[PROSPECTUS (SUBJECT TO COMPLETION) DATED March 25, 2009 7,500,000 American Depositary Shares CHANGYOU.COM LIMITED Representing 15,000,000 Class A Ordinary Shares This is the initial public offering of Changyou.com Limited, or Changyou. We are offering 3,750,000 American depositary shares, or ADSs, and the selling shareholder identified in this prospectus is offering 3,750,000 ADSs. Each ADS represents two Class A ordinary shares,] [Changyou.com Limited - Class A Ordinary Shares (Incorporated under the laws of the Cayman Islands) Certificate No. Shares xxx xxxx US $2,977,400 Share Capital divided into 200,000,000 Class A Ordinary Shares of a nominal or par value of US$0.01 each, 97,740,000 Class B Ordinary Shares of a nominal or par value of US$0.01 each xxxxxxxxxxxxxxxxxxxxxxxxxx THIS IS TO CERTIFY THAT] [TABLE OF CONTENTS ARTICLE 1. DEFINITIONS 2 SECTION 1.01 American Depositary Shares. 2 SECTION 1.02 Commission. 3 SECTION 1.03 Company. 3 SECTION 1.04 Custodian. 3 SECTION 1.05 Deliver; Surrender. 3 SECTION 1.06 Deposit Agreement. 4 SECTION 1.07 Depositary; Corporate Trust Office. 4 SECTION 1.08 Deposited Securities.] [Your Ref: Our Ref: SC/vc/ Direct Email: scourtney@campbells.com.ky — [ BY DHL Changyou.com Limited East Tower, Jing Yan Building No. 29 Shijingshan Road, Shijingshan District Beijing 100043 People’s Republic of China Dear Sirs: You have requested our opinion concerning statements under the heading “Taxation – Cayman Islands Taxation” in the prospectus forming a part of the Registration Statement. The following] [CONSENT OF Baoquan Zhang Baoquan Zhang EX-23.7 5 dex237.htm CONSENT OF BAOQUAN ZHANG] [CONSENT OF Dave De Yang Dave De Yang EX-23.8 6 dex238.htm CONSENT OF DAVE DE YANG] [CONSENT OF John Zhuang Yang Dated: March 22, 2009 John Zhuang Yang EX-23.9 7 dex239.htm CONSENT OF JOHN ZHUANG YANG]

[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]