China Ticketing is built on the premise that if you apply technology to something inefficient, you can make it better. In our case, we are applying technology to the ticketing industry, to create better services, features, and retail capabilities.

When we entered China in 2000, the market was absolutely inefficient. The majority of concerts at the time were managed by hand, which resulted in poor organization, poor accounting, and ultimately, financial loss. Not only did the manual processes hurt individual concerts, but it also bottlenecked industry growth and scale. Seizing on this opportunity, China Ticketing built China's first, home-grown ticketing system built specifically to local requirements and standards. In the short-time since then, we have grown into the country's leading ticketing system provider, hosting and enabling the ticketing operations for the country's leading ticketing bodies. By being an industry pioneer, and by hosting the operations for the largest portfolio of ticketing clients, we understand the nuances of client demand better, which continues to be a major competitive advantage.

In Q4 2007, we launched Mypiao.com, guided by the same premise that applying technology makes things better. There are over 80 competing ticketing brokers in the market. All brokers sell the same tickets, and provide the same services. It is a commoditized market plagued by the same manual intensiveness and inefficiences that plagued the operations market in 2000. The key difference between Mypiao.com and the competition is our ability to tap into our ticketing platform to deliver value-added services for the country's top venues. For example, only at Mypiao.com will consumers be able to check real-time seat availability, and choose the seats that they want, any time of day for a concert at the Shanghai Grand Stage.

China Ticketing continues to be driven by our vision of an automated and digital ticketing environment, and the management and distribution benefits derived from that.