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    - 630 - -

    - - - -

    - (450) (1,900) (2,250)

    ()

    - - - -

    - - - -

    - - - -

    ()

    - - - -

    - - - -

    - 80 (30) (30)

    (72) - - -

    - - - -

    - - - -

    69 - - -

    -35-

  • 106410

    16,867,053 10.70% - - - -

    -

    -

    15,101,000 9.58% - - - - - - -

    0 0 - - - - - - -

    14,385,000 9.13% - - - - - - -

    0 0 - - - - - - -

    13,600,000 8.63% - - - - -

    17,387 0.01%2,000 0 - - - - -

    6,432,000 4.08% - - - - - - -

    3,626,100 2.30% - - - - - - -

    3,420,000 2.17% - - - - - - -

    2,135,411 1.36% - - - - -

    1,900,000 1.21% - - - - - - -

    0 0 - - - - - - -

    1,588,380 1.01% - - - - - - -

    -36-

  • 106 3 31

    1

    Gamania Holdings Ltd. 44,778 100.00% - - 44,778 100.00% 317 100.00% - - 317 100.00% 154 6.19% 619 24.75 773 30.94% 8,800 38.26% - - 8,800 38.26% 300 100.00% - - 300 100.00% 627 51.00% - - 627 51.00% 13,500 90.00% 602 4.01% 14,102 94.01% 2,000 33.33% - - 2,000 33.33% 4,750 100.00% - - 4,750 100.00% 3,000 19.35% - - 3,000 19.35% 1,000 100.00% - - 1,000 100.00% 5,600 71.57% - - 5,600 71.57% 4,590 51.00% - - 4,590 51.00% 1,600 72.73% - - 1,600 72.73% 1,875 37.50% - - 1,875 37.50% 7,400 42.85% - - 7,400 42.85% 15,600 100.00% - - 15,600 100.00% 922 100.00% 922 100.00% 3,850 96.25% - - 3,850 96.25% 24,000 40.00% 15,000 25.00% 39,000 65.00% 2,940 98.00% - - 2,940 98.00% 190 38.00% - - 190 38.00%

    1

    -37-

  • 106 4 27

    /

    84/06 10 500 5,000 500 5,000

    187/04 10 1,000 10,000 1,000 10,000 $5,000 288/10 10 17,000 170,000 5,000 50,000 $40,000 3

    89/05 10 60,000 600,000 28,057 280,570$200,000

    427,5003,070

    90/03 10 60,000 600,000 52,813 528,130 $247,560 5

    90/08 10 60,000 600,000 56,920 569,20036,970

    64,100

    91/07 10 110,000 1,100,000 88,027 880,270227,680

    7 $56,920 26,470

    91/11 10 110,000 1,100,000 108,027 1,080,270 $200,000 8

    92/07 10 250,000 2,500,000 158,799 1,587,997 410,50397,224

    9

    93/10 10 250,000 2,500,000 153,990 1,539,897 $48,100 1094/04 10 250,000 2,500,000 152,918 1,529,177 $10,720 1194/09 10 250,000 2,500,000 151,879 1,518,787 $10,390 1295/03 10 250,000 2,500,000 146,879 1,468,787 $50,000 13

    96/09 10 250,000 2,500,000 152,869 1,528,694 38,18821,719 14

    96/10 10 250,000 2,500,000 153,067 1,530,677 1,983 15

    97/10 10 250,000 2,500,000 158,782 1,587,827 7,06150,088

    16

    98/05 10 250,000 2,500,000 158,905 1,589,058 1,231 1798/11 10 250,000 2,500,000 160,495 1,604,950 15,892 1899/04 10 250,000 2,500,000 161,738 1,617,387 12,436 1999/05 10 250,000 2,500,000 165,637 1,656,376 38,988 2099/11 10 250,000 2,500,000 165,702 1,657,020 644 21100/04 10 250,000 2,500,000 166,320 1,663,206 6,186 22100/05 10 250,000 2,500,000 168,128 1,681,282 18,076 23100/06 10 250,000 2,500,000 156,288 1,562,882 $118,400 24100/09 10 250,000 2,500,000 156,401 1,564,011 1,128 25100/11 10 250,000 2,500,000 156,751 1,567,515 3,504 26101/04 10 250,000 2,500,000 156,754 1,567,543 28 27101/06 10 250,000 2,500,000 156,812 1,568,125 582 28101/11 10 250,000 2,500,000 156,868 1,568,684 559 29102/05 10 250,000 2,500,000 156,883 1,568,833 149 30102/06 10 250,000 2,500,000 157,097 1,570,975 2,142 31102/09 10 250,000 2,500,000 157,113 1,571,132 157 32102/12 10 250,000 2,500,000 157,311 1,573,117 1,985 33103/04 10 250,000 2,500,000 157,594 1,575,936 2,819 34

    184.06.12 287.04.03 388.10.27 489.04.14()() 589.09.11()() 690.07.03()() 791.06.17 891.09.03 992.05.21 10 09301198100 11 09401063160 12 09401193330 13 09501048910 14 09601222410 15 09601266570 16 09701264660 17 09801097160

    18 09801271060 19 09901072040 20 09901109060 21 09901260820 22 10001070290 23 10001096330 24 10001121560 25 10001218040 26 10001258190 27 10101062780 28 10101107630 29 10101237660 30 10201077710 31 10201104100 32 10201184280 33 10201255760 34 10301065780

    106 4 27

    157,593,615 92,406,385 250,000,000

    -38-

  • 106410

    1 1 47 30,469 54 30,572

    58 1,900,000 40,717,619 91,856,506 23,119,432 157,593,615

    () 0 1.21 25.84 58.28 14.67 100

    106410 () 1 999 14,791 657,240 0.42

    1,000 5,000 13,168 26,049,052 16.53 5,001 10,000 1,554 12,543,586 7.96 10,001 15,000 390 5,033,873 3.19 15,001 20,000 242 4,564,297 2.90 20,001 30,000 162 4,230,505 2.68 30,001 40,000 76 2,750,692 1.75 40,001 50,000 46 2,158,281 1.37 50,001 100,000 86 6,103,957 3.87 100,001 200,000 30 4,087,124 2.59 200,001 400,000 7 1,721,000 1.09 400,001 600,000 2 1,036,000 0.66 600,001 800,000 4 2,830,956 1.80 800,001 1,000,000 1 913,558 0.58

    1,000,001 13 82,913,494 52.61 30,572 157,593,615 100.00

    106410 () (%)

    16,867,053 10.70 15,101,000 9.58 14,385,000 9.13 13,600,000 8.63 6,432,000 4.08 3,626,100 2.30

    3,420,000 2.17

    2,135,411 1.36 1,900,000 1.21 1,588,380 1.01

    -39-

  • 104 105

    1063 31

    50.70 42.70 32.7

    32.85 26 28.5

    39.71 32.65 29.32

    16.56 13.12 13.47

    15.36 13.12 13.47

    () 157,594 156,070 157,618

    2.46 (2.45) 0.34

    1.20 - -

    - - -

    - - -

    - - -

    16.14 (13.33) 86.24

    33.09 - -

    3.02 - -

    1

    10% 15%

    2%

    1

    2

    3

    2 106 03 16

    3

    -40-

  • 1

    1 10% 15%

    2 2%

    2

    3

    4 O

    42,000,000 42,000,000 -

    7,200,000 7,200,000

    106 04 27

    105/09/07-105/11/04 105/11/14-106/01/04

    23-38 23-38

    6,249,000

    183,000

    180,983,963 5,241,816

    0 0

    6,249,000 6,432,000

    %3.97 4.08

    -41-

  • 104 7 15

    0%

    107/7/15

    (

    120 )

    0%

    -42-

  • 104 105

    106 4 27

    124.90 118.50 105.80 103.05 100.20 100.00 114.16 107.15 102.62

    - - -

    104 7 15 41.50

    1

    2

    3 105

    2,408,000

    2,408,000

    100% 100%

    2,408,000 2,408,000

    100% 100%

    -43-

  • 1

    1

    2

    3

    4

    5

    6

    7

    8

    9

    10

    11

    12

    13

    14

    2

    104 105

    9,488,862 98% 8,192,059 97%

    191,171 2% 216,975 3%

    9,680,033 100% 8,409,034 100%

    104~105

    3

    1

    Plan-S

    2

    3 GAMA PAY

    -44-

  • 4

    2015 3

    1

    2016 2015

    PricewaterhouseCoopersPwC 2015

    1.92 59.52

    2019 2.35 77.85

    2015

    9,514 11%

    2

    5 3

    1

    -45-

  • (2015)

    2016

    2

    (2015)

    2016

    3

    1 2000

    2005

    -46-

  • 2016 CSO

    2

    App Annie

    app iOS Google Play app

    2016

    GungHo

    Plan-S

    3

    4 2015

    GAMA PAY 2016

    5 App Annie

    app 2015

    2015

    6

    62016

    Cheers Top 100

    -47-

  • 1

    105 167,478

    1 Swapub

    2 Swapub

    3 Swapub App

    4 Push Services

    5

    6

    7 APP

    8

    106

    48,061

    1 APP

    2

    3 APP

    1

    2

    1 IP

    2017

    M

    2

    2015

    3 Gama

    Pay 2016

    -48-

  • 4

    2015 3

    6

    5

    700 180%

    1

    104 105

    7,365,500 76% 6,579,404 78%

    2,314,533 24% 1,829,630 22%

    9,680,033 100% 8,409,034 100%

    104~105

    2000

    2005

    2

    1 Newzoo 2016

    1,011 386

    2017 461

    2016

    -49-

  • 2016~2020

    Newzoo (2017)

    2017

    Newzoo (2017)

    2 eMarketer 2016

    1.9 2017 2.3 2020

    -50-

  • 4 2016 1

    2015~2020

    32016

    6,200 2017 7,800

    26% 2019 1

    -51-

  • 4 eMarketer 2017

    21.5 2020 25

    2017 11

    2016~2020

    3

    2005

    2014

    -52-

  • GAMA PAY

    -53-

  • 1

    104

    105

    106

    %

    %

    %

    1

    -

    -

    --

    P13

    723,124

    12.72

    P01

    201,842

    13.25

    2

    -

    -

    --

    -

    --

    -

    P13

    185,923

    12.20

    6,190,594

    100.00

    4,963,690

    87.28

    1,136,133

    74.55

    6,190,594

    100.00

    5,686,814

    100.00

    1,523,898

    100.00

    2

    104

    105

    106

    %

    %

    %

    1

    S15

    2,119,600

    21.69

    S15

    2,796,776

    33.80

    S15

    670,606

    29.87

    2

    S03

    1,932,935

    19.77

    -

    --

    -

    S03

    263,682

    11.74

    3

    S17

    1,286,039

    13.16

    -

    --

    -

    4,436,636

    45.38

    5,476,529

    66.20

    1,311,121

    58.39

    9,775,210

    100.00

    8,273,305

    100.00

    2,245,409

    100.00

    -54-

  • 104 103

    - - - - - -

    - - - - - -

    - - - - - -

    - - - - - -

    104 103

    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    -55-

  • 104 105 106 3 31

    164 165 153

    48 113 104

    721 606 617

    933 884 874

    35.10 33.81 33.75

    5.45 5.04 4.78

    3 1 1

    124 128 127

    510 493 502

    178 164 154

    118 98 90

    1

    2

    3

    4

    -56-

  • 105 204 221

    5516.65 1,567 1,957,443

    105

    ()

    - 28 45 3,939.5 900

    - 69 69 445.15 560

    - 107 107 1,132 107

    204 221 5,516.65 1,567

    1 89

    2 94 7 1

    6%

    1

    1

    2

    -57-

  • 3

    4 2

    5 8:00 4:00

    2

    1

    2

    3-

    4

    5

    624

    7

    -58-

  • Nexon Korea

    Corporation

    Nexon Korea

    Corporation

    Nexon Korea

    Corporation

    Nexon Korea

    Corporation

    Nexon Korea

    Corporation

    Nexon Korea

    Corporation

    NCsoft

    Corporation

    NEXON Korea

    Corporation

    NCsoft

    Corporation

    -59-

  • 1-

    ( 1 )

    106 3 31

    ( 1)101 102 103 104 105

    ( 2)

    2,764,211 3,437,918 3,639,935 4,141,129 3,424,774 3,665,588

    852,055 694,386 475,192 2,814,390 2,810,280 2,807,119

    361,298 309,884 305,326 265,843 282,592 262,559

    244,907 252,736 817,583 1,095,314 1,392,520 1,215,245

    4,222,471 4,694,924 5,238,036 8,316,676 7,910,166 7,950,511

    1,713,606 2,182,599 2,630,032 3,073,893 3,810,787 3,745,165

    1,713,606 2,261,396 2,740,348 3,263,005 3,810,787 3,745,165

    101,798 51,609 9,742 2,301,495 1,730,968 1,712,063

    1,815,404 2,234,208 2,639,774 5,375,388 5,541,755 5,457,228

    1,815,404 2,313,005 2,750,090 5,564,500 5,541,755 5,457,228

    2,235,874 2,315,540 2,407,218 2,610,207 2,068,344 2,123,536

    1,568,834 1,575,936 1,575,936 1,575,936 1,575,936 1,575,936

    859,547 747,176 667,534 695,448 697,656 725,949

    (162,609) 38,559 128,850 403,479 (191,319) (151,073)

    (162,609) 38,559 18,534 403,479 (191,319) (151,073)

    (29,898) (46,131) 34,898 (64,656) 171,535 (27,276)

    - - - - (185,464) -

    171,193 145,176 191,044 331,081 300,067 369,747

    2,407,067 2,460,716 2,598,262 2,941,288 2,368,411 2,493,283

    2,407,067 2,381,919 2,487,946 2,752,176 2,368,411 2,493,283

    1

    2 105 106 3 16

    -60-

  • 2-

    ( 1)

    101 102 103 104 105

    ( 2)

    982,616 1,358,565 894,888 687,704 550,550

    601,056 490,603 374,677 2,696,898 2,702,540

    173,918 191,253 135,425 68,005 129,577

    1,222,624 902,354 1,584,658 2,161,916 2,245,915

    2,980,214 2,942,775 2,989,648 5,614,523 5,628,582

    725,284 621,689 579,455 703,846 1,827,686

    725,284 700,486 689,771 892,958 1,827,686

    19,056 5,546 2,975 2,300,470 1,732,552

    744,340 627,235 582,430 3,004,316 3,560,238

    744,340 706,032 692,746 3,193,428 3,560,238

    1,568,834 1,575,936 1,575,936 1,575,936 1,575,936

    859,547 747,176 667,534 695,448 697,656

    (162,609) 38,559 128,850 403,479 (191,319)

    (162,609) 38,559 18,534 403,479 (191,319)

    (29,898) (46,131) 34,898 (64,656) 171,535

    - - - - (185,464)

    2,235,874 2,315,540 2,989,648 2,610,207 2,068,344

    2,235,874 2,236,743 2,879,332 2,421,095 2,068,344

    1

    2 105 106 3 16

    3 106

    -61-

  • 3-

    106 03 31

    101 102 103 104 105

    7,186,991 8,237,727 9,069,856 9,680,033 8,409,034 2,217,422

    2,588,332 1,981,472 1,590,399 1,388,848 1,288,422 405,117

    (153,203) 172,373 113,733 (84,100) (139,636) 35,157

    (85,112) (56,642) (15,300) 415,012 (336,489) 19,633

    (238,315) 115,731 98,433 330,912 (476,125) 54,790

    (317,830) 56,326 103,998 306,048 (485,089) 36,325

    - - - - - -

    (317,830) 56,326 103,998 306,048 (485,089) 36,325

    (76,313) (6,062) 84,175 (99,871) 216,883 (10,037)

    (394,143) 50,264 188,173 206,177 (268,206) 26,288

    (326,855) 73,921 93,265 387,888 (382,883) 53,329

    9,025 (17,595) 10,733 (81,840) (102,206) (17,004)

    (402,552) 67,522 177,437 285,391 (146,463) 40,744

    8,409 (17,258) 10,736 (79,214) (121,743) (14,456)

    (2.08) 0.47 0.59 2.46 (2.45) 0.34

    -62-

  • 4-

    1

    101 102 103 104 105

    3,341,599 2,824,321 2,396,402 2,038,797 1,909,836

    1,694,335 1,373,217 1,010,196 891,633 850,927

    293,198 405,718 176,977 106,716 162,398

    (633,582) (306,393) (113,596) 291,104 (557,266)

    (340,384) 99,325 63,381 397,820 (394,868)

    (326,855) 73,921 93,265 387,888 (382,883)

    - - - - -

    (326,855) 73,921 93,265 387,888 (382,883)

    (75,697) (6,399) 84,172 (102,497) 236,420

    (402,552) 67,522 177,437 285,391 (146,463)

    (2.08) 0.47 0.59 2.46 (2.45)

    1

    2 106

    101

    102

    103

    104

    105

    -63-

  • -

    106 3 31 101 102 103 104 105

    42.99 47.59 50.40 64.63 70.06 68.64

    294.45 361.81 548.83 186.28 145.87 149.81

    161.31 157.51 138.40 134.72 89.87 97.88

    152.73 150.29 131.60 123.11 84.34 92.35

    (3,602.84) 3,834.46 6,337.83 968.28 (836.24) 550.35

    6.23 5.98 5.28 4.98 4.67 1.51

    58.58 61.03 69.12 73.29 78.15 241.72

    26.72 88.46 117.17 93.81 93.83 52.23

    5.72 6.14 5.46 5.6 5.30 1.57

    13.66 4.12 3.11 3.89 3.89 6.98

    8.46 10.65 15.50 5.88 2.99 0.78

    1.51 1.85 1.83 1.43 1.04 0.28

    (6.58) 1.32 2.12 4.98 (5.46) 0.59

    (11.87) 2.31 4.11 11.05 (18.27) 1.49

    (%) (15.19) 7.36 6.25 21.00 (30.21) 3.48

    (4.42) 0.68 1.15 3.16 (5.77) 1.64

    (2.08) 0.47 0.59 2.46 (2.45) 0.34

    (0.03) 30.24 23.00 (8.28) 12.63 3.18

    (0.06) 58.56 62.41 20.56 30.30 20.28

    (4.81) 24.35 18.39 (6.81) 7.52 2.84

    1.00 1.00 1.00 1.00 1.00 1.00

    0.96 1.02 1.01 0.69 0.73 1.53

    20

    1.

    2.

    3.

    4.

    5.

    6.

    7.

    8.

    9.

    10.

    11.

    12.

    13.

    14.

    -64-

  • ()-

    1

    101 102 103 104 105

    24.98 21.31 19.48 53.51 63.25

    375.16 473.11 643.27 182.09 140.64

    135.48 218.53 154.44 97.71 30.12

    130.12 213.41 150.17 95.23 29.11

    (128,833.33) 106,901.08 74,665.88 1,398.28 (837.71)

    4.90 4.90 4.42 3.74 3.98

    74.48 74.48 82.57 97.59 91.70

    98.39 313.68 1,443.96 762.23 515.66

    12.63 14.59 16.54 12.77 11.99

    3.70 1.16 0.25 0.47 0.70

    5.84 5.17 5.53 1.32 0.70

    0.99 0.95 0.81 0.47 0.34

    (9.67) 2.50 3.15 9.61 (6.19)

    (13.08) 3.25 3.95 15.46 (16.37)

    (%) (21.70) 6.31 4.02 25.24 (25.06)

    (9.78) 2.62 3.89 19.03 (20.05)

    (2.08) 0.47 0.59 2.46 (2.45)

    107.68 117.89 70.44 36.01 25.44

    71.45 102.69 71.87 37.10 39.76

    28.70 31.59 13.54 3.12 7.96

    1.00 1.00 1.00 1.00 1.00

    1.00 1.00 1.00 1.40 1.35 20 1.

    2.

    3.

    4.

    5.

    6.

    7.

    8.

    9.

    10.

    11.

    12.

    13.

    14.

    15.

    1

    2 106

    -65-

  • 1.(1)(2) 2.(1)(2)(3)3.(1)()

    ()(2)365(3)(4)()

    ()(5)365(6)(7)4.(1) (2)(3)(4)5.(1)(2)(

    )(3)()()

    6.(1)() (2) ()

    -66-

  • O

    -67-

  • 0

    -68-

  • -69-

  • -70-

  • 1.

    2.

    3.

    -71-

  • 1.

    2.3.

    4.

    5.

    -72-

  • 1.

    2.

    3.4.

    -73-

  • 5.

    6.

    -74-

  • -75-

  • -76-

  • -77-

  • -78-

  • -79-

  • -80-

  • -81-

  • -82-

  • -83-

  • -84-

  • -85-

  • -86-

  • -87-

  • -88-

  • -89-

  • -90-

  • -91-

  • -92-

  • -93-

  • -94-

  • -95-

  • -96-

  • -97-

  • -98-

  • -99-

  • -100-

  • -101-

  • -102-

  • -103-

  • -104-

  • -105-

  • -106-

  • -107-

  • -108-

  • -109-

  • -110-

  • -111-

  • -112-

  • -113-

  • -114-

  • -115-

  • -116-

  • -117-

  • -118-

  • -119-

  • -120-

  • -121-

  • -122-

  • -123-

  • -124-

  • -125-

  • -126-

  • -127-

  • -128-

  • -129-

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  • 0

    -159-

  • -160-

  • 1.

    2.

    3.

    -161-

  • 1.

    2.3.

    4.

    5.

    -162-

  • 1.

    2.

    3.4.

    5.

    6.

    -163-

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  • -

    105 104

    1 %

    3,424,774 4,141,129 (716,355) (17.30) 2

    2,810,280 2,814,390 (4,110) (0.15)

    282,592 265,843 16,749 6.30 3

    1,392,520 1,095,314 297,206 27.13 4

    7,910,166 8,316,676 (406,510) (4.89)

    3,810,787 3,073,893 736,894 23.97 5

    1,730,968 2,301,495 (570,527) (24.79) 6

    5,541,755 5,375,388 166,367 3.09

    1,575,936 1,575,936 0 -

    697,656 695,448 2,208 0.32

    (191,319) 403,479 (594,798) (147.42) 7

    (13,929) (64,656) 50,727 (78.46) 8

    300,067 331,081 (31,014) (9.37) 9

    2,368,411 2,941,288 (572,877) (19.48)

    1 20% 2 3 4 5

    6 7 8 9

    -241-

  • 105 104 ()

    8,409,034 9,680,033 (1,270,999) 13.13

    (7,120,612) (8,291,185) 1,170,573 (14.12)

    1,288,422 1,388,848 (100,426) (7.23)

    (1,428,058) (1,472,948) 44,890 (3.05)

    (139,636) (84,100) (55,536) 66.04

    (336,489) 415,012 (751,501) (181.08)

    ( ) (476,125) 330,912 (807,037) (243.88)

    ( ) (8,964) (24,864) 15,900 (63.95)

    (485,089) 306,048 (791,137) (258.50)

    216,883 (99,871) 316,754 (317.16)

    () (268,206) 206,177 (474,383) (230.09)

    (382,883) 387,888 (770,771) (198.71)

    (102,206) (81,840) (20,366) 24.89

    (146,463) 285,391 (431,854) (151.32)

    (121,743) (79,214) (42,529) 53.69

    1 20 20 1. 2. 3. 4.

    2 3

    1.()

    2.

    -242-

  • $1,458,557 $481,393 ($467,817) $1,472,133 - -

    1.

    1

    2

    3

    2.

    (1)

    (2) 89.87%

    105 12 31 104 12 31 ()(%)

    (%) 12.63 (8.28) (252.58)

    (%) 30.30 20.56 47.35

    (%) 7.52 (6.81) (210.34)

    a. b. c.

    3.

    ()

    $1,472,133 $210,000 ($180,000) $1,502,133 - -

    (1)

    a.

    b.

    (2):

    -243-

  • ( 1)

    2

    USD 35,300

    Gamania Digital Entertainment (H.K.) Co., Ltd.

    HKD 35,500

    NTD 220,000

    NTD 297,000

    Gamania Digital Entertainment (U.S.) Co., Ltd.

    USD 8,630

    Gamania Digital Entertainment(Europe) B.V.

    EUR 4,500

    Joymobee Entertainment Company Limited

    USD 3,950

    NTD 6,269

    NTD 169,000

    GASH POINT (HONG KONG) COMPANY LIMITED

    HKD 750

    Gash POINT Korea Co., Ltd.

    NTD 11,662

    Gash POINT (Japan) Co., Ltd.

    JPY 140,000

    NTD 47,500

    NTD 20,000

    NTD 10,033

    NTD 10,000

    NTD 45,900

    NTD 390,000

    NTD 16,250

    USD 4,252

    NTD 83,500

    NTD 19,040

    NTD 18,500

    1 2 105.12.31

    -244-

  • 1

    2

    3

    1

    2

    106 1.6

    -245-

  • Beyond

    Games, Into Life!

    -246-

  • 91

    $23,481 100 1

    $21,083 100 10

    102 10

    $1,199 103 4

    103 6

    104 3

    -247-

  • 1

    -248-

  • 2

    106 3 31

    Gamania Holdings Ltd.

    Gamania International

    Holdings Ltd.

    Gamania China Holdings

    Ltd.

    Gamania Digital

    EntertainmentHK

    Co., Ltd.

    Gamania Sino Holdings

    Ltd.

    Gamania Western

    Holdings Ltd.

    Gamania Digital

    EntertainmentU.S.

    Co., Ltd.

    Gamania Digital

    Entertainment(Europe

    ) B.V.

    Gamania Netherlands

    Holdings Cooperatief

    U.A

    ash Point (HK)

    Company Limited

    2001.04.13

    2001.04.13

    2001.04.13

    2000.06.28

    2001.09.18

    2002.07.02

    2004.06.07

    2007.01.24

    2009.02.25

    2009.07.21

    2009.09.02

    2010.07.27

    2010.08.06

    2010.12.09

    2010.08.04

    2011.02.11

    2010.12.09

    4th Floor, Harbour Place, 103

    South Church Street, George

    Town, PO Box 10240, Grand

    Cayman KY1-1002, Cayman

    Islands.

    4th Floor, Harbour Place, 103

    South Church Street, George

    Town, PO Box 10240, Grand

    Cayman KY1-1002, Cayman

    Islands.

    P.O. Box 30592SMB, Cayside, 2nd

    Floor, Harbour Drive, Grand

    Cayman, Cayman Islands, BWI.

    Unit 302B, 3/F, Tower 1, Harbour

    Centre, 1 Hok Cheung Street,

    Hung Hom, Kowloon

    1 4

    9

    A 612

    111

    111

    111

    P.O. BOX 31119 Grand Pavilion,

    Hibiscus Way, 802 West Bay

    Road, Grand Cayman, KY1-1205

    Cayman Islands

    9790 IRVINE CENTER DR. #100

    IRVINE, CA. 92618

    Overschiestraat 186-B, 1062XK

    Amsterdam.

    Overschiestraat 186-B, 1062XK

    Amsterdam.

    111

    UNIT 509 5/F CONIC INVESTMENT

    BLDG 13 HOK YUEN ST HUNGHOM KL

    111

    Unit 302B, 3/F, Tower 1, Harbour

    Centre, 1 Hok Cheung Street,

    44,778

    75,781

    42,171

    35,500

    39,520

    35,300

    156,000

    3,165

    3,000

    8,670

    8,630

    4,500

    4,500

    12,292

    30,702

    150,000

    750

    -249-

  • Gash Point Korea Co.,

    Ltd.

    Gash Point (Japan) Co.,

    Ltd.

    Coco Digital Technology

    (HK) Co., Ltd.

    Madsugr Digital

    Technology (HK) Co.,

    Ltd.

    ()

    Cyber Look Properties

    Limited

    Achieve Made

    International (BVI)

    Jollywiz International

    (HK) Co., Limited

    2001.11.16

    2013.09.10

    2012.05.10

    2013.05.20

    2013.04.24

    2013.11.29

    2013.12.17

    2014.12.24

    2014.12.31

    2015.03.11

    2014.11.06

    2014.11.18

    2014.09.15

    2010.03.24

    2008.12.05

    2008.02.01

    2006.11.30

    2006.09.01

    2015.06.19

    2015.07.09

    2016.03.25

    Hung Hom, Kowloon

    SEOUL, KANG-NAM GU , BONGUNSARO

    84 GIL 8, 503

    3F Sumitomo-Ooimachi Bldg

    (South) ,1-20-10 ,

    Ooi,Shinagawa-ku,Tokyo,

    140-0014 Japan

    111

    111

    111

    Unit 302B, 3/F, Tower 1, Harbour

    Centre, 1 Hok Cheung Street,

    Hung Hom, Kowloon

    111

    111

    111

    Unit 302B, 3/F, Tower 1, Harbour

    Centre, 1 Hok Cheung Street,

    Hung Hom, Kowloon

    111

    111

    111

    500 19

    01.02.06

    325 3212.3213

    ,,,

    ,,

    116

    258 35 9

    P.O. Box 957, Offshore

    Incorporations Centre, Road

    Town, Tortola, British Virgin

    Islands.

    Unit 302B, 3/F, Tower 1, Harbour

    Centre, 1 Hok Cheung Street,

    Hung Hom, Kowloon

    1

    3 302B

    111

    691,340

    120,000

    47,500

    30,000

    9,217

    6,400

    10,000

    78,250

    90,000

    3,301

    600,000

    31,250

    22,000

    5,000

    3,950

    4,900

    460,000

    140

    2,600

    1,000

    40,000

    IP

    -250-

  • 3

    4

    106 3 31

    Gamania Holdings Ltd.

    Gamania International Holdings Ltd.

    Gamania China Holdings Ltd.

    Gamania Digital Entertainment Hong KongCo., Ltd

    Gamania Sino Holdings Ltd.

    GH ()

    GIH ()

    -

    -

    -

    - - - -

    -

    - - - -

    15,600

    15,600

    15,600

    15,600

    317

    317

    317

    317

    300

    300

    300

    -

    -

    -

    - - - -

    -

    - - - -

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    100.00%

    -251-

  • Gamania Western Holdings Ltd.

    Gamania Digital EntertainmentU.S.Co., Ltd.

    Gamania Netherlands Holdings Cooperatief U.A.

    Gamania Digital Entertainment(Europe) B.V.

    Gash Point (Japan) Co., Ltd.

    Gash Point (Hong Kong) Company Limited

    Gash Point Korea Co., Ltd.

    GIH ()

    300

    8,670

    - - -

    - -

    - -

    13,500

    13,500

    13,500

    1

    - - - - - -

    - - -

    - - -

    627

    627

    602

    602

    -

    100.00%

    100.00%

    - - -

    - -

    - -

    90.00%

    90.00%

    90.00%

    0.09%

    - - - - - -

    - - -

    - - -

    51.00%

    51.00%

    49.00%

    49.00%

    -

    -252-

  • Joymobee Entertainment Company Limited

    Coco Digital Technology (HK) Co., Ltd.

    - - -

    4,750

    4,750

    4,750

    4,750

    2,940

    2,940

    60 -

    922

    922

    922

    922

    -

    1,000

    1,000

    1,000

    1,000

    5,600

    5,600

    5,600

    5,600

    - - -

    100%

    100%

    100%

    100%

    98%

    98%

    2% -

    100%

    100%

    100%

    100%

    -

    100%

    100%

    100%

    100%

    71.57%

    71.57%

    71.57%

    71.57%

    -253-

  • Madsugr Digital Technology (HK) Co., Ltd.

    1,575 -

    4,590

    4,590

    4,410

    - -

    -

    24,000

    24,000

    24,000

    24,000

    15,000

    5,000

    5,000

    5,000

    5,000

    -

    1,625

    1,625

    1,625

    1,625

    500

    500

    500

    -

    20.13% -

    51%

    51%

    49%

    - -

    -

    40%

    40%

    40%

    40%

    25%

    8.33%

    8.33%

    8.33%

    8.33%

    -

    52%

    52%

    52%

    52%

    16%

    16%

    16%

    -

    -254-

  • ()

    Cyber Look Properties Limited

    Achieve Made International (BVI)

    Jollywiz International (HK) Co., Limited

    ACHIEVE MADE INTERNATIONAL LIMITED ACHIEVE MADE INTERNATIONAL LIMITED ACHIEVE MADE INTERNATIONAL LIMITED ACHIEVE MADE INTERNATIONAL LIMITED ACHIEVE MADE INTERNATIONAL LIMITED ACHIEVE MADE INTERNATIONAL LIMITED

    1,600

    1,600

    600 -

    -

    -

    -

    46,000

    46,000

    46,000

    46,000

    46,000

    46,000

    - - - - - -

    -

    -

    3,850

    3,850

    100 -

    72.73%

    72.73%

    27.27% -

    -

    -

    -

    100%

    100%

    100%

    100%

    100%

    100%

    - - - - - -

    -

    -

    96.25%

    96.25%

    2.5% -

    GIH Gamania International Holdings Ltd.

    -255-

  • 5

    6

    GAMA PAY

    -256-

  • 7

    105 12 31

    () ()()

    Gamania Digital Entertainment (H.K.) Co. 147,609 177,952 29,428 148,523 100,704 (42,078) (36,012) (1.01)

    Gash Point Korea Co., Ltd. 18,666 8,262 954 7,308 9,293 476 461 3.33

    Gamania Holdings Ltd. 1,344,438 518,891 0 518,891 0 (293) (117,363) (2.74)

    Gamania International Holdings Ltd. 2,345,865 520,623 2,994 517,629 0 (8,893) (116,825) (1.58)

    Gamania China Holdings Ltd. 1,360,015 171,949 0 171,949 0 (287) (38,572) (0.91)

    1,138,425 13,959 5,593 8,366 0 (2,869) (1,897) -

    Gamania Sino Holdings Ltd. 1,274,520 11,917 0 11,917 0 (380) (2,268) (0.06)

    156,000 202,350 83 202,267 26,698 26,492 35,707 2.29

    3,165 580 617 (37) 0 (154) (148) (0.47)

    3,000 2,236 20 2,216 0 (107) (106) (0.35)

    Gamania Western Holdings Ltd. 279,608 65,788 278 65,510 0 (178) (1,395) (0.16)

    Gamania Digital Entertainment (U.S.) Co., Ltd. 278,318 66,095 438 65,657 0 (5,664) (1,218) (845.83)

    Gamania Digital Entertainment (EU) B.V. 152,500 38,712 6,881 31,831 5,396 197 37 0.07

    Gamania Netherlands Holdings Cooperatief U.A. 152,500 31,831 0 31,831 0 0 37 -

    127,659 19,626 9,608 10,018 35,851 2,116 1,952 0.06

    12,292 11,843 27 11,816 0 (472) (1,020) (0.83)

    150,000 1,869,362 1,615,168 254,194 5,810,008 55,550 36,842 2.46

    Gash Point (HK) Company Limited 3,119 519,615 429,137 90,478 1,577,681 16,263 21,470 28.63

    47,500 376 30 346 0 (81) (88) (0.02)

    9,217 11,582 525 11,057 6,312 (1,753) 4,586 4.98

    20,600 4,911 6,325 (1,414) 0 (22,049) (22,013) (10.69)

    Gash Point (Japan) Co., Ltd. 33,072 60,972 34,244 26,728 27,518 (2,251) (2,462) (4,103.33)

    Coco Digital Technology (HK) Co., Ltd. 26,611 4,857 649 4,208 143 (120) 5,747 28.74

    10,000 61,144 29,731 31,413 122,545 23,989 19,756 19.76

    22,000 6,334 4,841 1,493 852 (11,037) (11,032) (5.01)

    600,000 519,729 56,456 463,273 250 (104,238) (99,809) (1.66)

    31,250 90,005 58,401 31,604 228,180 144 114 0.04

    90,000 57,929 39,191 18,738 2,477 (14,720) (25,576) (2.84)

    78,250 31,272 46,337 (15,065) 20,575 (107,460) (75,683) (9.67)

    Achieve Made International Ltd. 3,773 135,539 44 135,495 0 (235) (29,848) (2.56)

    460,000 210,563 81,784 128,779 384,482 (5,742) (29,635) (0.64)

    Cyber Look Properties Limited 158,025 73,069 0 73,069 0 (58) (1,607) (0.33)

    () 127,388 76,749 1,976 74,773 21,927 (15,140) (14,335) (3.63)

    77,122 140,733 121,142 19,591 284,124 18,601 12,786 0.77

    Jollywiz International (HK) Co., Limited 10,811 3,934 18,261 (14,327) 223 (23,020) (22,183) (8.53)

    Madsugr Digital Technology (HK) Co., Ltd. 13,726 5,361 1,288 4,073 1,193 (6,832) (9,200) (2.79)

    32,250 36,715 42,603 (5,888) 83,735 (30,900) (30,966) (30.97)

    40,000 3,221 7,329 (4,108) 0 (24,116) (24,108) (6.03)

    -257-

  • 68~158

    -258-

  • 106 1 ( 1)

    ( 1)

    1 2

    (a)

    (b)

    3

    4

    43 6 91 6 13 (91) 0910003455

    1

    2 25,000

    3 (a)(b)

    ( 1)

    ( 1) ( 1) ( 1) ( 1) ( 1)

    () ( 1) ()

    ( 1)

    ( 1)

    ( 1)

    ( 1)

    1 106 3 16 106 4 27 106 6 8

    -259-

  • -260-

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