BEIJING, Jan. 30, 2015 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah" or the "Company"), a leading mobile Internet company that provides mission critical applications to help make the Internet and mobile experience speedier, simpler, and safer for users worldwide, today announced that it has entered into a supplemental agreement with Shenzhen Tencent Computer Systems Company Limited ("Tencent Shenzhen"), a subsidiary of Tencent Holdings Limited ("Tencent").
Under the new supplemental agreement, Tencent, through their products or platforms, would provide various promotional services to Cheetah. In addition, the annual cap with respect to the fees payable by Cheetah to Tencent for the year ending December 31, 2015 will be RMB100 million. Aside from the aforementioned revision, all existing terms and conditions under the original Strategic Cooperation Agreement (as defined in the background information) remain unchanged.
Mr. Sheng Fu, Cheetah Mobile's Chief Executive Officer, stated, "We are thrilled to expand our collaboration with Tencent, one of the world's largest Internet and mobile Internet companies which possesses one of the largest user audiences and highest user frequency of any Internet company in China. By leveraging Tencent's tremendous user base and traffic from its various products and platforms, we are able to further grow Cheetah's market share, brand recognition and mobile user base in China, which is a key focus for the Company's global strategy going forward."
On December 27, 2013, Cheetah and Tencent Shenzhen initially entered into a Strategic Cooperation Agreement, which was further amended on July 31, 2014. Pursuant to the agreement, Cheetah would, through its PC and mobile products and platforms (including licensed products and platforms), provide various forms of promotional services to Tencent for various types of products. The annual caps with respect to the fees payable by Tencent to Cheetah for the years ending 2014 and 2015 were RMB100 million and RMB 105 million, respectively.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile internet company with approximately 340.7 million mobile monthly active users in September 2014. Its mission critical applications, including Clean Master, CM Security, Battery Doctor and Duba Anti-virus, help make the internet and mobile experience speedier, simpler, and safer for users worldwide. Cheetah Mobile is the second largest internet security software provider in China by monthly active users as of September 2014, according to iUserTracker of iResearch, and the publisher of Clean Master, the #1 mobile app in the Google Play Tools category worldwide by monthly downloads in September 2014, according to App Annie.
The Company also provides various platform products such as Duba.com, Cheetah browser, game centers, and mobile app stores to provide multiple user traffic entry points and global content distribution channels for its business partners.
Tencent uses technology to enrich the lives of Internet users. Every day, hundreds of millions of people communicate, share experiences, consume information, seek entertainment, and shop online through its integrated platforms. Its diversified services include QQ, Weixin and WeChat for communications; Qzone for social networking; QQ Game Platform for online games; QQ.com for information; as well as its eCommerce services. Tencent was founded in Shenzhen in 1998 and went public on the Main Board of the Hong Kong Stock Exchange in 2004. It seeks to evolve with the Internet by investing in innovation, providing a hospitable environment for its partners, and staying close to its users.
Safe Harbor Statements
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition from companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
SOURCE Cheetah Mobile Inc.