Perfect World Co Ltd was incorporated in the Cayman Islands on June 28, 2006. In July 2007, the Company completed its initial public offering. It is engaged in the research, development, operation and licensing of online games. Its operations and geographic markets are in the People's Republic of China, United States of America, Europe, Japan and Southeast Asia Region. The Company develops online games based on its proprietary game engines and game development platforms. Since 2006, it has launched in China a number of self-developed MMORPGs, namely, Perfect World, Legend of Martial Arts, Perfect World II, Zhu Xian, Chi Bi, Pocketpet Journey West, Battle of the Immortals, Fantasy Zhu Xian, Forsaken World, Dragon Excalibur, Empire of the Immortals, Heaven Sword and Dragon Saber and Return of the Condor Heroes, an online casual game, Hot Dance Party, as well as several web games. Currently, it operates, in Japan, a number of its own games and some games licensed from other developers through C&C Media, in Southeast Asia region, several of its own games through PW Hong Kong and in Korea, one of its own games through NGL. In addition to operating online games, the Company also generated revenues from selling its pay-per-install games, Torchlight and Torchlight 2, developed by its majority-owned subsidiary Runic Games based in the U.S. The Company is involved in film, television and other related businesses. Competitors for online game developers and operators in China, including Tencent, NetEase, Shanda Games, Changyou, Giant Interactive, Guangyu Huaxia, NetDragon, Kingsoft, Tiancity, Kylin and The9; and other competitors, including Internet portal operators in China, and game developers and operators. Its online game and online reading services and related content on its websites is subject to various PRC laws and regulations relating to the telecommunications industry, Internet and online games, and regulated by various government authorities.