TUDO Tudou Holdings Limited ADS (MM)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2012

 

 

Commission File Number: 001-35270

 

 

TUDOU HOLDINGS LIMITED

 

 

Building No. 6, X2 Creative Park, 1238 Xietu Road, Xuhui District

Shanghai 200032, People’s Republic of China

(86-21) 5170-2355

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   x             Form 40-F   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

 

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: August 6, 2012

 

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EXHIBIT INDEX

 

		Page
Exhibit 99.1 – Press release regarding the second quarter of 2012 financial results of Tudou Holdings Limited			4

 

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Exhibit 99.1

 

Tudou Reports Second Quarter 2012 Financial Results

2Q 2012 Net Revenues of RMB171.9 Million, Up 47.3% Year-over-Year

(August 5, 2012 - Shanghai, China) Tudou Holdings Limited (NASDAQ: TUDO) (“Tudou” or the “Company”), a leading Internet video company in China, today announced its unaudited financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Revenue Highlights

 

•

Net revenues increased to RMB171.9 million (US$27.1 million), up 47.3% year-over-year.

 

•

Online advertising service revenues increased to RMB150.7 million (US$23.7 million), up 47.4% year-over-year.

 

•

Mobile video service revenues increased to RMB16.7 million (US$2.6 million), up 50.6% year-over-year.

 

•

Other (sub-licensing) revenues increased to RMB4.5 million (US$0.7 million), up 34.2% year-over-year.

Second Quarter 2012 Financial Results

Revenues: Net revenues for the second quarter 2012 increased by 47.3% to RMB171.9 million (US$27.1 million) from RMB116.7 million in the corresponding period in 2011, driven by increases in online advertising service revenues, mobile video service revenues and other (sub-licensing) revenues. ¹ Online advertising service revenues for the second quarter 2012 increased by 47.4% to RMB150.7 million (US$23.7 million) from RMB102.2 million in the corresponding period in 2011. Mobile video service revenues for the second quarter 2012 increased by 50.6% to RMB16.7 million (US$2.6 million) from RMB11.1 million in the corresponding period in 2011. Other (sub-licensing) revenues increased by 34.2% to RMB4.5 million (US$0.7 million) from RMB3.4 million in the corresponding period in 2011.

Cost of Revenues: Cost of revenues for the second quarter 2012 increased by 123.2% to RMB191.0 million (US$30.1 million) from RMB85.6 million in the corresponding period in 2011, partially offset by a RMB12.7 million decrease in share-based compensation expenses. The increase in cost of revenues was primarily attributable to increased Internet bandwidth costs, content costs and mobile video services costs. Internet bandwidth costs for the second quarter 2012 totaled RMB65.1 million (US$10.2 million), compared to RMB34.5 million in the corresponding period in 2011. The increase in Internet bandwidth costs was primarily due to increased traffic on the Company’s website and its continued focus on enhancing users’ experience. Content costs for the second quarter 2012 totaled RMB100.5 million (US$15.8 million), compared to RMB35.7 million in the corresponding period in 2011. Content costs consist of amortization of premium licensed content, salaries and benefits for staff and production costs for content produced in-house. The increase in content costs was primarily due to the increase in amortization of premium licensed content and content produced in-house as a result of an increase in the amount of content purchased and produced. Mobile video service costs for the second quarter 2012 totaled RMB12.3 million (US$1.9 million), compared to RMB5.8 million, in the corresponding period in 2011. The increase in mobile video services costs was primarily attributable to the increase in mobile video services revenues.

 

 

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The Company records revenues on a net basis and presents net revenues net of third party advertising agency fees and sales tax as a reduction of revenues. For the second quarter 2012, third party advertising agency fees were RMB32.3 million (US$5.1 million) and sales tax was RMB7.4 million (US$1.2 million), compared to third party advertising agency fees of RMB23.6 million and sales tax of RMB14.6 million in the corresponding period in 2011.

 

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Gross Loss: For the second quarter 2012, gross loss totaled RMB19.2 million (US$3.0 million), compared to gross profit of RMB31.1 million in the corresponding period in 2011.

Operating Expenses: Operating expenses for the second quarter 2012 were RMB135.8 million (US$21.4 million), compared to RMB86.7 million in the corresponding period in 2011. The increase was primarily due to merger related expenses of RMB23.7 million (US $3.7 million) resulting from the Company’s pending transaction with Youku, Inc. (NYSE: YOKU) (“Youku”) and an increase in sales and marketing expenses, mainly as a result of the Company’s hiring of additional sales professionals and enhanced promotion and marketing efforts.

Net Loss: Net loss for the second quarter 2012 increased to RMB154.7 million (US$24.4 million) from a net loss of RMB78.9 million in the corresponding period in 2011.

Adjusted Net Loss: Adjusted net loss for the second quarter 2012, which excluded share-based compensation expenses, was RMB144.8 million (US$22.8 million), compared to an adjusted net loss of RMB37.2 million in the corresponding period in 2011, which excluded share-based compensation expenses and fair value changes in warrant liabilities. See “Non-GAAP Financial Measures” and “Adjusted Net Loss – Non-GAAP Reconciliation” below.

Recent Developments

In July 2012, Tudou announced it will hold its 2012 annual general meeting of shareholders on the 18th Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong on Monday, August 20, 2012 at 10:00 a.m. (Hong Kong time), to consider and vote on, among other things, the proposal to approve the pending merger with Youku announced on March 11, 2012. The notice of the annual general meeting of shareholders and joint proxy statement can be obtained from the Company’s investor relations website ( http://ir.tudou.com ) and the Company’s filings with the Securities and Exchange Commission ( http://www.sec.gov ).

In July 2012, Tudou announced that Ms. Evelyn Wang tendered resignation from her position as Chief Operating Officer due to personal reasons. Ms. Wang will continue to assist the Company throughout the ongoing merger process with Youku, which remains on track to close during the third quarter of 2012, subject to closing conditions including approvals by Youku’s and Tudou’s shareholders.

In June 2012, Tudou held the awards ceremony for the 2012 Tudou Video Festival in Chengde, China. This was Tudou’s 5th annual video festival and was co-hosted with the China Film Group Corporation, the largest film enterprise in China. With the slogan Be Creative and Live , this year’s festival attracted over 15,000 video submissions, including submissions from a talented group of 200 video finalists that competed for 15 grand prizes. Over 1,500 producers, directors, writers, studio representatives and advertisers attended the event in anticipation of the opportunity to work with the creators of the winning submissions.

 

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Conference Call

Due to the pending merger with Youku, Tudou will not hold a conference call to discuss its financial results.

About Tudou

Tudou Holdings Limited (NASDAQ: TUDO) is a leading Internet video company in China providing premium licensed content, user generated content (“UGC”) and original in-house produced content. Founded in 2005, Tudou was the first UGC video sharing website launched in China. The “Tudou” brand is one of the most recognized Internet brands in China, and the annual Tudou Video Festival has become a signature event in the online video industry. For more information, please visit http://ir.tudou.com .

Investor Relations Contact:

Michael S. Fu

Director, Investor Relations

Tudou Holdings Limited

Tel: (+86) 21-5170-2355

Email: mfu@tudou.com

Jeremy Peruski

ICR, Inc.

Tel: +1 (646) 405-4884

Email: IR@tudou.com

SOURCE: Tudou

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “aims,” “estimates,” “confident,” “likely to” and similar statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to execute its business strategies, plans and initiatives; the Company’s future business development, results of operations and financial condition; changes in the Company’s revenues and certain cost or expense items; the Company’s expectations with respect to increased revenue growth and its ability to sustain profitability; the Company’s ability to develop new services; the Company’s ability to attract users and advertisers and enhance its brand recognition; the ability of the online video and advertising industry in China to grow at rates projected by market data; and ability of the Company to timely close its pending merger with Youku. Any of the foregoing risks may have a material adverse effect on the Company’s business and the market price of its ADSs. Further information regarding these and other risks is included in the Company’s 20-F filed with the Securities and Exchange Commission on March 30, 2012. All information provided in this press release is current as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

 

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Non-GAAP Financial Measures

The Company defines adjusted net income (loss), a non-GAAP financial measure, as net income (loss) excluding share-based compensation expenses and fair value changes in warrant liabilities. The Company reviews adjusted net income (loss) together with net income (loss) to obtain a better understanding of its operating performance. The Company believes it is useful supplemental information for investors and other interested persons to assess the Company’s operating performance without the effect of non-cash fair value changes in warrant liabilities, which would not likely be a recurring factor in its business in the future, and share-based compensation expenses, which have been and continue to be a significant recurring factor in our business.

The Company presents its non-GAAP financial measure because management uses it to evaluate the Company’s operating performance. The Company believes that non-GAAP financial measure provides useful information to investors and other interested persons because by having access to such information they will have the same data the Company uses to assess its operating performance. In addition, this information allows investors and other interested persons to understand and evaluate the Company’s consolidated results of operations in the same manner as management and to make period-over-period comparisons of its financial results. However, the use of adjusted net income (loss) has material limitations as an analytical tool. One of the limitations of using non-GAAP adjusted net income (loss) is that it does not include all items that impact the Company’s net income (loss) for the period. In addition, because companies may not calculate adjusted net income (loss) in the same manner, it may not be comparable to similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider adjusted net income (loss) in isolation from or as an alternative to net income (loss) prepared in accordance with U.S. GAAP. The Company encourages investors and other interested persons to review the Company’s financial information in its entirety and not rely on a single financial measure.

Exchange Rate

This press release contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars for the quarter ended June 30, 2012 were made at a rate of RMB6.3530 to US$1.00, the noon buying rate in effect on June 29, 2012 as set forth in the weekly H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at such rate.

 

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Tudou Holdings Limited

Consolidated Balance Sheet Information

(Amounts expressed in RMB, unless otherwise stated)

 

		Jun 30, 2011				Mar 31, 2012				Jun 30, 2012				Jun 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
		RMB				RMB				RMB				US$
Assets
Current assets:
Cash and cash equivalents			135,769,594				695,746,338				516,192,285				81,251,737
Restricted cash			78,629,940				96,685,338				50,599,200				7,964,615
Accounts receivable, net			259,354,944				256,602,540				316,334,475				49,792,929
Prepayments and other current assets			34,481,051				15,347,958				12,694,496				1,998,189
Premium content licensed			18,720,530				47,551,257				40,316,868				6,346,115
Content produced							695,922				176,761				27,823
Total current assets			526,956,059				1,112,629,353				936,314,085				147,381,408
Equipment			66,825,250				93,393,641				94,764,562				14,916,506
Intangible assets			4,696,093				5,973,504				6,467,861				1,018,080
Other assets			4,282,679				4,175,908				—				—
Other long-term receivables							10,000,000				10,000,000				1,574,059
Prepayment for premium content licensed							166,091,005				181,731,422				28,605,607
Premium content licensed			59,980,909				200,466,206				235,529,108				37,073,683
Total assets			662,740,990				1,592,729,617				1,464,807,038				230,569,343
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable			76,297,318				163,179,211				188,110,362				29,609,690
Taxes payable			25,456,201				28,491,533				25,241,179				3,973,112
Accrued liabilities and other payables			170,319,316				225,563,977				243,956,753				38,400,245
Short-term loan			72,343,510				83,343,510				41,543,510				6,539,196
Share-based compensation liability			263,420,394				—				—				—
Total current liabilities			607,836,739				500,578,231				498,851,804				78,522,243
Warrant liabilities			343,404,204				—				—				—
Total liabilities			951,240,943				500,578,231				498,851,804				78,522,243
Series A redeemable convertible preferred shares			7,617,308				—				—				—
Series B redeemable convertible preferred shares			55,008,503				—				—				—
Series C redeemable convertible preferred shares			122,960,400				—				—				—
Series D redeemable convertible preferred shares			367,586,880				—				—				—
Series E redeemable convertible preferred shares			378,063,467				—				—				—
Shareholders’ equity
Ordinary shares			9,700				74,907				76,747				12,080
Additional paid-in capital			11,054,330				2,554,379,616				2,582,926,377				406,567,980
Accumulated deficit			(1,230,800,541	)			(1,462,303,137	)			(1,617,047,890	)			(254,532,960	)
Total shareholders’ equity			(1,219,736,511	)			1,092,151,386				965,955,234				152,047,100
															—
Total liabilities and shareholders’ equity			662,740,990				1,592,729,617				1,464,807,038				230,569,343

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Tudou Holdings Limited

Consolidated Statement of Operations Information

(Amounts expressed in RMB, unless otherwise stated)

 

		For the Three Months Ended																For the Six Months Ended
		Jun 30, 2011				Mar 31, 2012				Jun 30, 2012				Jun 30, 2012				June 30, 2011				June 30, 2012				June 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
		RMB				RMB				RMB				US$				RMB				RMB				US$
Revenues			131,307,230				145,856,999				179,264,317				28,217,270				222,725,998				325,121,316				51,176,030
Less: Sales taxes			(14,635,680	)			(5,575,694	)			(7,403,565	)			(1,165,365	)			(26,677,477	)			(12,979,259	)			(2,043,013	)
Net revenues			116,671,550				140,281,305				171,860,752				27,051,905				196,048,521				312,142,057				49,133,017
Cost of revenues			(85,577,861	)			(179,632,865	)			(191,026,368	)			(30,068,687	)			(166,573,691	)			(370,659,233	)			(58,343,969	)
Gross profit / (loss)			31,093,689				(39,351,560	)			(19,165,616	)			(3,016,782	)			29,474,830				(58,517,176	)			(9,210,952	)
Operating expenses:
Sales and marketing expenses			(55,679,672	)			(68,808,006	)			(84,959,552	)			(13,373,139	)			(132,063,602	)			(153,767,558	)			(24,203,928	)
General and administrative expenses			(31,029,507	)			(24,527,517	)			(50,870,494	)			(8,007,318	)			(114,917,061	)			(75,398,011	)			(11,868,096	)
Total operating expenses			(86,709,179	)			(93,335,523	)			(135,830,046	)			(21,380,457	)			(246,980,663	)			(229,165,569	)			(36,072,024	)
Loss from operations			(55,615,490	)			(132,687,083	)			(154,995,662	)			(24,397,239	)			(217,505,833	)			(287,682,745	)			(45,282,976	)
Finance income			76,330				639,483				563,307				88,668				152,987				1,202,790				189,326
Finance expense			(1,090,078	)			(1,517,576	)			(973,768	)			(153,277	)			(1,957,240	)			(2,491,344	)			(392,152	)
Other income / (expense), net			(119,253	)			—				(168,525	)			(26,527	)			(119,253	)			(168,525	)			(26,527	)
Foreign exchange gain / (loss)			(3,135,290	)			(893,968	)			829,895				130,630				(6,049,673	)			(64,073	)			(10,085	)
Fair value change in warrant liabilities			(18,979,502	)			—								—				(189,364,593	)			—				—
Loss before income taxes			(78,863,283	)			(134,459,144	)			(154,744,753	)			(24,357,745	)			(414,843,605	)			(289,203,897	)			(45,522,414	)
Income taxes			—				—				—				—				—				—				—
Net loss			(78,863,283	)			(134,459,144	)			(154,744,753	)			(24,357,745	)			(414,843,605	)			(289,203,897	)			(45,522,414	)
Accretion and effect of foreign exchange movement on Series A Preferred Shares			(105,067	)			—				—				—				(236,052	)			—				—
Effect of foreign exchange movement on Series B Preferred Shares			720,799				—				—				—				1,284,348				—				—
Effect of foreign exchange movement on Series C Preferred Shares			1,611,200				—				—				—				2,870,900				—				—
Effect of foreign exchange movement on Series D Preferred Shares			4,816,640				—				—				—				8,582,480				—				—
Accretion and effect of foreign exchange movement on Series E Preferred Shares			(16,505,338	)			—				—				—				(26,661,338	)			—				—
Net loss attributable to ordinary shareholders			(88,325,049	)			(134,459,144	)			(154,744,753	)			(24,357,745	)			(429,003,267	)			(289,203,897	)			(45,522,414	)
Loss per ordinary share
- Basic and diluted			(7.36	)			(1.19	)			(1.34	)			(0.21	)			(35.75	)			(2.52	)			(0.40	)
Loss per ADS
- Basic and diluted			(29.44	)			(4.74	)			(5.34	)			(0.84	)			(143.00	)			(10.09	)			(1.59	)
Weighted average number of ordinary shares used in computing loss per share
- Basic and diluted			12,000,000				113,431,544				115,853,225				115,853,225				12,000,000				114,653,268				114,653,268
Share-based compensation was allocated in operating expenses as follows:
Cost of revenues			3,038,064				1,379,365				1,372,659				216,064				17,756,069				2,752,024				433,185
Sales and marketing expenses			9,803,139				5,404,764				4,744,666				746,839				44,851,797				10,149,430				1,597,581
General and administrative expenses			9,809,598				3,430,954				3,827,077				602,405				66,659,181				7,258,031				1,142,457

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Tudou Holdings Limited

Adjusted Net Loss — Non-GAAP Reconciliation

(Amounts expressed in RMB, unless otherwise stated)

 

		For the Three Months Ended																For the Six Months Ended
		Jun 30, 2011				Mar 31, 2012				Jun 30, 2012				Jun 30, 2012				June 30, 2011				June 30, 2012				June 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net loss			(78,863,283	)			(134,459,144	)			(154,744,753	)			(24,357,745	)			(414,843,605	)			(289,203,897	)			(45,522,414	)
Add back: Share-based compensation expenses			22,650,801				10,215,083				9,944,402				1,565,308				129,267,047				20,159,485				3,173,223
Fair value changes in warrant liabilities			18,979,502				—				—				—				189,364,593				—				—
Adjusted net loss			(37,232,980	)			(124,244,061	)			(144,800,351	)			(22,792,437	)			(96,211,965	)			(269,044,412	)			(42,349,191	)

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Tudou Holdings Limited

Consolidated Statement of Cash Flows

(Amounts expressed in RMB, unless otherwise stated)

 

		For the Three Months Ended																For the Six Months Ended
		Jun 30, 2011				Mar 31, 2012				Jun 30, 2012				Jun 30, 2012				June 30, 2011				June 30, 2012				June 30, 2012
		(unaudited) RMB				(unaudited) RMB				(unaudited) RMB				(unaudited) US$				(unaudited) RMB				(unaudited) RMB				(unaudited) US$
Cash flows from operating activities:
Net loss			(78,863,283	)			(134,459,144	)			(154,744,753	)			(24,357,745	)			(414,843,605	)			(289,203,897	)			(45,522,414	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:			—				—				—				—				—				—				—
Depreciation of equipment			6,734,331				9,637,685				10,277,833				1,617,792				12,867,612				19,915,518				3,134,821
Amortization of intangible assets			50,405				209,660				255,793				40,263				58,255				465,453				73,265
Amortization of other assets			35,590				35,590				—				—				71,180				35,590				5,602
Provision for doubtful accounts			4,085,033				2,643,383				2,807,208				441,871				16,368,108				5,450,591				857,955
Amortization of the premium content licensed			18,124,644				50,863,964				57,165,796				8,998,236				28,140,551				108,029,760				17,004,527
Amortization of the content produced			3,497,227				12,728,947				2,790,348				439,217				6,562,500				15,519,295				2,442,829
Share-based compensation			22,650,802				10,215,083				9,944,403				1,565,308				129,267,046				20,159,486				3,173,223
Fair value changes in warrant liabilities			18,979,502				—				—				—				189,364,593				—				—
Loss from disposal of other assets			—				—				181,908				28,633				—				181,908				28,633
Foreign exchange loss			3,135,290				893,968				(829,895	)			(130,630	)			6,049,673				64,073				10,085
Changes in operating assets and liabilities:
Accounts receivables			(9,304,512	)			(19,441,737	)			(62,539,143	)			(9,844,033	)			(32,689,703	)			(81,980,880	)			(12,904,278	)
Prepayments and other current assets			(2,242,691	)			4,835,969				4,289,096				675,129				2,900,427				9,125,065				1,436,340
Content produced			—				(5,210,362	)			(2,271,187	)			(357,498	)			—				(7,481,549	)			(1,177,640	)
Accounts payable			(2,172,159	)			6,636,811				10,506,166				1,653,733				(1,343,849	)			17,142,977				2,698,407
Tax payable			3,005,534				(9,149,133	)			(3,250,354	)			(511,625	)			4,297,529				(12,399,487	)			(1,951,753	)
Other payables and accruals			9,368,177				(5,200,531	)			18,392,777				2,895,136				27,373,497				13,192,246				2,076,538
Net cash provided by/(used in) operating activities			(2,916,110	)			(74,759,847	)			(107,024,004	)			(16,846,213	)			(25,556,186	)			(181,783,851	)			(28,613,860	)
Cash flows from investing activities:
Purchase of equipment			(18,344,013	)			(12,263,333	)			(14,456,328	)			(2,275,512	)			(21,723,420	)			(26,719,661	)			(4,205,834	)
Purchase of intangible assets			(463,656	)			—				(750,150	)			(118,078	)			(1,300,756	)			(750,150	)			(118,078	)
Cash received from disposal of other assets			—				—				3,994,000				628,679				—				3,994,000				628,679
Advance payment for premium content licensed			—				(23,340,704	)			(15,640,417	)			(2,461,895	)			—				(38,981,121	)			(6,135,860	)
Cash paid for premium content licensed			(45,761,160	)			(65,097,644	)			(67,761,751	)			(10,666,103	)			(74,331,397	)			(132,859,395	)			(20,912,859	)
Cash received from maturity of short-term investment			—				—				—				—				5,837,246				—				—
Cash paid for PRC advertising license			—				—				—				—				(1,527,178	)			—				—
Net decrease/(increase) in restricted cash			(13,065,940	)			101,381				46,086,138				7,254,232				(12,402,940	)			46,187,519				7,270,190
Net cash used in investing activities			(77,634,769	)			(100,600,300	)			(48,528,508	)			(7,638,677	)			(105,448,445	)			(149,128,808	)			(23,473,762	)
Cash flows from financing activities:
Cash received from short-term loan			11,100,000				—				—				—				11,100,000				—				—
Cash paid for the repayment of short-term loan			—				—				(41,800,000	)			(6,579,569	)			—				(41,800,000	)			(6,579,569	)
Cash received from exercise of stock options			—				—				16,968,564				2,670,953				—				16,968,564				2,670,953
Cash paid for initial public offering cost			(613,685	)			—				—				—				(1,426,877	)			—				—
Net cash used in financing activities			10,486,315				—				(24,831,436	)			(3,908,616	)			9,673,123				(24,831,436	)			(3,908,616	)
Net decrease in cash and cash equivalents			(70,064,564	)			(175,360,147	)			(180,383,948	)			(28,393,506	)			(121,331,508	)			(355,744,095	)			(55,996,238	)
Cash and cash equivalents at beginning of period			208,969,448				872,000,453				695,746,338				109,514,613				263,150,775				872,000,453				137,258,060
Effect of foreign exchange rate change on cash			(3,135,290	)			(893,968	)			829,895				130,630				(6,049,673	)			(64,073	)			(10,085	)
Cash and cash equivalents at end of period			135,769,594				695,746,338				516,192,285				81,251,737				135,769,594				516,192,285				81,251,737
Supplementary Disclosure of Cash Flow Information
Cash paid for interest			1,034,405				1,519,720				1,809,392				284,809				1,855,700				3,329,112				524,022
Supplementary Disclosure of Non-cash Investing and Financial Activities
Unpaid deferred expenses/Payables related to the initial public offering			17,477,601				—				—				—				17,477,601				—				—
Payables related to purchase of equipment			19,702,648				13,723,390				10,915,816				1,718,214				19,702,648				24,639,206				3,878,358
Payables related to premium content licensed			9,895,500				54,296,015				71,528,574				11,259,023				9,895,500				125,824,589				19,805,539
Payables related to purchase of PRC advertising license qualification right			300,124				—				—				—				300,124				—				—