million U.S. dollars), an increase of 929.9%, and a net profit of 1.238 million yuan in the same period last year;

-by March 31, 2014, the cash and cash equivalents held by touch technology amounted to RMB 278.6 million (about 44.82 million U.S. dollars).

Touch Technology formally submitted an IPO application to the US Securities and Exchange Commission (SEC) on 19th this month and plans to land on Nasdaq for a maximum of $150 million.

Touch technology was formerly the Cocoachina community created in early 2008. It is reported that the community has now developed into China's largest iOS mobile developer community, with 260,000 registered developer members. At the beginning of 2010, touch-control technology was established to obtain a round of financing for the Northern Lights capital of 1.2 million dollars, and two popular games, the "Fishing Man" and "the School of Witchcraft", were developed. July 2011, Touch Technology received Disney, Sequoia Capital and Northern Lights total of 14 million U.S. dollars B-round investment. In the August 2012, touch-control technology again received a 18 million-dollar C-round financing.