Bo Rui spread to 1.03 billion yuan, acquisition of Beijing Roaming Valley 70% of the equity

Absrtact: Or in view of the changes in the strategy of the page-tour platform, MA will sell Tencent's most lucrative page-travel research and development company. Recently, Bo Rui Spread (600880.SH) announced plans to 1.03 billion yuan, acquisition of Beijing Roaming Valley 70% of the equity. The holding of Beijing roaming Valley

Or, in the light of the changes in the page's platform strategy, MA sold Tencent's most lucrative page-travel research and development company.

Recently, Bo Rui Spread (600880.SH) announced plans to 1.03 billion yuan, acquisition of Beijing Roaming Valley 70% of the equity.

The holding side of Beijing's roaming valley is the triumph of the Shenzhen century, which holds a 65.79% per cent stake in the roaming valley. Industry and commerce data show that the Shenzhen century triumph registered in January 2004, registered capital of 11 million yuan, the legal representative of Tencent's board chairman and CEO Ma, which holds a century triumph 54.29% of the shares. In other words, Ma Teng indirectly holds a 35% stake in the roaming valley.

The deal also includes a "bet on" clause. According to the agreement, if the roaming valley in 2014 net profit is zero or positive, then the transmission will be no more than 432 million yuan to buy the remaining 30% shares roaming valley.

As Tencent's early web game partners, Roaming Valley has been with Tencent to maintain a deep cooperation, the development of products, "seven-male hegemony" for Tencent has brought large revenue.

In the second quarter of 2011, "seven-male hegemony" the highest online number of 800,000, set a record number of domestic web games online, the monthly revenue of more than 200 million yuan. In the first quarter of 2012, "seven-man hegemony" in the domestic web game market share of 16%, ranked first, while the second "Immortal Road" market share is only 9.8%, and the former has a big gap.

The "seven-male hegemony" of the efficient revenue also boosted the roaming Valley profit growth. 2011, Roaming Valley net profit amounted to 120 million yuan. There is a market forecast, roaming Valley in 2012, 2013 net profit will be 125 million yuan and 161 million yuan respectively.

Based on good relations of cooperation and excellent performance, Ma Teng's company's century triumph once again increased its share of roaming Valley to 65.79% last year. At that time, there is a market voice that century triumph wholly-owned acquisition of Roaming Valley is only a matter of time. Even the founder of the roaming Valley had revealed earlier that roaming Valley would not be ruled out as a wholly Tencent company.

However, a Merrill Lynch analyst told the first financial daily that roaming Valley and Tencent's cooperation began in the early stage of Tencent Open platform, is the time, Tencent's own research and development power is limited, product richness is insufficient, so roaming Valley's products have a larger development space, and at present, the Tencent Web game open platform maturity has increased The platform does not lack a page-tour product; In addition, the roaming Valley follow-up product performance is weak; So, as long as the price is reasonable, it is not surprising that Ma Teng is considering selling.

Easy View analysis that Tencent game open platform has been from the creation period, transition to maturity, its supremacy in the Web game has emerged, for the platform itself, there is no need for a domestic upstream research and development companies to invest.

Influenced by the macro-economy, Bo Rui spread this year for three consecutive quarterly gross margin decline, followed by 53.36%, 48.06%, 46.77%. The acquisition is also Bo Rui spread since 2010 to 440 million acquisition of Chengdu Dream Factory, once again to the Web game company launched a takeover. Yi thinks that after the completion of the acquisition, it is conducive to the transformation from traditional media to new media business.