NetEase, Inc.
Thesis
NetEase has a strong position in the mobile gaming market, with its recent launch of 'Fantasy Westward Journey Mobile' expected to generate around $1 billion in revenue. This is significant given the company's total revenue of $2.6 billion last year, and they have more mobile games in the pipeline that could provide additional upside.
Did it work?
The thesis's central catalyst — 'Fantasy Westward Journey Mobile' generating roughly $1 billion in revenue — did in fact play out: the game launched in 2015 and became one of China's top-grossing mobile titles, driving a sharp ramp in NetEase's mobile gaming revenue well beyond the ~$2.6B total revenue base cited at the time, and NetEase shares appreciated strongly in the years following the launch. However, since no price data is provided and the time elapsed since the pitch is unknown, this verdict rests on the thesis events rather than measured returns.