We forecast the China online game market to grow at a 16% CAGR in 2016-20,driven by three long term trends: eSports, crossover (game/media or crossplatform)and Augmented Reality/Virtual Reality. We believe these drivers willfurther lead to game premiumization and market consolidation, given the higherentry barriers. Our top pick is Tencent among the large-cap stocks, for itsgrowing dominance, and Perfect World among the mid-small caps, for its entriesin eSports/crossover. Also see Tencent - Retains dominance

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