Giant Interactive's (GA) game Giant Online’s 230,000 PCU is without question an impressive record. However, based on our research, JLM believes that Giant Interactive’s promotional campaigns in Internet cafes across China may have bumped up this number far beyond what can be counted as long-term Giant Online players. Even if Giant announces higher PCU levels, we believe that this will not necessarily convert into revenue as the PCU numbers may not be an accurate reflection of the
game’s success.