Sungy Mobile Limited (NASDAQ:GOMO)

GUANGZHOU, China, Nov. 18, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (NASDAQ:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced the completion of the merger contemplated by the previously announced agreement and plan of merger dated June 8, 2015 (the "Merger Agreement"), among the Company, Sunflower Parent Limited (the "Parent") and Sunflower Merger Sub Limited ("Merger Sub"). As a result of the merger, the Company became a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on November 16, 2015, each of the Company's ordinary shares issued and outstanding immediately prior to the effective time of the merger (the "Shares") was cancelled and ceased to exist in exchange for the right to receive US$0.81667 in cash without interest and net of any applicable withholding taxes, and each American depositary share of the Company (the "ADS"), representing six class A ordinary shares of the Company, was cancelled in exchange for the right to receive US$4.90 in cash without interest and net of any applicable withholding taxes, except for (a) the Shares held by Mr. Yuqiang Deng, Mr. Zhi Zhu, IDG-Accel China Growth Fund L.P., IDG-Accel China Growth Fund-A L.P., IDG Technology Venture Investment III, L.P., IDG-Accel China Investors L.P. and CBC Mobile Venture Limited and the Shares held by the Parent, the Company or any of their subsidiaries (including such Shares represented by ADSs) immediately prior to the effective time of the merger, which were cancelled and ceased to exist without payment of any consideration or distribution therefor, and (b) the Shares held by shareholders who had validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger in accordance with Section 238 of the Companies Law of the Cayman Islands (the ''Dissenting Shares''), which were cancelled and ceased to exist in exchange for the right to receive payment of the fair value of such Shares as determined in accordance with the provisions of Section 238 of the Companies Law of the Cayman Islands.

The Company has transferred the full merger consideration through bank wire by China Merchants Bank Co., Ltd to the paying agent on November 17, 2015. Registered shareholders entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration and should wait to receive the letter of transmittal before surrendering their share certificates. As to ADS holders entitled to the merger consideration, payment of the merger consideration will be made to ADS holders as soon as practicable after JPMorgan Chase Bank, N.A., Depositary, the Company's ADS depositary, receives the merger consideration.

The Company also announced today that it requested that trading of its ADSs on the NASDAQ Global Select Market ("NASDAQ") be suspended beginning at the close of business on November 17, 2015 (U.S. Eastern time). The Company requested that NASDAQ file a Form 25 with the U.S. Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of its ADSs on NASDAQ and the deregistration of the Company's registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC. The Company's obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.

GUANGZHOU, China, June 8, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile online platform development, today announced that it has entered into an Agreement and Plan of Merger (the "Merger Agreement") with Sunflower Parent Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands ("Parent") formed by Mr. Yuqiang Deng ("Mr. Deng"), Mr. Zhi Zhu ("Mr. Zhu"), IDG-Accel China Growth Fund L.P., IDG-Accel China Growth Fund-A L.P., IDG Technology Venture Investment III, L.P., IDG-Accel China Investors L.P. (collectively "IDG" ) and CBC Mobile Venture Limited ("CBC", together with Mr. Deng, Mr. Zhu and IDG, the "Rollover Shareholders") and Sunflower Merger Sub Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly owned subsidiary of Parent.

Subject to satisfaction of the Merger Agreement's terms and conditions, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the "Merger"). Pursuant to the Merger Agreement, at the effective time of the Merger, each of the Company's class A ordinary shares and class B ordinary shares issued and outstanding immediately prior to the effective time of the Merger (collectively the "Shares") will be cancelled and cease to exist in exchange for the right to receive US$0.81667 in cash without interest, and each American Depositary Share of the Company (the "ADS"), which represents six class A ordinary shares, will be cancelled in exchange for the right to receive US$4.90 in cash without interest, except for (a) Shares, including such Shares represented by the ADSs, held by the Rollover Shareholders that will be rolled over, or held by the Parent, the Company or any of their subsidiaries, which shares will be cancelled and cease to exist and no payment or distribution will be made with respect thereto, and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands. The merger consideration represents a premium of 8.89% over the Company's closing price of US$4.50 per ADS on April 10, 2015, the last trading day prior to the Company's announcement of its receipt of a "going-private" proposal.

Parent intends to fund the Merger with the proceeds from a committed loan facility in the amount of up to US$98 million arranged by China Merchants Bank Co., Ltd., New York Branch, pursuant to a debt commitment letter.

The Company's board of directors (the "Board"), acting upon unanimous recommendation of a committee of independent directors established by the Board (the "Special Committee"), unanimously approved the Merger Agreement and the Merger and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee, which is composed solely of independent and disinterested directors, negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger, which is currently expected to close during the second half of 2015, is subject to customary closing conditions including the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy as a single class at an extraordinary general shareholders' meeting of the Company which will be convened to consider the approval of the Merger Agreement and the Merger, as well as certain other customary closing conditions. The Rollover Shareholders have agreed to vote all of Shares (including Shares represented by ADSs) beneficially owned by them in favor of the Merger Agreement and the transactions contemplated thereby. If completed, the Merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the NASDAQ Global Selected Market.

GUANGZHOU, China, May 19, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile online platform development, today announced that the special committee of independent directors (the "Special Committee") has been informed by IDG-Accel China Growth Fund L.P., IDG-Accel China Growth Fund-A L.P., IDG Technology Venture Investment III, L.P., IDG-Accel China Investors L.P. (collectively "IDG"), Mr. Yuqiang Deng, chairman and chief executive officer of the Company ("Mr. Deng") and Mr. Zhi Zhu, co-chief operating officer of the Company ("Mr. Zhu"), that IDG, Mr. Deng and Mr. Zhu entered into a consortium agreement on May 18, 2015, pursuant to which they jointly proposed to acquire the Company in a "going private" transaction (the "Proposed Transaction").

As previously announced, the board of directors for the Company ("the "Board") received a preliminary non-binding proposal letter (the "Proposal") dated April 13, 2015 from Mr. Deng and Mr. Zhu. According to the Proposal, Mr. Deng and Mr. Zhu proposed to acquire the Company in a "going private" transaction for all of the Company's outstanding ordinary shares that were not then beneficially owned by them, including ordinary shares represented by the Company's American depositary shares (or "ADSs", each representing six Class A shares of the Company), at a price of $4.90 per ADS (or approximately $0.82 in cash per ordinary share). Subsequently, the Board formed the Special Committee of independent directors to review and evaluate the Proposal. Based on the Company's record, IDG, Mr. Deng and Mr. Zhu currently collectively owned 79,436,604 Class B Ordinary Shares, representing approximately 42% of the Company's issued and outstanding ordinary shares on an as-converted basis (excluding 629,502 shares issued to the depositary in anticipation of future exercise of options) and approximately 67.8% of the total number of votes represented by the Company's issued and outstanding ordinary shares.

The Special Committee is still in the process of evaluating the Proposed Transaction. The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by IDG, Mr. Deng, Mr. Zhu or any other person, that any definitive agreement will be executed relating to the Proposed Transaction, or that the Proposed Transaction or any other transaction will be approved or consummated.

GUANGZHOU, China, April 28, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that the special committee of independent directors (the "Special Committee") has retained Duff & Phelps (Duff & Phelps, LLC and Duff & Phelps Securities, LLC) as its financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor. The financial advisors and legal advisor to the Special Committee will assist it in, among other things, evaluating and determining the Company's response to the non-binding "Going-Private" proposal (the "Proposal") that the Company's board of directors received on April 13, 2015 from Mr. Yuqiang Deng, chairman and chief executive officer, and Mr. Zhi Zhu, co-chief operating officer of Sungy Mobile.

The Company cautions its shareholders and others considering trading its securities that neither its board of directors nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by Mr. Yuqiang Deng, Mr. Zhi Zhu or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.

GUANGZHOU, China, April 16, 2015 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that in response to the preliminary non-binding proposal dated April 13, 2015 (the "Proposal") that the Company's board of directors (the "Board") received, the Board has formed a special committee of independent directors (the "Special Committee") to review and evaluate the Proposal.

The Proposal from Mr. Yuqiang Deng, chairman and chief executive officer of Sungy Mobile, and Mr. Zhi Zhu, co-chief operating officer of the Company, outlines their interest in acquiring all of the Company's outstanding ordinary shares that are not currently beneficially owned by them, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing six Class A ordinary shares of the Company), at a price of $4.90 in cash per ADS, or approximately $0.82 in cash per ordinary share.

The Special Committee is composed of Mr. Yong Chen, Dr. Feng Li and Ms. Xiangguang Zou, who are independent directors of the Company and are unaffiliated with the Proposal. Mr. Yong Chen will be the chairman of the Special Committee. The Board also expects that the Special Committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.

The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by Mr. Yuqiang Deng, Mr. Zhi Zhu or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.

GUANGZHOU, China, April 13, 2015 (GLOBE NEWSWIRE) -- provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that its board of directors has received a preliminary non-binding proposal letter, dated April 13, 2015, from Mr. Yuqiang Deng, chairman and chief executive officer of Sungy Mobile, and Mr. Zhi Zhu, co-chief operating officer of the Company. According to the proposal letter, Mr. Deng and Mr. Zhu are interested in acquiring all of the Company's outstanding ordinary shares that are not currently beneficially owned by them, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing six Class A ordinary shares of the Company), at a price of $4.90 in cash per ADS (or approximately $0.82 in cash per ordinary share).

Mr. Yuqiang Deng and Mr. Zhi Zhu's proposal letter states that they intend to finance the proposed transaction with debt capital. Furthermore, the proposal letter specifies that Mr. Yuqiang Deng and Mr. Zhi Zhu's proposal constitutes on a preliminary indication of their interest, and is subject to negotiation and execution of definitive agreements relating to the proposed transaction. There can be no assurance that any definitive offer will be made by Mr. Yuqiang Deng, Mr. Zhi Zhu or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated

Fourth Quarter 2014 Financial Results

• Total revenue for the fourth quarter of 2014 was RMB75.1 million (US$12.1 million), as compared to RMB98.9 million in the prior year period.
• Adjusted diluted loss per ADS⁶ in the fourth quarter of 2014 was RMB1.41 (US$0.23), as compared to adjusted diluted earnings per ADS of RMB1.19 in the prior year period.

Mr. Yuqiang Deng, chief executive officer of Sungy Mobile, stated, "In 2014, we continued to expand our business, as evidenced by our popular GO series products experiencing over 18% year-over-year growth in average MAUs to approximately 111 million in the fourth quarter of 2014. Our temporarily shift in focus from monetization to marketing and product development resulted in an expected slowdown in revenue as we realign our strategy towards strengthening and expanding our user base and portfolio of products. We believe that these initiatives have begun to take hold but will require some time before bearing fruit. Looking ahead, we will continue to explore new engines of growth that can leverage our massive user base and we are confident in our ability to further expand our global footprint and achieving our long-term goals."

Mr. Longfei Zhou, chief financial officer of Sungy Mobile, stated, "For the fourth quarter of 2014, we were pleased to deliver revenue which met our prior guidance. The second half of 2014 was characterized by a strategic reallocation of resources towards selling and marketing, as well as product development efforts. Despite incurring costs from these necessary investments, we were able to maintain operating expenses at a reasonable level. Looking ahead, with a growing user base, concrete action plans and focused execution, we remain confident in the long-term viability of our business and ability to deliver value to our shareholders."

Business Outlook

For the first quarter of 2015, the Company expects its total revenues to be between RMB42 million and RMB46 million. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

Third Quarter 2014 Unaudited Financial Results

• Total revenues increased to RMB97.3 million (US$15.9 million) from RMB90.7 million in the prior year period.
• Diluted earnings per ADS⁷ in the third quarter of 2014 were RMB0.13 (US$0.02), as compared with RMB0.55 in the prior year period.
• Adjusted diluted earnings per ADS⁸ in the third quarter of 2014 were RMB0.59 (US$0.10), as compared with RMB0.73 in the prior year period.

Mr. Yuqiang Deng, Chief Executive Officer of Sungy Mobile, stated, "We continue to execute on our strategic initiatives and make advances towards our long-term goals. Total revenues increased year-over-year to RMB97.3 million, largely driven by our popular GO series products, which continue to experience strong global demand. Since our shifting of focus to further improve product functionality and user interface, as we announced in the second quarter of 2014, we have already witnessed solid progress in this effort, as evidenced by the 11.5% year-over-year growth to over 97 million MAU and over 484 million accumulated users as of September 30, 2014. With concrete action plans and focused execution, we are confident about the growth prospects across Sungy Mobile's mobile platform going forward."

Mr. Deng continued, "We will continue to invest judiciously into the R&D of our GO series platform, which will enable us to strengthen our operational capabilities and further solidify our foundation for monetization. Moreover, as we strategically allocated resources and leveraged our expanded executive team, we are confident in our overall competence in expanding our user base globally, positioning Sungy Mobile for long-term success and delivering value to our shareholders."

Business Outlook

For the fourth quarter of 2014, the Company expects its total revenues to be between RMB75 million and RMB80 million. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

GUANGZHOU, China, Oct. 16, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development ("Sungy Mobile" or the "Company"), today announced a corporate restructuring plan to reallocate resources towards strengthening and expanding its flagship GOSeries platform of applications.

As part of the restructuring initiative, the Company expects to complete a reduction in its workforce of approximately 100 employees associated with its portal business or approximately 12% of its overall workforce by the end of October 2014. The Company believes that, by refocusing on its core growth areas and improving its operational efficiency, it will strengthen its portfolio of mobile products and acquire additional resources to further expand its overall mobile platform.

Mr. Yuqiang Deng, chief executive officer of Sungy Mobile, stated, "Following our second quarter announcement, we continue to strategically realign our attention and resources towards strengthening our mobile applications platform, primarily our GOSeries portfolio. We believe that this corporate restructuring plan will enable us to more efficiently allocate resources towards the expansion of our mobile business both organically and through strategic acquisitions and enable us to continue to leverage and monetize our large user base. Going forward, we remain committed to maximizing value for our shareholders and expanding our product platform with high quality and popular mobile applications."

GUANGZHOU, China, Oct. 2, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development ("Sungy Mobile" or the "Company"), today announced that it has made a strategic investment into MobileWoo Technology Holdings Limited ("MobileWoo"), a mobile application and internet business based in Beijing and Shenzhen.

MobileWoo is a mobile internet business that was established in 2010, with a focus on the research and development of mobile applications. MobileWoo's innovative product team is comprised of seasoned mobile internet professionals who come from strong and seasoned backgrounds. Over the past several years, MobileWoo has introduced many popular products including its hit mobile app Taoshenbian, which has been one of the top five applications on the Taobao open application center platform.

Sungy Mobile has entered into a share purchase agreement on October 2, 2014 (the "Share Purchase Agreement") with Northern Light Venture Capital II, Ltd., ("Northern Light"), Sina Hong Kong Ltd., (together with Northern Light, hereafter referred as the "Selling Shareholders"), and MobileWoo. Pursuant to the Share Purchase Agreement, the Company will purchase existing Series A and Series B Preferred Shares of MobileWoo from the Selling Shareholders, and certain number of Series B Preferred Shares to be newly issued by MobileWoo, for an aggregate cash consideration of approximately US$8.5 million. Upon completion of the transaction, the Company will beneficially own approximately 46% of the equity interest in MobileWoo. The transaction is expected to close in the near future, subject to the satisfaction of customary closing conditions.

Sungy Mobile also announced today that Mr. Zhi Zhu, co-founder, chief executive officer and a principal shareholder of MobileWoo, has been officially appointed as co-chief operating officer at Sungy Mobile, effective October 2, 2014. Mr. Zhu served as a member of the board of directors for both companies before May 12, 2014. Following Mr. Zhu's transition to Sungy Mobile, the other co-founders of MobileWoo, Jianguo Shen, CTO, Wei Zhang, COO and a former architect from Nokia headquarters, and Xue Guo, shareholder and a seasoned app developer, will continue to lead MobileWoo's development team.

Mr. Yuqiang Deng, chief executive officer of Sungy Mobile, stated, "We are very pleased to announce our strategic investment into MobileWoo as well as the addition of Mr. Zhu to the senior management team at Sungy Mobile. His deep experience in leading product development teams and managing several internet businesses will significantly strengthen our operational capabilities. On the product side, we will benefit greatly from MobileWoo's extensive experience in innovating and developing mobile app products. Going forward, we will closely work with the MobileWoo development team to co-develop more products, further expanding and improving our portfolio of mobile applications."

Second Quarter 2014 Unaudited Financial Results

• Total revenues increased by 25.2% to RMB100.1 million (US$16.1 million) from RMB80.0 million in the prior year period.
• Diluted earnings per ADS⁷ in the second quarter of 2014 was RMB0.19 (US$0.03), as compared to RMB0.31 in the prior year period.
• Adjusted diluted earnings per ADS⁸ in the second quarter of 2014 increased to RMB0.58 (US$0.09) from RMB0.32 in the prior year period.

Mr. Yuqiang Deng, Sungy Mobile's Chief Executive Officer, stated, "We continue to make solid progress in advancing our key strategic initiatives in expanding our user base and product portfolio and positioning Sungy Mobile for long-term success. On the financial side, total revenues increased year-over-year by 25.2% to RMB100.1 million, driven by our popular GO series products. Strategically, as we shift our main focus to further improving our product functionality and user interface, we aim to enhance the overall user experience with more and better personalized features for our growing global user base, which will help drive our revenue growth in the future. In addition, by devoting more resources to marketing, we believe we can continue growing our brand awareness and user engagement in our key markets. These results were visible as we witnessed year-over-year MAU growth to 96 million users in the second quarter of 2014 and over 436 million accumulated downloads as of June 30, 2014. We are very confident in our ability to continue leveraging our massive user base and increasing monetization on our platform, delivering long-term value to our shareholders."

Mr. Deng commented, "Our GO series of products continued to perform well, helping to drive our top-line growth in the second quarter 2014. We continue to invest in our platform and have expanded our R&D team to help further localization of our flagship mobile products in China. Our newly established China R&D team is helping us make tremendous strides in the analysis of user behavior, on-going customization and localization. We believe such investments will enable us to increase our user adoption rate, improve user satisfaction and expand our content platform for the foreseeable future. We are very excited about the future growth prospects across the entire GO platform, and we will continue to strategically diversify our mobile application product portfolio going forward."

Business Outlook

For the third quarter of 2014, the Company expects its total revenues to be between RMB90 million and RMB95 million. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

The Company also announced today that Mr. Winston Li has tendered his resignation as the chief financial officer of the Company, effective on August 31, 2014, due to personal reasons.

Mr. Yuqiang Deng, Sungy Mobile's Chief Executive Officer, commented, "On behalf of the Company, We would like to thank him for his significant contributions to our company during our critical transition to a publicly listed company and wish him well in his future endeavors. Winston has helped to assemble a solid financial team that will report directly to me during this transition period. We are in the process of finding a highly qualified replacement for Winston and aim to announce the appointment of a new Chief Financial Officer in the near future."

GUANGZHOU, China, Aug. 12, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that the board of the Company has approved a share repurchase program whereby Sungy Mobile may purchase its own American depositary shares ("ADSs") with an aggregate value of up to US$20 million. The Company expects to fund the repurchase out of its existing cash balance, including cash generated from operations. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

First Quarter 2014 Financial Results

• Total revenues increased by 63.0% to RMB96.7 million (US$15.6 million) from RMB59.3 million in the prior year period.
• Diluted earnings per ADS⁶ in the first quarter of 2014 increased significantly to RMB0.40 (US$0.06) from a diluted loss per ADS of RMB0.34 in the prior year period.
• Adjusted diluted earnings per ADS⁷ in the first quarter of 2014 increased to RMB0.67 (US$0.11) from adjusted diluted loss per ADS of RMB0.33 in the prior year period.

Mr. Yuqiang Deng, Sungy Mobile's Chief Executive Officer, stated, "We are pleased to announce that we have made solid progress in executing on our 2014 operational strategies. Our total revenues, excluding the impact of GetJar acquisition, increased year-over-year by 56.8% to RMB93.0 million. This revenue growth was primarily driven by our renowned and highly popular mobile app products and services, which grew at 87.8% year-over-year. By enhancing our user experience and expanding our brand awareness globally, we have seen continued growth in our app's adoption by over 401 million accumulated number of users as of March 31, 2014 and 100 million MAUs in the first quarter of 2014. We continued to execute on our multi-pronged approach to expand our market footprint and product portfolios both organically and through acquisitions. Our acquisition of GetJar, our new joint venture in Korea and our cooperation agreement with Qihoo 360 are key elements in expanding our user reach and bringing better user experience and content selection to our audiences. Leveraging our established leadership, well recognized products and services, as well as these strategic initiatives, we are more confident in our monetization strategy in this increasingly app-centric mobile internet market and believe it will deliver long-term value for our shareholders."

Mr. Winston Li, Sungy Mobile's Chief Financial Officer, commented, "We continued our strong top and bottom line financial performance, with 63.0% year-over-year revenue growth and net income increasing to RMB14.2 million from RMB11.5 million in the prior year period. Going forward, we expect to further invest into the GetJar business and leverage its marketing technology and know-how to further improve our marketing capabilities across the entire Sungy Mobile platform. The successful implementation of these strategies will continue to drive our revenue and earnings growth over the coming quarters."

Business Outlook

For the second quarter of 2014, the Company expects its total revenues to be between RMB100 million and RMB106 million, representing a year-over-year growth of approximately 25.0% to 32.5%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

Fourth Quarter 2013 Financial Results

• Total revenues increased by 63.5% to RMB98.9 million (US$16.3 million) from RMB60.5 million in the prior year period.
• Adjusted diluted earnings (loss) per ADS was RMB1.19 or $0.20 vs last years comparison quarter of RMB0.13.

Mr. Yuqiang Deng, Sungy Mobile's Chief Executive Officer, stated, "We're very pleased to report solid results for our first quarter as a US-listed company with total revenues increasing by 63.5% year over year. Moreover, for the first time in our Company's history, revenues from mobile app products and services accounted for over 50% of our total revenues, representing a major and increasingly promising growth driver of our overall business. We believe these accomplishments highlight the richer functionality and improved user experience that our users find when using our mobile apps and services. In particular, our top-notch Android-based mobile app product, Go Launcher, serves as an entry point for users to access their phones and organize and manage their apps and overall interface, uniquely embedding our brand in the daily smartphone experience and deepening our impact on our growing user base. The quality of user experience has driven our ability to rapidly expand the app's adaption, as Go Launcher has over 268 million users globally as of December 31, 2013 and 46 million MAU for the fourth quarter of 2013. Looking ahead, we aim to continue broadening our user base and strengthening our Go platform through the introduction of new innovative products and services related to e-commerce and game publishing. With our expanding global product and distribution capabilities, we are well-positioned in the burgeoning mobile internet market which is increasingly international and app-centric."

Mr. Winston Li, Sungy Mobile's Chief Financial Officer, commented, "In addition to our strong top-line growth, we are very pleased to increase our profitability with gross margin and adjusted EBIT margin² improving to 75.1% and 35.3%, from 65.3% and 17.5%, respectively, in the same period of 2012. This strong performance demonstrates the cost advantages associated with our growing mobile app-centric business, which is inherently less burdened by hard content costs and marketing spending than mobile internet portal and mobile reading businesses. Following our successful IPO and acquisition of GetJar, we aim to build upon our strong financial performance in 2013 and deliver revenue growth and margin improvement in the coming quarters by extending the reach of our dynamic mobile apps and products through executing our international expansion plans and offering our growing user base an ever-improving mobile experience."

Business Outlook

For the first quarter of 2014, the Company expects its total revenues to be between RMB92 million and RMB95 million, representing a year-over-year growth of approximately 55.0% to 60.1%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

GUANGZHOU, China, Feb. 12, 2014 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that it had recently acquired GetJar, Inc. ("GetJar"), a privately held mobile ad network based in California for $5.3 million in cash. The Company may also issue up to an aggregate of 1,443,074 Class A ordinary shares to the seller of GetJar by early 2016 as earnout payments if certain performance targets are achieved. In addition, the Company will grant certain equity incentives to the management and key personnel of GetJar who will be employed by the Company. 

"We are pleased to expand our global footprint with our first international acquisition," stated Mr. Yuqiang Deng, Sungy Mobile's chief executive officer. "Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives, and accelerate our product development process. We are happy to bring GetJar underneath the Sungy Mobile umbrella, and look forward to working with the GetJar team to build out our service offerings together."

BEIJING, Nov. 22, 2013 (GLOBE NEWSWIRE) -- Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that it has priced its initial public offering of 7,000,000 American depositary shares ("ADSs"), with each ADS representing six Class A ordinary shares of the Company, at US$11.22 per ADS, with a total offering size of US$78.54 million, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs. The ADSs will begin trading on the NASDAQ Global Market on November 22, 2013 under the symbol "GOMO."

As part of the initial public offering, the Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1,050,000 ADSs at the initial public offering price to cover over-allotments, if any.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as the joint bookrunners, and China Renaissance Securities (Hong Kong) Limited and Oppenheimer & Co. Inc. acted as the co-managers for the initial public offering.

Sungy Mobile's registration statement relating to the initial public offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the initial public offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, United States, or by calling 1-800-221-1037; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, United States, or by calling +1-866-803-9204.