Chen Tianqiao Redemption: Grand Games or will be easy to return to the main road to a a-share

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According to wind data statistics, last year, Shanda capital investment in the financial services companies have a total of 4, including Love money, micro-credit network, money wealth, Mr. Qian and so on.

Outside investment agencies and bat-like internet companies are now eyeing a big game, with more than $1.7 billion worth of listed companies that will be involved in a variety of interests after privatization.

The venture is figuring out how to scoop up the elite from the boom after the privatisation of Shanda's games; the Golden Internet company is considering how to buy a grand game or even a big other business together at the right price.

But there is no doubt that among the many interests, the biggest beneficiary is the man behind the Grand Chen.

This time Chen finally Ken out. For the past three years, Chen has been reclusive in Singapore, not much of the company's business. Recently, he has come back and attracted him to the high market value of the A-shares and the potential for future unlimited financial investment.

In fact, not only is the grand game, its parent company Shanda Network is no longer purely an entertainment interactive group, but to the investment holding company.

Grand Games Change Consortium doubts

In fact, the grand change in the grand game this time to replace the new group of shareholders, the appearance of a little clue. September 4 This year, the Grand game announced that the new consortium investors will be introduced, and the former including the Perfect World, Chun Capital, Carlyle, FountainVest Capital of the privatisation of the group will all withdraw.

It is noteworthy that the new consortium has all been replaced by domestic institutions, including Oriental securities, Haitong Securities and Ningxia in the silver velvet industry, respectively, holding grand Games 23%, 20% and 15% of the share of the shares, and the Grand group to hold 18% of the shareholding into the third largest shareholder.

However, according to the Grand Group PR explanation, there are 24% of the shares are retail investors, has not yet fully redeemed, so the future of who is the controlling shareholder remains to be seen.

It is worth mentioning that the perfect world from which the consortium withdrew has invested only 4 months, but has received a return on investment of 4 million dollars. According to a person in the industry, "the perfect World this time belongs to pure financial investment, holding the stake is not particularly much, the initial participation in the acquisition is also the nature of the alliance." ”

For the reason for the change of the consortium investors, Shanda Group PR Zhuge said, "It is for the consortium to buy and sell, the consortium volunteered to join." However, the reporter found that in the newly formed Consortium list, the Sino-Silver velvet industry has a a-share listed company background, and happens to the company announced on August 25, the announcement of the reorganization of assets, all signs seem to point to the grand game to borrow shell a A-share listing.

"It's a plan, but it's not finalized yet." Privatization of a number of securities companies, the signal is very clear, but how to go public, there must be a lot of programs, grand if the return of a A-share is certainly a bigger project, because it would have been in the United States valuation is not low, the return of a A-share valuation will certainly enlarge. "I have heard the news that Shanda Games also want to split the business listing, it is not the overall listing," said the industry insider. ”

Zhuge on whether to borrow Shell listed said not to know, but the reporter said, "The ultimate grand game is to achieve close cooperation with the domestic consortium to achieve the maximum value of grand games, users and shareholders to maximize the benefits of the market, the participation of all parties to win." "For the eventual break-up of the game, it says capital operations will not affect operations at the operational level."

It is understood that Chen flyover in the internal speech before mentioned, "Shanda does not want to quit the game, but in order to be able to let go of the game in a larger market, in a more recognized game investors eyes, in the vast world can get greater development." ”

In fact, the privatisation of Shanda's games has already been deployed as early as the privatization of the Grand network. The industry personage analysis said, "That year Royal network privatization is just a bridge process, the direct goal is to buy the game back." Because the Shanda network is its parent company. ”

Since the beginning of this year's January Grand games started privatization, the investment agencies have been staring at the grand game of every move.

"We have been waiting for a big game to sell, and so on for more than half a year, if he sold will certainly have personnel changes, then we have the opportunity to dig people." A person in South China's investment agency told reporters.

Shanda Games is still the main source of revenue for Shanda's online business. According to the Grand network disclosure of data, 2013 Grand games to achieve a total operating income of 4,344,730,000 yuan, down 7.21%; net profit of 1,587,888,000 yuan, an increase of 42.61%.

Specifically, role-playing games accounted for 87.6% of the game revenue, mobile games business is the new business in 2013, the year to achieve operating income of 482.2 million yuan, accounting for the game revenue ratio of 11.09%, and leisure games from the beginning of 2011 is no longer the company's business direction.

According to the official website of the Grand game, the current operation of the more classic games include legendary series, Bubble Hall, million King Arthur.

The heyday of the Grand game was 2005, when Shanda was unmatched in the industry by legendary series.

However, in the age of the page and the rise of social games, Shanda did not grasp the opportunity, behind a large section.

Later, the grand game out of the hands of "Million King Arthur", but due to the hand tour to the distribution channel dependence characteristics, so with like Tencent, 360 types of companies with channels than, Shanda has no own channels and flow, relying on media publicity means to guide the volume, the effect is not ideal.

"In fact, Shanda is not a company that develops games as a specialty, but more like a game-run company because Shanda is not a technology-born person," he said. Used to be a buyout agent, "Legend" is the product of the former agent, and later the company to the upstream of the South Korean company acquired. Said the industry insiders told reporters.

From the industrial chain analysis, due to the upstream research and development of poor, downstream channels and spell Tencent, 360, Shanda games in the development of the bottleneck, once the richest man can now only dejected.

In fact, for the economics of Chen Tianqiao, compared to the Shanda games business, he is better and more like to invest.

This time if the sale of the grand game of the stake, the cash will be used to invest in the TMT field, which is Chen before the "Grand has transformed into an investment holding group, but also to learn to use a more rational, more professional perspective and the game grow together" mapping.

Coveted internet finance

If the privatisation of Shanda is not so certain, there is one thing that is already in the making: the grand reduction of its stakes in the game is to build an investment holding group. Chen Tianqiao to develop and expand its investment business.

"There is nothing wrong with making investments in a grand transition." The first can be through investment projects, the second now have the opportunity, such as finance, so invest a little more money to investment. Said South China's venture-investment personage.

In fact, Shanda has coveted financial sector business for a long time. According to wind data statistics, last year, Shanda capital investment in the financial services companies have a total of 4, including Love money, micro-credit network, money wealth, Mr. Qian and other companies.

According to Zhuge, the future will be dedicated to the Internet financial sector, not only VC, PE and other investment institutions, the future will also have more than 100 billion yuan water into the Sheng, access to external platform to do the payment.

Shanda's positioning for itself is an investment holding company, and investment is indeed a big thing that has been going on for years. In fact, Chen Tianqiao's investment vision has been good, its investment industry has a high return on profits, itself is the capital operation of the hooping.

Since 2002, Chen has invested more than 150 projects, including many famous projects. These brands are being sold through a series of capital operations, or they can make bigger plans for grand further investments. This series of operations has long shown that the grand is not the beginning of the only focus on the game industry companies.

In fact, Shanda has been eating investment this bowl of rice. "The South China venture capital said," Shanda is essentially a biased investment-oriented company, not research and development, a lot of new business is not done by themselves, but by acquisitions. ”

Since the product research and development ability is weak, must choose other direction. For Chen, the best breach is capital operation. In fact, Shanda is better at Capital operation, with unique vision, investment success, such as the implementation of the cinema ticketing system in Shanghai, rage and the ink weather, are grand more successful projects

It is reported that the grand main business plate is divided into internet business, PE/VC and park operating platform three.

Internet business is not only limited to the game, there are literature, video and other fields.

And in this respect, the past Shanda to do most of the venture capital, did not set up a separate PE investment sector, Shanda group insiders said, "Shanda VC has 3 billion venture capital funds, but the volume of the project will not be very large." In addition, Shanda has its own equity investment fund, the amount of investment in the volume of larger, but did not comb out the formation of a separate department. And the group after carding the way the business changes, there is no PE team, just investment-related business. And now the group will form a separate PE team, is also hiring. ”

The insider explained, "The future grand will be through equity investment into other cultural areas." The operation to the younger, more understanding of industry law operators, Shanda not directly involved, may also invest in other areas, PE perspective will become very wide, these are derived from the Internet's basis, using the Internet thinking to judge and analyze the field to enter. ”

As for the turnover of the business, the Grand group shows that the personnel incentive will continue and the business scope will not be affected by the capital operation.

In fact, the Grand talent incentive is also more and more generous. Chen Tianqiao uphold the concept of "the most outstanding talent to create the greatest value" for the talent they are not only willing to spend money, the amount is also gradually upgraded. It has been throwing 800 million of its shares this year to reward eight studio producers for retaining the game development team that can make a big profit for the company.

The insider to the reporter revealed that the grand with bat, Qihoo 360 The biggest difference is that Chen Flyover incentive staff money is his own. "Because the incentive to spend is his own money, so the equity incentive is certainly not in place." But this time the motivation is because the people will be dug away if they do not inspire. ”

Chen Flyover does not play games, to pick up financial investment, the final will be a big hit his dream of the financial giants, is still unknown.

The only certainty is that he is doing what he likes and is good at, "he has always had a bad cold and likes to have stories," said the insider.

Throw out the Grand

Therefore, Chen Tianqiao's ambition in capital operation is very publicized.

Shanda Network was founded in November 1999, under the leadership of Chen Tianqiao, starting from 500,000 start-up funds and 20 employees, only 5 years to become the market value of 2 billion dollars of large enterprises, in the domestic network game market alone. and the grand development process is undoubtedly accompanied by Chen Tianqiao capital operation traces.

May 2004, the Grand Network in the United States Nasdaq successfully listed, a total of 152.4 million U.S. dollars financing, followed by September 2009, Shanda Games also listed on the Nasdaq, financing amounted to 1.044 billion U.S. dollars.

In addition, the Royal Network of Mergers and acquisitions have been constantly.

July 2004, Shanda Network Strategic investment vs game platform company-Shanghai Hao Fang Online and casual gaming company-Hangzhou winger Software, and these two companies were purchased by Zhejiang Media last year respectively.

Most worth mentioning is, October 2004, the Grand Network buys the original literature beginning Chinese net, December 2009, also successively acquired the novel reading Net, the romantic story bar, the Banyan tree as well as Xiaoxiang Academy and so on 4 network literature website, thus the grand literature occupies the domestic literature 90% market share. Now Shanda literature has developed into a grand addition to the game's second largest source of income.

Shanda through a number of mergers and acquisitions, joint ventures and integration and other capital operations, so that diversification strategy from the less relevant industries gradually to the relevant direction, and constantly improve its distribution in the industrial chain, including the acquisition of Friends of the century, 酷6网 station, the formation of the flourishing film and television.

At present, the Royal network has developed into a literature site, there are games, music and film, through the literature site to solve the game content supply, when the stability of the game after the business of Literature, film and television games, such as the independent development and growth of the middle and lower reaches of the entertainment sector, and eventually opened the entire entertainment industry chain.

Shanda's two listings and several mergers and acquisitions have brought positive benefits. Not only opened the financing channels, enhance the brand influence, but also spread the risk, improve the grand operating security.