Chengdu game giant "Dream Factory" will be easy to master

Yi hai sentiment, leaf network technology, such as Chengdu Gaming companies have been listed companies in the phase and investment

19 years ago, he was involved in designing airplanes in Chengdu; 16 years ago, he went to Zhuhai to develop computer games, has set a single game in mainland China, the highest sales record; 6 years ago, he returned to Chengdu to create his own network game company "Dream Factory", 3 days ago, his company was a listed company in Chengdu announced the acquisition, The purchase price being negotiated is likely to record the local gaming industry. His name is Qiu Xin, a 40-year-old "Game nerd".

This acquisition, is the current Chengdu Digital entertainment industry surging capital tide embodiment. In just a few months, Chengdu's top gaming companies already have 3 of listed companies investing in them.

　　The founder's total equity offload triggers speculation

Chengdu Rui Bo spread shares on the weekend announced that the company and Chengdu DreamWorks Network Information Co., Ltd. All authorized representatives signed an investment memorandum of understanding, to acquire 100% of the Dream Factory.

Dream Factory currently registered capital of 9 million yuan, of which the Chairman and general manager Qiu Xin Capital contribution of 3.35 million yuan, the shareholding ratio of 37%, the rest of the shareholder 4 people shareholding ratio of 63%. The announcement said, DreamWorks has network game "chivalrous Way" "Chivalrous Road Ⅱ" "Neo-Chivalrous Road" "Saint Fighter ol" copyright and the right to operate.

Qiu Xin yesterday to the newspaper that the current inconvenience to the acquisition of any comments, the company's business to maintain normal operation. But the estimated completion time will be longer.

It is noteworthy that the 100% Equity acquisition, the founder did not retain the stake, which is equivalent to Qiu Xin will be hard to start 6 years of the company to sell, easy to cause outside the Dream factory shareholders may be a new speculation. In this regard, the industry judged that its total purchase price and payment schedule would be linked to the future performance of DreamWorks. This can reduce the risk of acquisition, but also can motivate the original team.

It has also been revealed that the dream factory has been in contact with the grand investment in matters. The industry believes that after the acquisition of the company's internal discourse power, pricing base, may be the dream factory chose to marry the local listed companies in Chengdu reasons.

　　The acquisition price is expected to create a new record of Sichuan network industry

People who have participated in several transactions in the domestic network industry pointed out that, judging by the present parties, the Dream Factory acquisition price in Sichuan network industry history of mergers and acquisitions is likely to be the highest.

Credit Securities report estimated that Bo Rui spread 2009 Years a quarterly parent company carrying cash for 390 million yuan. DreamWorks 2008-year income of about 100 million yuan, the purchase price should be lower than the online gaming companies in the two market price (on average 15 times times), the acquisition is expected to be priced 2008 years of PE, the acquisition of funds about 7-9-2.8 yuan.

Wanguo Securities Purchase price analysis is higher, that the estimated net profit margin of 55%, 2008 Chengdu Dream Factory net profit of 55 million, to 2008 Years 10 times times PE calculation, Bo Rui Transmission acquisition price will be 550 million; payment may be paid for all cash, including the company's own capital 350 million, bank borrowings 200 million.

　　A number of Chengdu gaming companies are listed companies in the phase

At present, the most outstanding group of online games development and operators of the main listing direction in the United States and Hong Kong, China, a-share market and no pure online games listed companies, involving online games business of the Zhejiang Network New (600797) in the initial involvement of the subject, the two-tier market was once the institutional investors sought after.

A notable phenomenon is that product diversification is the key to the shift of these Chinese gaming companies to the risk of a single game, while Chengdu, which has a prominent cost and talent advantage, becomes a reserve pool. In addition to the domestic a-share listed companies, the current

such as the grand, perfect space and so on Nasdaq listed Chinese game companies are in Chengdu to explore strategic acquisition and alliance cooperation opportunities, making the current Chengdu Digital Entertainment capital Tide surging.

Shanda as early as two years ago to tens of millions of Yuan price acquisition of Chengdu Kam-day technology to enrich their product line. And the domestic game giant perfect time and space in the last year to Chengdu Yi Hai Digital Entertainment Co., Ltd. Strategic investment, to 3 million U.S. dollars to acquire a minority stake in the latter. 21st this month, perfect space-time chairman and CEO Chiyu confirmed that the company also invested 15 million yuan in Chengdu Leaf Network Technology Development Co., Ltd. to expand the perfect time and space online community business. Leaf network Technology is a web game developers and operators. Perfect time and space to obtain a partial equity, but Chiyu did not disclose the specific shareholding ratio.

　　Small and medium game operators face development pressure

The above acquisition also reflects from the side of the current small and medium-sized game development operators helpless.

Known as the Southwest's largest online games development operators, DreamWorks will launch this year more than 3 independent development products, and even plans to launch a dream factory network leisure platform, large-scale integrated game site, and the new 3D online games are also preparing for the project, the engine research and development design work has begun. These need a lot of money and talent input, only by virtue of their own strength, it is difficult to quickly enter the top ten of the camp, developed enough to counterbalance the strong game. Chengdu Gaming industry analyst, this may be Qiu Xin sell own company part of reason.