JLM looks closely at the current state of the online gaming industry. Activity in the space picked up in February due partially to the Chinese New Year. Some highlights include: Perfect World (PWRD) began open beta testing for Chi Bi; The9's (NCTY) licensed World of Warcraft PCU increased to more than 990,000; and continued success of Sohu's (SOHU) flagship game, Tian Long Ba Bu Online.