Perfect World shares gained 53 cents, or 1.7 percent, to close at $31.58 Monday. Earlier, the shares traded as high as $33.

In a note to clients Monday, Susquehanna analyst C. Ming Zhao said tracking shows "robust growth momentum" of the company's "Perfect World II" and "Zhu Xian" games. "Perfect World II" usage hit a record high last week, the analyst wrote.

Zhao rates Perfect World "Positive," and estimates third-quarter earnings of 17 cents per share and revenue of $20.1 million.

Perfect World is expected to report its third-quarter results on Friday. Analysts polled by Thomson Financial expect, on average, earnings of 15 cents per share on $20.4 million in revenue.

Zhao also predicted Perfect World will report a good fourth quarter, even without any revenue from new games.

The company's upcoming game "Chibi" is likely to be delayed a bit due to a delay in the movie of the same name, he said.

"Our checks also suggest the firm's first casual game, 'Hot Dance Party,' could also be postponed, meaning (the) fourth quarter will still rely on existing games for growth," he wrote.

Still, he doesn't think there is much risk to Perfect World missing his estimate for earnings of 19 cents per share on $22.1 million in revenue in the period.

On Saturday, Perfect World said it began a new agreement with Indonesian online game company PT. Lyto Datarindo Fortuna to license its "Perfect World II" game in Indonesia.