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Citigroup downgraded The9 to "Sell", worrying about the long-term growth of the company's dominant online game World of Warcraft.
Brean Murray also downgraded the company to "Hold" from "Buy".
However, another analyst Rick Aristotle Munarriz maintained positive on the development of The9, based on the popularity of World of Warcraft, and the company's sufficient fund to purchase new game products.
Statistics show that the aggregate peak concurrent users of World of Warcraft amounted to 1.3 million for the game, which had 41.5 million registered users by June 30, 2008.
Zhu Jun, chairman and CEO of the company, earlier said that the company would invest in product research and development, and grasp opportunities for online game brokerage.
The9 recorded a net revenue of 66.3 million US dollars in the quarter ended June 30, 2008, up 69 percent year on year. Its Q2 net profit grew 129 percent to 16.9 million.
iResearch report shows that China's online game market capacity exceeded five billion yuan for the first time to hit 5.08 billion yuan in the second quarter of 2008.
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