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Here’s the entire text of the Q&A from Linktone’s (ticker: LTON) Q3 2005 conference call. The prepared remarks are here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Question-and-Answer Session

Operator

Operator Instructions Question by Safa Rashtchy, Piper Jaffray.

Q - Safa Rashtchy

Congratulations on a great quarter. A couple of quick questions. Could you give us some color on how you expect the 2.5G revenues to trend in the coming quarters? You know that it was sequentially down for the reasons you went through. Could you tell us what dynamics you expect to be present in the 2.5G products, both from your side in terms of products, as well as from the industry side? And I have a quick followup.

A - Raymond Yang

Okay. I'll give you a quickly brief on my view on this one. First of all, since Linktone is coming out of the ooze, in a way, so we're relatively small, however we have very good momentum to grow our 2.5G, more especially on WAP business, so we see that Linktone will definitely grow our WAP revenue for the coming quarters, even though, as you understand that, WAP business needs some kind of a, I would say a cumulative effort here. But we are positive on that trend. Overall industry, my view is that overall industry for the WAP growth is kind of slowing down, but due to Linktone's we're growing from a relatively small revenue base and also the overall, I would say operators' algorithm for counting the ranking is more factored into the incremental growth versus the overall revenue, so I think we are going to continue to move our ranking up to a higher level. This is for the WAP. Sorry, just one more time about the overall industry. It's still slowly growing but not seeing too much excitement. Regarding MMS, basically Linktone, ourselves, we have had, I would say, negative residual impact due to the MMS-mixed platform. If you look at the trend, pretty much everybody has got some kind of a hit for that reason, so we are one of them. But in general, we see the trend has hit bottom, starting still flat a little bit and then coming back. So that pretty much reflects the whole industry trend, as well. Java as another product line for the 2.5G started picking up mainly due to China Mobile has enhanced its Java platform. Also the so-called ranking system, so that gives some reasons or create some excitement for lots of companies in that space to come up, including some new names you probably never heard about that. They have been doing that pretty aggressively in the past months. We hold positive view for the Java games in the long term, but we believe that's going to be some kind of, like what you have seen in, for other product lines in the past, it's some kind of up and down, meaning people may see the momentum come for a while and then come down due to regulation reasons and burst the bubbles and then come back. So that's, I'm more talking about a little bit long term for that product line.

A - Colin Sung

To complement what Raymond's saying, we believe in our estimation, we believe WAP will contribute materially in Q4 for Linktone's top-line revenue.

Q - Safa Rashtchy

Okay, great. Thank you. That's helpful. And a quick followup, you've had a number of initiatives over the past year, certainly over the past 2 or 3 quarters, including the “Super Girl” and other music and games products. Could you give us either a quantitative or at least a qualitative picture of how much these initiatives have contributed to your revenue growth?

A - Raymond Yang

I would say that the contribution from the products is quite material and, on the other hand, we view that as quite long-term, it will bring a long-term contribution, certainly giving, certain program-oriented event. In terms of, we have the “Super Girl” we have more contribution, otherwise, is the normal, but overall it's positive, it's very much a positive contribution.

Operator

Question by Wallace Cheung, Credit Suisse First Boston.

Q - Wallace Chung

Good quarter, Raymond and Colin. And just quickly, a followup with Safa's question about “Super Girl” I think the Street is actually very interested in how much of a contribution for the top line and also even like on the cost side that “Super Girl” has contributed to third quarter. That will give us a better idea how we should work on the fourth quarter figures because I think it's more like a very important one-off major event to your company. And two more questions is, secondly is on the account receivables side, can you give us a little more highlight? You mentioned that related to some operators not paying the cash back to you so quickly, can you please tell us which operators are you identifying about? And finally, on the net cash side, why is the net cash actually down? Is it because of the acquisitions? Thank you.

A - Raymond Yang

Okay. First of all, on the “Super Girl” question, as we said earlier, the cooperation with the Hunan Satellite Television is an ongoing cooperation. “Super Girl” is just one of the programs we are cooperating with for the wireless side and we may continue, and still continuing, but the other entertaining television programs. As far as the top-line revenue regarding that particular program, we, Linktone, do not give any specific revenues to each particular cooperation with content and production partners. The second question regarding accounts receivable, as you know, during October the first week is Chinese national holiday. That lasts between 5 to 7 days, depends on each province. So that slows down our collection effort for the Q3. And you mentioned cash. I don't know, did you mention the cash equivalent or are you talking about in total? Because we do switch, we do decide to invest in short-term investments which we switch roughly about $50 million from the cash to the short-term investments.

Q - Wallace Chung

Yes, correct me if I'm wrong. Actually, I add both the cash and the short-term investments together and comparing with the second figures. It's actually down $77 million in second quarter to $75.4 million third quarter.

A - Raymond Yang

Okay. So you're talking in total. The cash reflects certain payments we pay out as a part of investment to the content relationship and the partnership with certain providers. And then also, regarding any particular provincial carrier we have, which carrier, as you know, we have the breakdown provided based on each carrier, so in relation to the collection it is more or less proportional to the same business mix.

Q - Wallace Chung

Okay. Just one quick followup. When you mentioned about content payments, is it related to music content?

A - Raymond Yang

I'm sorry, is it related to what?

A - Colin Sung

To music content.

A - Raymond Yang

Yes. The music content is part of our relationship.

A - Colin Sung

No, no. In terms of the cash, less cash.

A - Raymond Yang

It is the same thing. Music is always an integral part of our business relationship.

Operator

Question by Jim Sun, Evolution Securities.

Q - Jim Sun

First question about “Super Girl” and if I know “Super Girl” program finished in late August and your SMS charged a monthly fee about 50 RNB for the subscribers. And I'm very interested to know what percentage of subscriber canceled service in September, October and November?

A - Raymond Yang

So what's what?

A - Colin Sung

Cancellation.

Q - Jim Sun

Cancellation, yes.

A - Raymond Yang

In general, it's quite low.

Q - Jim Sun

Okay. So that will not, do you expect that your SMS revenue in Q4 will be flat or decline a little bit gross?

A - Raymond Yang

We do not give any top-line guidance for revenue for Q4.

Q - Jim Sun

Okay. Second question about WAP. You expect WAP will be a major growth driver for Q4. Where does the revenue come from, Unicom or China Mobile?

A - Colin Sung

We have some contribution, as we have, in China Unicom already in Q3 and we're estimating there will be some material contribution from the China Mobile side, as well.

Q - Jim Sun

Okay. So most of the contributions were from the China Mobile WAP--

A - Colin Sung

Yes.

Q - Jim Sun

--which I think started from October?

A - Colin Sung

Yes, that's correct.

Q - Jim Sun

Yes, thank you. My third question about ring-back call. And the whole ring-back market declined in Q3 and most other ring-back service provider revenue declined based on estimates about 10% to 30%. Do you expect that ring-back tone market is almost saturated? Because based on our estimate, it's about 30% of mobile subscribers use ring-back tones and what's your expectation for the ring-back tone market growth in 2006?

A - Raymond Yang

Yes, we still believe there is room for ring-back tone growth. So we hold quite a positive view, even though the percentage you refer may be from Korea or this country, but in China we think there is still quite some room to grow.

Q - Jim Sun

Okay. Do you expect that growth will be higher than 2005 in 2006?

A - Colin Sung

In general, we hold positive view on that particular market.

A - Raymond Yang

It's kind of hard to say. For every market, there is a positive steep momentum. I still view 2006 is going to be quite a good year growth.

Q - Jim Sun

Okay, thank you. And my final question about your accounts receivable. Accounts receivable increased more than 50% and I think that most of them are in the provincial level. But I compare with comment by Colin Sung third quarter accounts receivable and their accounts were almost the same as that in Q2, so why Linktone's accounts receivable increased so much than your peer companies?

A - Colin Sung

As you know, Linktone started at the ground level from day one and we established relationships on the provincial level. As far as our certain competitors or peers, they started a relationship with the central China Mobile or China Unicom. So by the implementation of this platform in the other collection and the customer service requirements, we will see a certain improvement in our ability to collect even more efficiently. As I said earlier, due to a certain Chinese holiday in early October which slowed down our collection effort.

Operator

Question by Ming Zhao with Susquehanna Financial Group.

Q - Ming Zhao

A couple of questions. First question, can you comment on the margin trend what will we see in the future? I know that maybe the “Super Girl” may pressure the gross margin Q3, but you also have some other collaborations with the Hunan TV like the SMS service for the TV series. Can you comment on the margin trend going forward? Are we going to see any rebound in fourth quarter?

A - Colin Sung

As far as the margin, we are estimating and we'll continue seeing our, Linktone's, historical gross profit margin in the 60s, so going forward we are estimating probably in the, maybe around 60% to 63% range for the coming quarters but one thing I want to point out is our goal is strive for the gross margin stability, as well as the net margin, striving for 20% range.

Q - Ming Zhao

Okay. So why the G&A expense is down this quarter?

A - Colin Sung

Giving the credit our tight cost control and the strategic investment in core business. We try to strive for the balancing for the future growth, as well as the investment in the core business.

Q - Ming Zhao

My question actually is, on the going forward, are you going to, I think, I mean, lower the gross margin but reduce the, let's say, selling expense and the other G&A expense to keep the margin stable?

A - Colin Sung

In a way. We are saying we're using different marketing channels to more effectively market our services and products. So in a way you are correctly stating. The marketing we'll be spending a little bit lesser in the sales and marketing and then reducing our gross margins to a certain degree.

Q - Ming Zhao

Okay. And can you also comment on the music strategies, specifically related to the acquisition of 9Sky? What kind of contribution from music that we will see in the future?

A - Raymond Yang

Yes. First of all, as you know, music has contributed a quite significant part of the, to entire wireless value-added service. Not only from us, also from the industry of our peers. So given that reason, we see that the, what we have done, really, is to integrate, I would say, horizontally, to make the strategic investment into 9Sky, which is one of the most recognizable legal licensed music download site. The real strategy for that is that we see there's, we see that we are able to provide a fully integrated platform for both wireless and online because the users are very, very similar and we can so easily to cross-sell our users, each other. Not only that, by creating some this unique seamless platform, we're able to offer the variety of music service and product to both wireless and online users, for example, for whomever downloads the music can also receive the ring tone or ring-back, vice versa. On the other hand, going forward people, we're ready, we're prepared for the 3G. That day is coming. We'll see some kind of rich media such as MTV-type or karaoke-type of video kind of service that relates to the music. So we're leveraging this kind of a platform to create a very unique and also stickiness platform to offer those services to our end user. Last but not least is that, as you know, that for most of the service providers do not own users, by definition. So, therefore, it creates such a fascination that we're able to leverage the brand name, the user base in the community to grow our, to steadily grow our user base, make that become a much more sustainable for our long-term growth.

Q - Ming Zhao

Okay, great. A final question on the intangible assets, what is the amortization of intangible assets for the Q3? And on the balance sheet, this item actually rose by $2 million, so what kind of amortization we're going to see in the fourth quarter? Thank you.

A - Colin Sung

The amortized intangibles relates to the new acquisition of the Beijing Cosmos and the, I'm sorry, Beijing Cosmos and the Brilliant Concepts. So the fourth quarter amortization cost we are estimating around the $0.5 million range.

Q - Ming Zhao

And what is the Q3 number please?

A - Colin Sung

Q3 is about $400,000.

Operator

Question by Thomas Ung (ph), Alkeon Capital (ph).

Q - Thomas Ng

I'd like to say that I'm extremely impressed with the results beyond the congratulations. I'm going through all the numbers for Tom and Sena and Tensen and all those guys. I mean, not only did you guys grow the fastest, but you guys are acknowledged number 3 and it looks like pretty soon you could be number 2, if you strip out the--

A - Raymond Yang

We certainly hope that. That's our near-term goal.

Q - Thomas Ng

Yes, so I'd like to ask a question about what will you be looking for in 2006? It seems like everyone's very focused on the “Super Girl” thing, which I think a lot of people missed the mark. I mean, you guys acquired a huge amount of new subscribers which you can cross-sell to, so I was wondering maybe a couple products that you will be selling in 2006 that you think will have the most promise, especially this 9Sky, which is extremely promising? All the wireless handset guys that I've talked to are talking about all the new adoptions based on mp3 phones. This plays perfectly into it, especially because there's a lot of edge networks are being built up along the provinces in China, so a lot of the over-the-air downloads will be possible. So this is brilliant. So I was wondering maybe you could just talk about that?

A - Raymond Yang

Certainly. Certainly. You're right. Even though we're so excited about the “Super Girl” program we more view that as our, just kind of a successful case. As a matter of fact, for mid-term and long-term growth this reflects our basically long-term growth strategy. We believe that continuing to create or establish our diversified marketing channel is very, very key. Again, most people believe that the content is important. We believe that, we believe so, too. However, we also believe that at this stage that the, to establish this diversified marketing channel for us to be able to effectively distribute our service. So we're acquiring new users to our service is the very key strategy for us, going forward. More specifically, Linktone is the one of the core competitive advantage is our diversified product portfolio and also the working relationship with the mobile operators. So, therefore, going forward on '06 we not only see the business line growth, line by line, also we see the opportunities from different growth opportunities, the revenue drivers, from all the operators. Certainly you look at like the fixed-line, the China Netcom, China Telecom, they're very, very keen on growing their value-added services, which at this time we only tap into just sort of like the tip of the iceberg. So we that that's a great opportunity. And you're absolutely right on the 9Sky. Our entire team here, even before we got that company, everybody got so excited about this opportunity because we see that it's not just a, we're not really looking at buying, we're acquiring or investing in simply a music download site. That's not our pure intention. Our intention is to create a unified or integrated platform to offer this become more and more music-related services and products, particularly as these, you said right, more and more trends we are seeing that the mobile hone is combined with the mp3 players. And the over-the-air download and also the payment mechanism offered by the operators becomes such ready there, so that you can just, so users can so easily to download the music-related product, even can be more like a video-related product, just like the iPod. Recently they have launched this kind of iPod that you can watch the video. So think about that, it's not going to be too far from now in China. We expect that that kind of technology platform for 3G should be ready sometime in the 2006, so we already positioned ourselves for that base to come.

Q - Thomas Ng

So, Raymond, while I'm sure a lot of people appreciate how conservative you guys are, you are conservative and you keep on delivering upside, I was wondering, are you being too conservative in the sense where it seems like you and your team have one of the most strategic visions and what I think a lot of people miss, people sit there and say well, is it SMS or WAP or K-Java. Regardless of what the transmission mechanism is, it's all about moving content. It doesn't matter what, the 2.5, 3, 4, 5G. People just want the content, and so it doesn't matter how. As long as they know where to go and you've done a great job doing marketing. So with that said, just looking at the numbers, you strip out the $5.5 that PNS paid $6.7 million for, you guys actually could have been number two for this quarter.

A - Raymond Yang

Yes. Yes. I think the, in a way, I don't see there's any magic in this business. Basically, it continues a lot on your business to execute. I think that's about our overall business philosophy within Linktone. We are very just, we're building a very solid platform and continue to work with lots of strategic partners and build our product and service and look at long term for the strategic positioning of our business. I think that's where and why we're able to do so. We, again, focus, execution, dedicate , that's all about. And even though you may have heard our talking about online gaming or music, but, again, this is all around this core of our wireless business. We're not going to de-focus ourself and move into some other exciting area at this time. But I think in terms of the conservative, we still believe that there is so many challenges in this industry. We never underestimate the challenges there in terms of every business and some kind of a chance. Even though looking forward '06 should be much better, given the sort of weather report that would be more clear skies that we have seen behind us or largely behind us on '05, but we'd still rather, we're still sort of wait out to look at the situation and continue to execute and execute and execute. As you know, in this industry, that's all about. That's why we do not want to over promise our investors by giving too good numbers, but rather, we'd rather be the, well, you can say, conservative, but that's our philosophy. But we'd rather say here is the number we deliver, you look at that, then you make a, you can make call on this one. So that's--

Q - Thomas Ng

Well, thank you very much, guys.

Operator

Question by James Mitchell, Goldman Sachs.

Q - James Mitchell

Good morning, all of you. I was going to congratulate you, but Patrick's done it so gracefully that I would sound mealy-mouthed in comparison. One of your peers noted in its third quarter results that assumes SMS subscriptions last, on average, for 6 to 9 months. What kind of SMS subscription life do you assume on your, looking at bidding for contracts like the “Supergirl?”

A - Raymond Yang

Sorry, I didn't get the question.

A - Colin Sung

You're asking what the subscription for the “Super Girl” program alone, or--? We're not quite getting your question.

Q - James Mitchell

Yes, in general, what is the expected subscriber life to an SMS product? What kind of subscriber churn do you see with SMS products?

A - Raymond Yang

Oh, Okay. Actually, we see pretty good churn for SMS. So it ranges from anywhere 3 to 4 months.

A - Colin Sung

I mean, I think that's the low end of it. I think the estimation you provided, compared to our peers, we would stay more or less in the same range, 5 to 6 months is probably on the high end of average. So 3 to 4 is our regular.

A - Raymond Yang

Yes, one thing actually I forgot to address or confirm what previously, I mean, Tom said that, in terms of our view is this one. We don't really care, I mean, it doesn't really mean we don't care to invest in a technology platform. In China, it's very different. You can talk about all, about 2.5G and 3G, but in the end, what matters is that you're providing something that most of the mobile users here get used to and like to see, appreciate and to use such as, particularly as SMS. So that's why we actually, we're seeing more and more demand from that side particularly given the success of our “Supergirl.” We see more and more strategic, in a way, or interesting partners comes to us, even we haven't thought about. They say, “Linktone, we've heard about you were very successful on this one. It gives us a great thought. Can we work on such kind of a project or something?” So we look at it and wow, say this is great opportunity. So many things there is not really about you're offering something very fancy, this and that, but is really offer something that market and consumer and end user need. So that's where we see that. So sorry to sort of off track a little bit, but in line with your question about SMS, we still believe that's a very much valid, solid revenue driver. Again, not only from ourselves, even for our peers you'll see that trend a little bit versus the some kind of early, 2.5G or something. 2.5G is definitely going to grow, but eventually it's up to the market what kind of really market needs.

Q - James Mitchell

Okay. And just in terms of the WAP and your ability to rapidly scale up in WAP, you said earlier in the call that the carriers are weighting incremental subscriber growth in a given quarter more heavily than the size of the existing WAP space, which I guess would work to the advantage of new entrants versus incumbents. Is that a change on the carrier's part?

A - Raymond Yang

No, I think it's been there for quite a while. It's always, I think that's, I think it was there for a while. Yes, it's nothing new, nothing new.

A - Colin Sung

Nothing changes.

Operator

Question by Patrick Lin, Primarius Capital.

Q - Patrick Lin

Hi, I just want to make sure that James knows that this is my formal congratulations and that that previous question wasn't me.

A - Raymond Yang

That's right. That was a little confusing. Anyway, hi, Patrick.

Q - Patrick Lin

I have three quick questions here and, obviously, congrats to you because I have said in previous conference calls that you guys are spoiling investors by consistently beating numbers here and just keep up the good work. The three quick questions I have is, one, PHS you guys have been talking about ramping up as a percentage of total revenue. Where is that in terms of percentage of total and also relative to what you think the long-term percentage of total might be in terms of this product line?

A - Raymond Yang

I think, I'm kind of reluctant to give you a specific percentage, because--

Q - Patrick Lin

Just the range is fine.

A - Raymond Yang

5% to 6%?

A - Colin Sung

Let me answer that question. Currently, the PHS subscriber contributed 5% to 6% of our top-line revenue. In the long term or short term, maybe the percentage will not be, increase that significantly, but certainly the dollar, the revenue figure will be growing in proportion to our total revenue growth.

A - Raymond Yang

Actually, let me correct you a little bit here. When we talk about PHS, that's very specifically the UTS Starcom mobile phone. As a matter of fact, we actually view the enter fixed line, i.e., China Telecom, China Netcom as a combined market opportunity, which means that nowadays I can tell you that we have already something fixed-line-related value-added services such as fixed-line ring-back tone, which you can believe that, I mean you can think that that's going to be also quite easy to understand and adopt by the consumer. So that's why overall I think the potential there is quite huge and we are there and working on this one. We are growing our business, so that's why in overall we're positive. But one thing I also want to point out is that by taking we have the first mover advantage in terms of the fixed line or slash PHS. By working that, we have the opportunity before our, ahead of our competitors to understand or start to tap into the China Telecom/Netcom 3G-ready service, because you're there, you talk to them, you understand how everybody's prepared, sort of under the, behind the curve, the screen, there. So that's why we have an opportunity to work with them to get ourselves much ready for 3G services.

Q - Patrick Lin

Great. And then on the Hunan television, you guys have, obviously, the “Supergirl.” How many programs does Hunan television currently have that could end up, that could end up, longer term, partnering with you guys on versus just one?

A - Raymond Yang

No, 17. We have the entire rights of their total program of 17 of them. So we are working with them on each one gradually and continually creating the product and to get the service to launch one by one.

Operator

Question by Mike Burton, ThinkEquity Partners.

Q - Mike Burton

I was hoping, most things have been covered here, but I was hoping that maybe you could talk a little bit more about the IM aggregator product and maybe when we should start thinking about that, when it will start contributing to revenues? And then just a quick housekeeping one, if you could maybe just comment on how we should be thinking about modeling taxes going forward into 2006? Thanks.

A - Raymond Yang

Yes, let me address the first question in terms of the instant message aggregator. We have that, actually, during the Q3. It's kind of a soft launch, but we see a pretty good market response. As a matter of fact, as of today, I think we have already, let me see the number, roughly, I think 40,000 users and, I mean, we are launching a painless service. So we have 2 versions, the SMS versions and a WAP version and we are also moving into the fixed line areas, working with operators and some of them are embedded in the mobile phone handset manufacturers. So they've all got great status for this new, innovative product. So that's the current situation. However, I do want our investors to understand that if you look back to QQ when they started their business, it took quite a while to accumulate this user base, so I don't want to get you too excited about this product to say, Okay next quarter, how much revenue generated from? This is a very sticky product and also it's a subscription model, which means if you're on this one you're able to gradually, to build your user base. So that's a very good long-term product which is kind of steady. And also, once you have you're basically building up the portal, because once, think about it, each one using the WAP interface, so they can not only chatting each other, eventually if the 3G's here, they can view, they can have video conference, they can share lots of information. So again, this is a very strategic product we are quite excited about.

A - Colin Sung

In answering your tax question, given the continued development of Chinese new tax law and our new technology and services, we estimate the going forward rate for the tax rate between, on the average, around 10%.

Q - Mike Burton

Okay, thanks very helpful. Great quarter guys.

Operator

Question by Chang Qiu, FORUN Technology Research.

Q - Chang Qiu

I have a few questions. Maybe the first one, Raymond, about 9Sky, this acquisition or strategic investment, I want to have your thoughts. In terms of owning content or in terms of licensing content from everybody, which way is, you think, is more effective or you do both ways?

A - Raymond Yang

That's a very interesting question and there's a lot of cap in the industry at this time. That's why we choose not to just select specific singer is because this is a very come-and-go kind of a game and you can see there's so many popular singers in the past few quarters can comes to be the hottest one overnight and then disappear overnight. So in line, I think so we are building a platform that's giving us the opportunity to offer the service in both ways. Let me be specific on this one. First of all, we are in the process of signing up with all 4 big music labels actually, 3 of them are already signed, so we're working on the last one. So the progress has been very promising and, therefore, at the same time we're working with many, many, many independent music labels, I mean, recording companies in China. There's lots of independent ones there. So in this way, we're able to offer some licensed music to not only our online Internet user but also we're going to get aggregate license to offer also to our wireless user in a variety of other ways such as ring tone, ring-back and the mp3 and also fan club, so and so forth. On the other hand, we have created our own zone or community there for people to upload their lyric and their sound, their music, or for other people to sing and then to download, to sing and then upload. So in a way we have our top 10, those kind of programs, and then also we have our own way to select like “Super Girl” kind of things, to select those people who are not famous. But we're going to sign those people, our song or music provider to first offer the music, all kinds of a music service. So it's a combination, but, again, once we have a platform and we're able to do a variety of things in this greater music and wireless Internet thing.

Q - Chang Qiu

Okay. That helps. Colin, for 9Sky this investment looks, like you said it's a major stake. So how much revenue and earning we should expect and when you will close this deal?

A - Colin Sung

The deal is expecting to be closed by end of this year and as far as the revenue goes, we will probably give it more detail when we finish the completion of the investment.

Q - Chang Qiu

Okay, so now do you have a rough number of annual or quarterly revenue run rate from them?

A - Colin Sung

The quarterly rate, we can give you, more or less, the registered users, just for a starter. As for further detail, I'd rather wait for the completion of the whole investment.

Operator

Thank you. Gentlemen, at this time there are no further questions. Please continue.

Raymond Yang, Chief Executive Officer

Operator?

Brandi Piacente, Investor Relations

Hello, everyone. Thank you. That concludes today--

Raymond Yang, Chief Executive Officer

Hi, Brandi. Are we done with the--?

Brandi Piacente, Investor Relations

I think we are. That concludes today's teleconference on third quarter 2005 results. We look forward to speaking with you again when we report our fourth quarter and fiscal 2005 year-end results early next year. Thanks for joining us today.

Colin Sung, Chief Financial Officer

Thank you.

Raymond Yang, Chief Executive Officer

Thank you.

Related:

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Source: Full Transcript of Linktone’s 3Q05 Conference Call - Q&A (LTON)
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