[PROSPECTUS (SUBJECT TOMPLETION)LOR="#b23040">TED March 25, 2009 7,500,000 American Depositary Shares CHANGYOU.COM LIMITED Representing 15,000,000 Class A Ordinary Shares FACE="Times New Roman" SIZE="5"> STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:19%"> This is the initial public offering of Changyou.com Limited, or Changyou. We are offering 3,750,000 American depositary shares, orSs, and the selling shareholder identified in this prospectus is offering 3,750,000Ss.] [Changyou.com Limited - Class A Ordinary Shares FACE="Times New Roman" SIZE="2"> (Incorporated under the laws of theyman Islands) Certificate No. Shares xxx xxxx US $2,977,400 Sharepital divided into 200,000,000 ClassA Ordinary Shares of a nominal or par value of US$0.01 each, SIZE="2">97,740,000 Class B Ordinary Shares of a nominal or par value of US$0.01 each] [CHANGYOU.COM LIMITED and THE BANK OF NEW YORK MELLON Depositary and OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES Depositreement FACE="Times New Roman" SIZE="2">Dated of TABLE OFNTENTS ARTICLE 1. DEFINITIONS 2 SECTION1.01 American Depositary Shares. 2 SECTION 1.02mmission. 3 SECTION 1.03mpany. 3 SECTION 1.04 Custodian. 3] [Your Ref: Our Ref:/vc/ Direct Email:ourtney@campbells.com.ky [ BY DHL Changyou.com Limited FACE="Times New Roman" SIZE="2">East Tower, Jing Yan Building No.29 Shijingshan Road, Shijingshan District Beijing 100043 Peoples Republic of China Dear Sirs: You have requested our opinionncerning statements under the heading Taxationyman Islands Taxation in the prospectus forming a part of the Registration Statement.] [SIZE="2">CONSENT OF Baoquan Zhang Baoquan ZhangNSENT OF BAOQUAN ZHANG dex237.htm 5 EX-23.7] [SIZE="2">CONSENT OFve De Yangve De YangNSENT OFVE DE YANG dex238.htm 6 EX-23.8] [SIZE="2">CONSENT OF John Zhuang Yangted: March 22, 2009 John Zhuang YangNSENT OF JOHN ZHUANG YANG dex239.htm 7 EX-23.9]