Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2014
Entity Registrant Name	YY Inc.
Entity Central Index Key	0001530238
Document Type	20-F
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Class A common shares [Member]
Entity Common Stock, Shares Outstanding	706,173,568
Class B common shares [Member]
Entity Common Stock, Shares Outstanding	427,352,696

CONSOLIDATED BALANCE SHEETS In Thousands, unless otherwise specified	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 CNY	Dec. 31, 2014 Class A common shares [Member] USD ($)	Dec. 31, 2014 Class A common shares [Member] CNY	Dec. 31, 2013 Class A common shares [Member] CNY	Dec. 31, 2014 Class B common shares [Member] USD ($)	Dec. 31, 2014 Class B common shares [Member] CNY	Dec. 31, 2013 Class B common shares [Member] CNY
Current assets
Cash and cash equivalents	$ 76,561	475,028	729,598
Short-term deposits	679,266	4,214,576	1,432,863
Restricted short-term deposits	16,117	100,000
Accounts receivable, net	41,491	257,436	100,101
Inventory	233	1,445
Amounts due from related parties	9,843	61,073	73
Prepayments and other current assets	32,901	204,139	67,533
Deferred tax assets	17,960	111,436	66,921
Total current assets	874,372	5,425,133	2,397,089
Non-current assets
Deferred tax assets	224	1,392	625
Investments	30,083	186,654	62,029
Property and equipment, net	37,751	234,228	102,636
Intangible assets, net	24,826	154,034	29,127
Goodwill	48,413	300,382	1,577
Other non-current assets	90,412	560,971	4,864
Total non-current assets	231,709	1,437,661	200,858
Total assets	1,106,081	6,862,794	2,597,947
Current liabilities
Accounts payable (including accounts payable of the consolidated variable interest entity without recourse to the Company of RMB55,818 and RMB101,160 as of December 31, 2013 and 2014, respectively)	16,363	101,525	56,391
Deferred revenue (including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB292,380 and RMB 354,987 as of December 31, 2013 and 2014, respectively)	57,401	356,150	293,866
Advances from customers (including advances from customers of the consolidated variable interest entity without recourse to the Company of RMB10,656 and RMB 25,897 as of December 31, 2013 and 2014, respectively)	5,500	34,127	19,549
Income taxes payable (including income taxes payable of the consolidated variable interest entity without recourse to the Company of RMB47,974 and RMB 65,162 as of December 31, 2013 and 2014, respectively)	14,370	89,161	78,107
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entity without recourse to the Company of RMB197,851 and RMB 357,464 as of December 31, 2013 and 2014, respectively)	77,153	478,703	250,760
Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entity without recourse to the Company of RMB2,640 and RMB30,892 as of December 31, 2013 and 2014, respectively)	4,979	30,892	2,640
Total current liabilities	175,766	1,090,558	701,313
Non-current liabilities
Convertible bonds (including convertible bonds of the consolidated variable interest entity without recourse to the Company of nil and nil as of December 31, 2013 and 2014, respectively)	394,543	2,447,980
Long-term payable (including long-term payable of the consolidated variable interest entity without recourse to the Company of nil and RMB183,000 as of December 31, 2013 and 2014, respectively)	29,494	183,000
Deferred revenue(including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB8,457 and RMB24,383 as of December 31, 2013 and 2014, respectively)	3,930	24,383	9,425
Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest entity without recourse to the Company of nil and RMB26,709 as of December 31, 2013 and 2014, respectively)	4,305	26,709
Total non-current liabilities	432,272	2,682,072	9,425
Total liabilities	608,038	3,772,630	710,738
Commitments and contingencies
Shareholders' equity
Common shares				7	43	38	5	30	34
Additional paid-in capital	467,469	2,900,458	2,765,614
Statutory reserves	9,101	56,469	40,657
(Accumulated deficits) Retained earnings	28,038	173,963	(874,697)
Accumulated other comprehensive loss	(6,577)	(40,799)	(44,437)
Total shareholders' equity	498,043	3,090,164	1,887,209
Total liabilities and shareholders' equity	$ 1,106,081	6,862,794	2,597,947

CONSOLIDATED BALANCE SHEETS (Parenthetical)(Variable interest entity [Member] CNY) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accounts payable	101,160	55,818
Deferred revenue	354,987	292,380
Advances from customers	25,897	10,656
Income taxes payable	65,162	47,974
Accrued liabilities and other current liabilities	357,464	197,851
Amounts due to related parties	30,892	2,640
Convertible bonds
Long-term payable	183,000
Deferred revenue	24,383	8,457
Deferred tax liabilities	26,709

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
In Thousands, except Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2014

CNY

Dec. 31, 2013

CNY

Dec. 31, 2012

CNY

Dec. 31, 2014

Online music and entertainment [Member]

USD ($)

Dec. 31, 2014

Online music and entertainment [Member]

CNY

Dec. 31, 2013

Online music and entertainment [Member]

CNY

Dec. 31, 2012

Online music and entertainment [Member]

CNY

Dec. 31, 2014

Online games [Member]

USD ($)

Dec. 31, 2014

Online games [Member]

CNY

Dec. 31, 2013

Online games [Member]

CNY

Dec. 31, 2012

Online games [Member]

CNY

Dec. 31, 2014

Others [Member]

USD ($)

Dec. 31, 2014

Others [Member]

CNY

Dec. 31, 2013

Others [Member]

CNY

Dec. 31, 2012

Others [Member]

CNY

Dec. 31, 2014

Online advertising [Member]

USD ($)

Dec. 31, 2014

Online advertising [Member]

CNY

Dec. 31, 2013

Online advertising [Member]

CNY

Dec. 31, 2012

Online advertising [Member]

CNY

Net revenues

Total net revenues

$ 592,845

3,678,368

1,823,468

820,031

$ 339,990

2,109,503

852,885

286,446

$ 130,822

811,699

602,111

332,287

$ 98,286

609,823

205,212

83,655

$ 23,747

147,343

163,260

117,643

Cost of revenues

(298,029)

(1,849,149)

(881,999)

(416,133)

Gross profit

294,816

1,829,219

941,469

403,898

Operating expenses

Research and development expenses

(69,495)

(431,188)

(267,005)

(176,725)

Sales and marketing expenses

(16,524)

(102,527)

(24,955)

(16,954)

General and administrative expenses

(35,944)

(223,019)

(200,554)

(109,788)

Total operating expenses

(121,963)

(756,734)

(492,514)

(303,467)

Other income

1,018

6,319

27,078

2,465

Operating income

173,871

1,078,804

476,033

102,896

Gain on disposal of an equity investment

161

999

651

Gain on disposal of a cost investment

2,351

Foreign currency exchange (losses) gains, net

(1,676)

(10,399)

29,555

(4,153)

Interest expense

(9,123)

(56,607)

Interest income

26,588

164,969

60,221

16,316

Other non-operating income

5,917

36,714

Income before income tax expenses

195,738

1,214,480

565,809

118,061

Income tax expenses

(24,866)

(154,283)

(89,951)

(29,041)

Income before share of income in equity method investments, net of income taxes

170,872

1,060,197

475,858

89,020

Share of income in equity method investments, net of income taxes

689

4,275

1,869

157

Net income attributable to YY Inc.

171,561

1,064,472

477,727

89,177

Decretion to convertible redeemable preferred shares redemption value

1,293,875

Allocation of net income to participating preferred shareholders

(478,754)

Net income attributable to common shareholders

171,561

1,064,472

477,727

904,298

Net income

171,561

1,064,472

477,727

89,177

Other comprehensive (loss) income:

Foreign currency translation adjustments, net of nil tax

586

3,638

(31,014)

(1,204)

Comprehensive income attributable to YY Inc.

$ 172,147

1,068,110

446,713

87,973

Net income per common share

-Basic (in CNY/dollars per share)

$ 0.15

^[1]

0.92

^[1]

0.43

^[1]

1.50

^[1]

-Diluted (in CNY/dollars per share)

$ 0.14

^[1]

0.89

^[1]

0.40

^[1]

0.09

^[1]

Weighted average number of common shares used in calculating net income per common share

-Basic (in shares)

1,153,140,699

^[1]

1,153,140,699

^[1]

1,122,475,688

^[1]

604,703,810

^[1]

-Diluted (in shares)

1,198,543,473

^[1]

1,198,543,473

^[1]

1,181,121,297

^[1]

992,468,836

^[1]

[1]	Each ADS represents 20 Class A common shares.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 Cost of revenues [Member] USD ($)	Dec. 31, 2014 Cost of revenues [Member] CNY	Dec. 31, 2013 Cost of revenues [Member] CNY	Dec. 31, 2012 Cost of revenues [Member] CNY	Dec. 31, 2014 Research and development expenses [Member] USD ($)	Dec. 31, 2014 Research and development expenses [Member] CNY	Dec. 31, 2013 Research and development expenses [Member] CNY	Dec. 31, 2012 Research and development expenses [Member] CNY	Dec. 31, 2014 Sales and marketing expenses [Member] USD ($)	Dec. 31, 2014 Sales and marketing expenses [Member] CNY	Dec. 31, 2013 Sales and marketing expenses [Member] CNY	Dec. 31, 2012 Sales and marketing expenses [Member] CNY	Dec. 31, 2014 General and administrative expenses [Member] USD ($)	Dec. 31, 2014 General and administrative expenses [Member] CNY	Dec. 31, 2013 General and administrative expenses [Member] CNY	Dec. 31, 2012 General and administrative expenses [Member] CNY
Cost of revenues [Line Items]
Share-based compensation	$ 2,907	18,037	9,860	8,407	$ 8,726	54,141	39,587	35,441	$ 452	2,807	1,318	884	$ 9,613	59,647	66,331	55,619

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICITS) EQUITY In Thousands, except Share data, unless otherwise specified	Total USD ($)	Total CNY	Class A common shares [Member]	Class B common shares [Member]	Redeemable Convertible Series A Preferred Stock [Member] CNY	Redeemable Convertible Series A Preferred Stock [Member] CNY	Redeemable Convertible Series B Preferred Stock [Member] CNY	Redeemable Convertible Series B Preferred Stock [Member] CNY	Redeemable Convertible Series C Preferred Stock [Member] CNY	Redeemable Convertible Series C Preferred Stock [Member] CNY	CEO and Chairman [Member] CNY	Founder of a Subsidiary of a VIE [Member] CNY	Common Stock [Member] Class A common shares [Member] CNY	Common Stock [Member] Class B common shares [Member] CNY	Common Stock [Member] Class B common shares [Member] Redeemable Convertible Series A Preferred Stock [Member] CNY	Common Stock [Member] Class B common shares [Member] Redeemable Convertible Series B Preferred Stock [Member] CNY	Common Stock [Member] Class B common shares [Member] Redeemable Convertible Series C Preferred Stock [Member] CNY	Additional paid-in capital [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series A Preferred Stock [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series A Preferred Stock [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series B Preferred Stock [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series B Preferred Stock [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series C Preferred Stock [Member] CNY	Additional paid-in capital [Member] Redeemable Convertible Series C Preferred Stock [Member] CNY	Additional paid-in capital [Member] CEO and Chairman [Member] CNY	Additional paid-in capital [Member] Founder of a Subsidiary of a VIE [Member] CNY	Statutory reserves [Member] CNY	(Accumulated deficits) Retained earnings [Member] CNY	(Accumulated deficits) Retained earnings [Member] Redeemable Convertible Series A Preferred Stock [Member] CNY	(Accumulated deficits) Retained earnings [Member] Redeemable Convertible Series B Preferred Stock [Member] CNY	(Accumulated deficits) Retained earnings [Member] Redeemable Convertible Series C Preferred Stock [Member] CNY	Accumulated other comprehensive loss [Member] CNY
Balance at Dec. 31, 2011		(1,861,693)												37				584,093										(2,433,604)				(12,219)
Balance (in shares) at Dec. 31, 2011														543,340,914
Issuance of common shares		515,720											11					515,709
Issuance of common shares (in shares)													179,400,000
Issuance of common shares for vested restricted shares and restricted share units
Issuance of common shares for vested restricted shares and restricted share units (in shares)														5,068,000
Share-based compensation-share options		(89)																(89)
Share-based compensation - restricted shares		36,371									9,624							36,371							9,624
Share based compensation-restricted share units		54,445																54,445
Transferred from convertible redeemable preferred shares upon the completion of the initial public offering						449,496		337,116		400,447					9	6	8			449,487		337,110		400,439
Transferred from convertible redeemable preferred shares upon the completion of the initial public offering (in shares)															136,100,930	102,073,860	121,249,520
Decretion to convertible redeemable preferred shares redemption value		1,293,875			485,517		366,785		441,573										125,813		64,102		71,300						359,704	302,683	370,273
Components of comprehensive income
Net income		89,177																										89,177
Foreign currency translation adjustment, net of nil tax		(1,204)																														(1,204)
Balance at Dec. 31, 2012		1,323,285											11	60				2,648,404										(1,311,767)				(13,423)
Balance (in shares) at Dec. 31, 2012			179,400,000	907,833,224									179,400,000	907,833,224
Issuance of common shares (in shares)			21,256,900
Issuance of common shares for exercised share options		115																115
Issuance of common shares for exercised share options (in shares)													4,648,420
Issuance of common shares for vested restricted shares and restricted share units													1					(1)
Issuance of common shares for vested restricted shares and restricted share units (in shares)													16,608,480
Class B common shares converted to Class A common shares (issued)													26
Class B common shares converted to Class A common shares (issued) (in shares)													422,001,838
Class B common shares converted to Class A common shares (converted)														(26)
Class B common shares converted to Class A common shares (converted) (in shares)														(422,001,838)
Share-based compensation-share options		14,004																14,004
Share-based compensation - restricted shares		7,300																7,300
Share based compensation-restricted share units		95,792																95,792
Decretion to convertible redeemable preferred shares redemption value
Appropriation to statutory reserves																											40,657	(40,657)
Components of comprehensive income
Net income		477,727																										477,727
Foreign currency translation adjustment, net of nil tax		(31,014)																														(31,014)
Balance at Dec. 31, 2013		1,887,209											38	34				2,765,614									40,657	(874,697)				(44,437)
Balance (in shares) at Dec. 31, 2013			622,658,738	485,831,386									622,658,738	485,831,386
Issuance of common shares (in shares)			25,036,140
Issuance of common shares for exercised share options		213																213
Issuance of common shares for exercised share options (in shares)													5,841,660
Issuance of common shares for vested restricted shares and restricted share units													1					(1)
Issuance of common shares for vested restricted shares and restricted share units (in shares)													19,194,480
Class B common shares converted to Class A common shares (issued)													4
Class B common shares converted to Class A common shares (issued) (in shares)													58,478,690
Class B common shares converted to Class A common shares (converted)														(4)
Class B common shares converted to Class A common shares (converted) (in shares)														(58,478,690)
Share-based compensation - restricted shares		3,771										143						3,771								143
Share based compensation-restricted share units		130,718																130,718
Decretion to convertible redeemable preferred shares redemption value
Appropriation to statutory reserves																											15,812	(15,812)
Components of comprehensive income
Net income	171,561	1,064,472																										1,064,472
Foreign currency translation adjustment, net of nil tax		3,638																														3,638
Balance at Dec. 31, 2014	$ 498,043	3,090,164											43	30				2,900,458									56,469	173,963				(40,799)
Balance (in shares) at Dec. 31, 2014			706,173,568	427,352,696									706,173,568	427,352,696

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICITS) EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICITS) EQUITY [Abstract]
Foreign currency translation adjustments, tax portion

CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY
Cash flows from operating activities
Net income	$ 171,561	1,064,472	477,727	89,177
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	10,965	68,035	44,963	29,074
Amortization of acquired intangible assets	2,030	12,598	4,707	3,369
Allowance for doubtful accounts	4,532	28,120	31,987	6,884
Loss on disposal of property and equipment	10	61	1	7
Impairment of an equity investment			899
Impairment of a cost investment	645	4,000		453
Impairment of intangible assets	918	5,697		550
Share-based compensation	21,698	134,632	117,096	100,351
Share of income in equity method investments	(689)	(4,275)	(1,869)	(157)
Gain on disposal of an equity investment	(161)	(999)		(651)
Gain on disposal of a cost investment				(2,351)
Deferred income taxes, net	(7,374)	(45,751)	(35,414)	(19,316)
Foreign exchange losses (gains), net	1,676	10,399	(29,555)	4,153
Other non-operating income	(5,917)	(36,714)
Changes in operating assets and liabilities, net
Accounts receivable	(29,579)	(183,527)	(14,472)	(77,478)
Prepayments and other assets	(14,654)	(90,924)	(46,624)	(11,968)
Amounts due from related parties				(73)
Amounts due to related parties	4,553	28,252	36	1,734
Accounts payable	3,734	23,166	26,342	7,214
Deferred revenue	8,759	54,343	136,945	125,541
Advances from customers	2,350	14,578	12,034	5,062
Income tax payable	1,782	11,054	30,106	31,129
Accrued liabilities and other current liabilities	32,901	204,134	136,264	64,148
Net cash provided by operating activities	209,740	1,301,351	891,173	356,852
Cash flows from investing activities
Placements of short-term deposits	(861,286)	(5,343,934)	(1,529,090)	(1,040,302)
Maturities of short-term deposits	410,995	2,550,059	995,996	615,259
Placement of restricted short-term deposits	(24,981)	(155,000)
Maturities of restricted short-term deposits	8,864	55,000
Purchase of property and equipment	(28,764)	(178,470)	(55,606)	(60,881)
Purchase of intangible assets	(3,507)	(21,757)	(14,631)	(1,920)
Purchase of other non-current assets	(82,252)	(510,341)
Cash paid for equity investments	(2,418)	(15,000)	(11,000)	(1,000)
Cash paid for cost investments	(11,830)	(73,402)	(47,110)
Cash received from disposal of a cost investment			3,000	1,000
Cash received from disposal of an equity investment	252	1,563		2,000
Cash paid for business acquisition, net of cash acquired	(27,552)	(170,950)		(11,722)
Payment on behalf of a related party	(9,831)	(61,000)
Loans to related parties	(242)	(1,500)		(1,200)
Repayment of loans from related parties	242	1,500	1,000	2,500
Loans to employees and third parties	(5,723)	(35,512)	(3,770)	(2,930)
Repayment of loans from employees and third parties	730	4,531	1,560	660
Proceeds from disposal of property and equipment	25	158	48	32
Net cash used in investing activities	(637,278)	(3,954,055)	(659,603)	(498,504)
Cash flows from financing activities
Proceeds from exercise of vested share options	34	213	115
Proceeds from initial public offering (net of underwriters' commissions of US$6,593)				550,555
Payments of listing expenses			(5,802)	(27,815)
Proceeds from issuance of convertible bonds, net of issuance costs	387,221	2,402,549
Net cash provided by (used in) financing activities	387,255	2,402,762	(5,687)	522,740
Net increase (decrease) in cash and cash equivalents	(40,283)	(249,942)	225,883	381,088
Cash and cash equivalents at the beginning of the year	117,590	729,598	504,702	128,891
Effect of exchange rate changes on cash and cash equivalents	(746)	(4,628)	(987)	(5,277)
Cash and cash equivalents at the end of the year	76,561	475,028	729,598	504,702
Supplemental disclosure of cash flows information:
-Acquisition of property and equipment in form of accounts payable	4,112	25,514	7,653	5,911
-Income taxes paid	$ (30,458)	(188,979)	(95,259)	(17,228)

Organization and principal activities

12 Months Ended

Dec. 31, 2014

Organization and principal activities [Abstract]

Organization and principal activities

Organization and principal activities

(a)

Principal activities

YY Inc. (the “Company”), through its subsidiaries, its variable interest entities (“VIEs”) and VIE's subsidiaries (collectively, the “Group”) is principally engaged in operating an online social platform in the People's Republic of China (the “PRC” or “China”) through its platform, YY Client and through its website YY.com and Duowan.com.

(b)

Reorganization

The Company was incorporated in the Cayman Islands on July 22, 2011.

The Group began its operations in the PRC in April 2005 through its PRC domestic company, Guangzhou Huaduo Network Technology Co., Ltd. (“Guangzhou Huaduo”), which was directly owned by Mr. David Xueling Li (the “Founder” or the “CEO”) and Mr. Jun Lei (the “Co-founder” or the “Chairman”). Guangzhou Huaduo holds the necessary licenses and approvals to operate internet-related businesses in the PRC.

For the period between July 2006 and April 2007, the Group undertook a reorganization (the “First Reorganization”) and established Duowan Limited (“Duowan Limited”), an investment holding company under the laws of the British Virgin Islands (the “BVI”), Duowan (Hong Kong) Limited (“Duowan (Hong Kong)”), a Hong Kong incorporated company wholly owned by Duowan Limited, and Guangzhou Duowan Information Technology Co., Ltd. (“Guangzhou Duowan”), a wholly-owned foreign enterprise (“WOFE”) in the PRC owned by Duowan (Hong Kong) (collectively “Duowan Limited Group Structure”). The First Reorganization was necessary to comply with PRC laws and regulations which prohibit or restrict foreign ownership of companies that provide internet content services in the PRC where licenses are required.

By entering into a series of agreements among the Founder, the Co-founder, Guangzhou Huaduo, and Guangzhou Duowan (collectively, “First VIE agreements”), Guangzhou Huaduo became a VIE of Guangzhou Duowan. Guangzhou Duowan became the primary beneficiary of Guangzhou Huaduo.

In November 2007, Duowan Entertainment Corporation (“Duowan BVI”) was incorporated in the BVI. In March 2008, Duowan BVI established Duowan Entertainment Information Technology (Beijing) Co., Ltd. (“Duowan Entertainment”), as a WOFE in the PRC and a wholly-owned subsidiary of Duowan BVI. The Group undertook a second reorganization (the “Second Reorganization”) whereby the First VIE agreements among the Founder, the Co-founder, Guangzhou Huaduo and Guangzhou Duowan were terminated and a new series of VIE agreements (collectively, “Second VIE agreements”) were signed among the Founder, the Co-founder, Guangzhou Huaduo and Duowan Entertainment, through which Duowan Entertainment became the primary beneficiary and exercised effective control over the operations of Guangzhou Huaduo. Duowan BVI became the then holding company of the Group.

In August 2008, Duowan Entertainment purchased all the equity interests in Guangzhou Duowan from Duowan (Hong Kong).

In December 2008, the Group undertook another reorganization (the “Third Reorganization”) and acquired all of the equity interests of NeoTasks Inc. (“NeoTasks”), a Cayman Islands company, together with its wholly-owned subsidiary, NeoTasks Limited, its WOFE, NeoTasks International Media Technology (Beijing) Co., Ltd. (“NeoTasks Beijing”), and its VIE, Beijing Tuda Science and Technology Co., Limited (“Beijing Tuda”).

In July 2009, Guangzhou Duowan was renamed as Zhuhai Duowan Information Technology Co., Ltd. (“Zhuhai Duowan”).

In December 2009, another series of VIE agreements (collectively, “Third VIE agreements”) were entered into amongst the legal shareholders of Beijing Tuda and Duowan Entertainment and thus completing the Third Reorganization. Through the aforementioned activities, Beijing Tuda became a VIE, whose primary beneficiary is Duowan Entertainment.

In December 2010, Duowan BVI established Zhuhai Duowan Technology Co., Ltd. (“Zhuhai Duowan Technology”), which is directly 100% owned by Duowan BVI.

On September 6, 2011, pursuant to a share swap agreement, all the then existing shareholders of Duowan BVI exchanged their respective shares, including the Series A, Series B, Series C-1 and Series C-2 Preferred Shares, of Duowan BVI for equivalent classes of shares of the Company on a 1 for 1 basis. As a result, Duowan BVI became a wholly-owned subsidiary of the Company and it also became the holding company of the Group (the “Share Swap”).

In May 2012, Duowan Entertainment was renamed as Huanju Shidai Technology (Beijing) Co., Ltd. (“Beijing Huanju Shidai”).

In September 2012, Zhuhai Duowan Technology was renamed as Guangzhou Huanju Shidai Information Technology Co., Ltd. (“Guangzhou Huanju Shidai”).

The First Reorganization, the Second Reorganization, the Third Reorganization and the Share Swap were all reorganization of entities under common control and have been accounted for in a manner akin to a pooling of interest as if the Company, through its wholly owned subsidiaries, had been in existence and been the primary beneficiary of the VIEs throughout the periods presented in the consolidated financial statements. As a result of these arrangements, the Company, through its wholly owned subsidiaries, is considered the primary beneficiary of two VIEs, Guangzhou Huaduo and Beijing Tuda, and accordingly, their results of operation and financial conditions are consolidated in the financial statements of the Group.

(c)

Initial Public Offering

The Company completed its initial public offering (“IPO”) on November 21, 2012 on the NASDAQ Global Market and the underwriters subsequently exercised their over-allotment option on December 5, 2012. The Company issued and sold a total of 8,970,000 American Depositary Shares (“ADSs”) in these transactions, representing 179,400,000 Class A common shares. Each ADS represents twenty Class A common shares. The net proceeds received by the Company, after deducting commissions and offering expenses, amounted to approximately US$82,055. Upon the completion of the IPO, all of the Company's 359,424,310 outstanding preferred shares and 548,408,914 outstanding common shares were converted into Class B common shares immediately as of the same date.

(d)

Subsidiaries, VIEs and VIE's subsidiaries

The details of the subsidiaries, VIEs and VIE's subsidiaries as of December 31, 2014 are set out below:

Name	Place of incorporation	Date of incorporation or acquisition	% of direct or indirect economic ownership			Principal activities

Subsidiaries

Duowan Entertainment Corporation (“Duowan BVI”)	BVI	November 6, 2007		100	%	Investment holding

NeoTasks Inc. (“NeoTasks”)	Cayman Islands	April 26, 2006		100	%	Investment holding

NeoTasks Limited	Hong Kong	June 16, 2005		100	%	Investment holding

Huanju Shidai Technology (Beijing) Co., Ltd. (“Beijing Huanju Shidai” or “Duowan Entertainment”)	PRC	March 19, 2008		100	%	Investment holding

Zhuhai Duowan Information Technology Co., Ltd. (“Zhuhai Duowan” or “Guangzhou Duowan”)	PRC	April 9, 2007		100	%	Online advertising and software development

Guangzhou Huanju Shidai Information Technology Co., Ltd. (“Guangzhou Huanju Shidai”)	PRC	December 2, 2010		100	%	Software development

Zhuhai Huanju Shidai Information Technology Co., Ltd. (“Zhuhai Huanju Shidai”)<

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Underwriters' commission	$ 6,593