[PROSPECTUS (Subject tompletion) STYLE="font-family:Times New Roman" SIZE="3"LOR="#cc062a"> Issued November , 2012 7,800,000 American Depositary Shares YY REPRESENTING 156,000,000 CLASS AMMON SHARES STYLE="font-family:Times New Roman" SIZE="3"> YY is offering 7,800,000 American Depositary Shares, orSs. EachS represents 20 Class Ammon shares, par value $0.00001 per share. This is our initial public offering and no public market currently] [YY STYLE="font-family:Times New Roman" SIZE="2"> 7,800,000 American Depositary Shares Representing 156,000,000 ClassAmmon Shares (par value $0.00001 per share) STYLE="font-family:Times New Roman" SIZE="2"> Form of Underwritingreement , 2012 Morgan Stanley& International 25bot Squarenary Wharf London E14 4QA United Kingdom Deutsche Bank Securities 60 Wall Street] [THEMPANIES LAW STYLE="font-family:Times New Roman" SIZE="2"> EXEMPTEDMPANY LIMITED BY SHARES AMENDED AND RESTATED MEMORANDUM OFSOCIATION STYLE="font-family:Times New Roman" SIZE="2"> OF YY (adopted byecial resolution passed on October 12, 2012 and to become effective immediately upon thempletion of thempanys STYLE="font-family:Times New Roman" SIZE="2"> initial public offering of Class Ammon Shares represented by American] [CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We herebynsent to the use in this Registration Statement on Form F-1 of YY of our reportted July 13, 2012, relating to the financial statements of YY which appears in such Registration Statement. Wesonsent to the reference to us under the heading Experts in such Registration Statement.]