According to a report published by UBS, Tiange Interactive (01980.HK) is a leading real-time social video company that provides diverse content and product services to different mobile devices. I believe Tiange Interactive has a full understanding of its target market, and it will be difficult for other competitors to replicate its ecosystem in various fields. Furthermore, UBS believes that Tiange Interactive's profit model is effective, such as stimulating interaction on the platform through the sale of diversified virtual products. UBS believes that the positive development of the industry means that consumers can spend more money on entertainment due to the increasing degree of urbanization in the mainland and the increase in people's income. Coupled with the increase in the popularity of the Internet and mobile internet, the user base of online entertainment services has expanded significantly. UBS expects Tiange Interactive's compound annual revenue growth rate of 28.2% and gross margin of 85% in 2014-16. Furthermore, the Group's net cash position is expected to be strong, which can support business expansion. The first “neutral” rating was given, and the target price was 5.5 yuan.