Perfect World Entered into a Definitive Agreement to Sell Its Film Business

Perfect World Co., Ltd. PWRD today announced that it has entered into a definitive agreement to sell Perfect World (Beijing) Pictures Co., Ltd., the entity that operates Perfect World's film business, to Beijing Ever Joy Pictures Co., Ltd., which is majority-owned by Michael Yufeng Chi, the Company' chairman of the board and chief executive officer, for a total consideration of RMB360 million. The transaction has been approved by the board of directors and a special committee consisting of all independent directors of the board. The transaction is expected to sharpen the Company' focus on its core online game development and operation business and maximize shareholder value over time.