Capital market cooling Hand Tour next year what?

This year, the capital market stir-fry the concept of hand-swim, or will stop.

Since the media sector lit up the concept of hand-swim in late 2012, it became the main concept of a depressed a-share market to boost share prices and was pushed to madness in the third quarter of 2013.

Following the palm of the fun technology, in green treasure and other pure hand tour stocks and media plate, Huayi Brothers, Datang Telecom, Shun Rong shares and other industries are involved in the hand tour.

And from October onwards, with a A-share company Huatian Hotel (000428.SZ) involved in hand tour, the new Hai Yi (002089.SZ) investment game agents after a small increase in stock prices, and this period of time the concept of hand tour share price plummeted, the industry has been a sound that the former capital blowing hands of the bubble will be dashed.

In an interview with the 21st century Economic report, private-equity firms said three quarters of the concept of hand-travel overheating, the fund sought after, the stock price to a certain high down is also normal, but it is worth noting that the concept of hand swimming in the temperature reduction, at least to be sure, Cross-border play hand tour has been difficult to be recognized.

Reporters also found that the industrial level of development, accompanied by technological progress, channel integration and other factors, do not have the ability to innovate small and medium-sized teams will become more and more difficult, and investors will be more cautious. In this case, the industry will carry out a new round of integration of the fittest.

Capital markets to cool hands

November 23, main communications network equipment and ancillary software of a shares listed companies new Hai Yi issued a notice that the company's wholly-owned subsidiary Shenzhen Yi Bo Software Technology Co., Ltd. to invest 5 million yuan, Shanghai Zhoo Wei Information Technology Co., Ltd. to increase capital expansion shares. After this investment, ISBO will hold the Zhoo Wei information registered Capital 40% of the rights and interests, and Zhoo Wei information a natural person shareholder as the largest shareholder.

Bulletin shows that the main business of Zhoo Wei information for the game agent and promote the distribution, through the Zhoo Wei Information Equity Investment, subsidiary Islab Bo can be based on the existing game business puzzle to improve. It is understood that the current Zhoo Wei information has signed the agent game has "sister paper forward", "the Deed of the spirit" and other products.

But the news is not as fast as the concept of hand-swim to pull up the stock price. Open in Monday, the new sea should first low after the opening has been hovering low, although at a time rose by about 5%, but closed only 2.51%.

Prior to that, Huatian Hotel (000428.SZ) October 19 issued an external investment bulletin, said the company intends to Shenzhen with the Network Exchange Wisdom Technology Co. The registered capital is RMB 18.1818 million, of which the hotel is a cash-funded RMB 10 million yuan, holding the Chinese-day financial net exchange of 55% of the equity.

Surprisingly, after the announcement, Huatian Hotel stock Three consecutive trading days of frustration, the cumulative decline of up to 24.44%. November 26, Huatian Hotel disclosed that at the company's provisional shareholder meeting, the holding shareholder of Hua Tian Group voted against the relevant motion, making the investment hand tour of the motion has not been passed, and Huatian Hotel has become the first to cross-border investment tour of the last return of the listed companies.

This is contrary to the previous phenomenon of the capital market in pursuit of the concept of hand tour.

The capital market is in pursuit of the concept of Hand tour, began in the end of 2012 Zhejiang newspaper media to 3.6 billion to buy Hangzhou winger and Shanghai Hao Fang, crazy in the third quarter of this year. During this period, a a-share company, any industry, regardless of its mergers and acquisitions, investment, capital increase hand travel company, such as whether the news is true, the shares are miso to limit trading, trading, and then trading.

New Hai Yi and Hua Tian failed to repeat this scene, the game industry observer Zheng, the performance of its share price, do not rule out the two companies to buy the target of too little revenue, the product is not famous, and the interest of the concept of capital rival swim is indeed declining.

As for the concept of hand tour, the regulatory layer also reacted. November 9, the Shenzhen stock news release, including hand-travel acquisition of information disclosure provisions: For the market hot hand travel assets, requirements to disclose ARPU value (per user average income), player structure distribution, recharge channels and amount of key business information, and ask financial advisers, accountants to verify the authenticity of performance. This provision, the industry generally agreed that this year's merger and acquisition tide has been suppressed.

Shenzhen Dragon Asset Management Co., Ltd. Chairman Wu Perilous view, the third quarter of the capital market hand swim concept some overheating. "Hand tour industry is the bottom line of profits, especially the popularity of smart phones 3G, 4G network development, the entire hand tour output value will expand." ”

"There will be more companies, but it is not necessarily the business that will actually make money." Wu Perilous peak that next year is the real Hand tour cash verification period, the time to fry hand Tour is not the concept of speculation. "Some of the movements are very clear, and the recent stock prices have been adjusted, we are still in the opening part of the share of the hand." ”

The investment manager of a private equity fund in Guangzhou told reporters that the recent capital market rival tour began to be rational, and many investors began to "cross-border games" to create suspicion. "The concept of hand-swimming has gone up, and we've been selling the concept of hand-swimming since September, out of caution." said the investment manager.

"There is a lot of disagreement in the market now. "Wu Peak to reporters that the market is to think that there will be differences in the momentum of the rise, like the three quarter when everyone feel that the hand swim no problem, so just to the top."

The return of the hand-wandering elephant

"Hand-swimming in the capital market cooling, but does not mean that the start of the industry is not." "A number of industry participants in the interview held this view.

Mobile Internet Data Services company TalkingData released data show that as of November this year, the domestic mobile game output value has reached 8.4 billion, the annual output value or will reach 10 billion. In addition, the current number of players in the country up to 320 million, of which paid players for 27 million people. In view of the current development situation, next year's industry income is expected to reach 18 billion yuan.

Wu Xianfeng believes that the capital market response to industry sometimes will be too forward-looking, leading to the concept of overdraft, rather than real-time reflection of industrial conditions. "It's not a bubble. Wu Perilous peak stressed.

"Many people have this year's hand swim hot and 1999 Internet crisis made an analogy, feel now and like the dotcom bubble crisis, Sina Sohu overnight stock fell into 01 kind." "Long-term CEO Liuliang that this year's hand tour and the dotcom bubble of that time is essentially different, that year's internet is only a concept, did not generate profits, while the hand tour is essentially already produced huge profits." "The current heat is not a bubble, but the economic trend is this way." "Liuliang said.

2012 began, the hand to enter people's eyes, then the market environment is: the product is scarce, the game technical requirements are not high, rough products as long as novelty, can be a big, earn a pot full. And along with this year the technical threshold rises, the market scale expands unceasingly, the game industry chain various companies springing up to appear, 28 law also can happen in this industry: namely a few giants take the market share of the water. Before earning the first bucket of gold, the traditional game company transformation, all parties to their own various advantages to kill into the market, in terms of resources and other disadvantaged small team opportunities in the reduction.

In an interview with the 21st century Economic Report, a partner of Venture partners who started the search for a hand tour in 2012 said it had recently investigated dozens of hand tour teams in Chengdu. He told reporters that as investors, the most important thing for the parade is whether the team is bound, that is, the team members and the team binding, signed a few years together contract.

"Chengdu's hand Tour team to see, flashy piece, behind a lot of crisis." The VC said to reporters that many of Chengdu's hand Tour team did not form a binding mechanism. "Although the game industry has a lot of contingency, but occasionally after the inevitable, this is whether the team binding, team members can not concentrate on doing a down-to-earth thing." ”

"There will be a significant shuffle next year to June or July, including a combination of many developers ' teams, some teams will be merged or disbanded, and some strong teams will assemble more outstanding technologies," he said. "91 Wireless senior vice President He Yunpeng to the 21st century Economic report reporter said.

The venture participants also believe that many of the ventures around now call for more, but the real investment has begun to decline. "The 2014 game start-up team to get financing is more difficult, with the beginning of next year, the company's earnings report, before the merger of the gambling agreement is too harsh, estimates will rarely really achieve, this time the industry is what kind of people will be clearer." ”