This excerpt taken from the NTES 6-K filed Aug 3, 2007.
20. Subsequent Event
Further to a memorandum of understanding signed on April 6, 2006, the Company has been discussing with the local city government in Hangzhou, China for the purchase of the right to use approximately 56,000 square meters of land in Hangzhou. The terms of the purchase, including the purchase price at approximately RMB27.0 million (US$3.5 million), are being discussed and the parties are expected to reach a definitive agreement in the near future. If the purchase is completed, the Company intends to construct several buildings on the land for its game development division purposes in the following two to three years.
Financial Statements Schedule I
Condensed Financial Information of Netease.com, Inc.
This excerpt taken from the NTES 20-F filed Jun 29, 2006.
20. Subsequent Event
The Company changed its American depositary receipt (ADR) ratio effective March 27, 2006. Under the arrangement, the ratio changed from one ADR for every 100 ordinary shares to one ADR for every 25 ordinary shares. From the perspective of the ADR holder, the ratio change had the same effect as a four-for-one share split, and the Companys ADR holders at the close of business on March 24, 2006 received three additional ADRs for every ADR held. There has been no change to the Companys underlying ordinary shares. In addition, existing ADRs continue to be valid and do not have to be exchanged for new ADRs.
On April 6, 2006, NetEase Interactive signed a memorandum of understanding with the Hangzhou State High Technology Enterprise Development Zone Administrative Commission in respect of setting up a research and development centre with registered capital of approximately US$38 million.
On May 18, 2006, the Companys board of directors approved a share repurchase program which was in effect for approximately one month. Under the terms of approved program, the Company could repurchase up to US$50 million worth of its issued and outstanding ADRs in open-market transactions on the Nasdaq National Market. The Company plans to fund repurchases made under this program from its available working capital.
This excerpt taken from the NTES 20-F filed Jan 24, 2005.
21. Subsequent event
The Group entered into a series of agreements with Ling Yi in May 2004. Under these agreements, the Group provides technology services to Ling Yi for the operation of portion of the NetEase Web sites. These services include:
Under these agreements, substantially all of the income received by Ling Yi is paid to NetEase Beijing. In addition, NetEase Beijing has agreed to bear the operating costs of Ling Yi. Under the agreements with Ling Yi, the Group receives payments from Ling Yi for the technologies and services it provides. The effect of the accounting is that revenues that the Group records related to transactions with Ling Yi will not exceed the revenues that Ling Yi derives from unrelated parties. Based on these contractual arrangements, the Company has the right to enjoy all residual benefits and effectively bear the risk of operating losses of Ling Yi. As a result, the Company has determined that it is the primary beneficiary, as defined in FIN46, of Ling Yi and, accordingly, will consolidate the financial statements of Ling Yi from the date of the agreements.