Sky-mobi Limited (NASDAQ:MOBI) is a Chinese company that runs the largest mobile application store in China in terms of revenue. According to Analysys International, Sky-mobi holds 50% of the total revenue in the market for mobile applications. The company's store, Maopoa, sells mobile applications used for games, music, books, and assorted productivity tools. Sky-mobi also works with mobile phone manufacturers to pre-install Maopao prior to shipment. Sky-mobi also develops its own social game applications which it sells through its store.
The Chinese mobile market is the largest in the world. Due to the rise of China's middle class, the continued growth in disposable income of the average Chinese person has dramatically increased the demand for more expensive items. Since 2005, the mobile subscription market in China has increased by a compounded annual growth rate of 17.4%. Currently, smart phones in China only market up 15.8% of the total mobile market. This fitgure is expected to rise dramatically to 36.9% by 2013 according the the Analysys Report. 
The company's initial public offering of stock on the NASDAQ occurred on December 9, 2010. The company offered 7.25M ADSs each for $8 each. This was at the low end of the initial price range of $8-$10. The offering raised $58M. The lead underwriter of the deal was Citi.
Sky-mobi's total revenues for 2010 were $81.3M. This was corresponds to a 163% increase over its 2009 figure. Between 2007 and 2008, the company's total revenues increased by approximately 989%. Despite this dramatic increase, Sky-mobi reported a net loss of $34M in 2010. The net loss in 2009 was approximately twice as large.