Flying Fish Technology (01022-HK) surpassed expectations last year and successfully transformed into a mobile game provider. The mobile game business accounted for about 78% of the company's total revenue, up 51% from 2013. Citi raised its target price from 2.6 yuan to 3 yuan, reaffirming its “buy” rating.

Citi anticipates that Flying Fish Technology will continue to strengthen the competitiveness of its mobile game business in the mainland and cooperated with Tencent (00700-HK) last month to launch a distributor relationship. It is expected that this will increase the possibility that Flying Fish Technology's “Defend the Radish” series will enter the Tencent platform in the future.

Currently, Flying Fish Technology operates 5 mobile games and 2 online games. It is expected that the company will have strong plans to launch 4 games in the first half of the year and 5 to 6 mobile games in the second half of the year. Citi raised Flying Fish Technology's profit forecast, with a profit of 6% and 12% for the 2015-2016 fiscal year.