The 2015 results were in line with expectations. In 2015, the company's revenue increased 62% year on year to 770 million yuan, exceeding the consistent forecast 4%; adjusted net profit increased 12% year on year to 162 million yuan, exceeding the consistent forecast of 3%. Trending new products drive revenue growth. PC and mobile game revenue is expected to maintain steady endogenous growth in 2016. WPT consolidation will drive other revenue growth. Additionally, Lianzhong will launch a series of new products, including new WPT business models (such as launching social games through Facebook in overseas markets, and the BCGA platform). We believe these new products will help Lianzhou's long-term growth. eSports will join forces with the core business. With the establishment of Joint E-sports, LianZhong's layout in the e-sports industry has become more and more comprehensive. Online and offline activities not only help increase game revenue, but also help affiliates reap non-game revenue such as e-sports sponsorship, advertising, licensing, and more important media resources (such as I.P. Resources). Profit forecasts for 2016/17 are $1 billion (down 4% from previous forecasts) and $1.3 billion, respectively; adjusted net profit forecasts are $238 million (down 8% from previous forecasts) and $260 million, corresponding to adjusted EPS of approximately $0.28 and $0.31 (or HK$0.33 and HK$0.36) per share, respectively. The valuation and recommendations reaffirm the recommended ratings. The target price was maintained at HK$8.5, based on 26 times the 2016 price-earnings ratio. Risk markets are highly competitive; uncertainties for new businesses.