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2018 Annual Report

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Changyou.com (NASDAQ: CYOU) is a leading developer and operator of online games in China. They began operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003, before their carve-out as a separate, stand-alone company in December 2007 and subsequent listing on the NASDAQ Global Select Market in April 2009. They now operate one of the most popular MMOGs in China, two popular web games in China and have enjoyed strong growth in user data and revenues for their games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China.