Chinese media tycoon hand made bulk tour wealth

Xia Xiaobo newspaper reporter

Special correspondent Peng Liguo Changsha reported

Suspended for more than three months planning, the Chinese media (600373.SH) finally catch the last train tour bus.

On June 24, the Chinese media announced that it planned to increase and reorganize the company. The company intends to acquire 100% of the equity interest of Beijing Zhiming Starcom Technology Co., Ltd. (hereinafter referred to as "Smartstar Starcom") in the form of "issuance plus cash".

Merger and acquisition plans show that as of March 31, 2014, Zhixing Star Asset estimated value of 2.66 billion yuan, net book value of 91.19 million yuan, a premium of 28 times. However, for such a high premium, investors are not cold, the company opened the daily trading day limit on the resumption of trading, but soon opened because of disagreement on the funds, there are agencies fled.

The full handful of overseas mobile games, but also the business is mainly in the Chinese foreign media business prospects worrying 21st Century Business Herald reporter found that in October last year, landing in Hong Kong stock market, "Wan You Holdings", only 8 months from the stock price from The high of 73.95 Hong Kong dollars fell to 24.85 Hong Kong dollars, a drop of 66%. The "China Mobile Games" listed on the Nasdaq in the United States has dropped from a high of 40.31 U.S. dollars in February to a low of 12.6 U.S. dollars.

2.7 billion acquisition of bulk "made rich"

Chinese media plans to increase the reorganization of the show, Chi Ming-Star was established in 2008, is a focus on international Internet integrated platform for business. With free security software and navigation websites as the starting point, the Company realizes the traffic realization by setting up a game operation and distribution platform and an e-commerce service platform, and takes the game product as an important breakthrough point of profits. Its most familiar to the outside world is self-developed "happy farm", the company was relying on this game and the rapid rise.

The wisdom of Star 100% stake in the estimated value of 2.66 billion yuan, the estimated value-added rate up to 2817%. Chinese media plans to pay 10.1 billion yuan in cash to counterparties, plus share price of 1.649 billion yuan, issue price of 12.73 yuan / share, the total number of shares to be issued for about 130 million shares, while paying cash consideration of 1.011 billion yuan.

Astronomical acquisition created a number of young wealth upstart. Watson through the post-80 chairman Tang Binson in the acquisition of personal wealth control rapidly increased to 787 million yuan. With the Chinese media resumption of two days after the resumption of trading, Tang Binson body and soul approaching 1 billion yuan, and wise celebrity many high-profile executives are also more than 100 million yuan.

In addition to corporate executives, venture capital firms that invested in ChiNext also made substantial profits, of which 3.49% was held by InnoCraft, which has gained a reputation because of Kai-Fu Lee. This time it won 69.66 million cash consideration, The factory acquired 11.38 million yuan in December 2012, with a book profit of up to 512%.

21st Century Business Herald reporter observed that as the acquirer, including Huayi Brothers (300027.SZ), Phoenix Media (601928.SH), Ai Shide (002416.SZ) and other listed companies in the acquisition of mobile games after the share price Continuous rise, many companies even set a record high share price.

However, after a brief period of strong performance, the shares of these companies have shrunk. Last July and August of last year, the shares of Huayi Brothers, Phoenix Media and Ai Sidong dropped 37.7%, 41.3% and 48.3% respectively from the highest level in the previous year.

Agency "fear of high" withdrawal

Last year, the concept of mobile games stocks resume trading frequently unlimited continuous limit difference is that the Chinese media on June 24 the resumption of trading after the first limit has been opened up the disk, and after-hours data show that agencies are fled.

21st Century Business Herald reporter view Chinese media data on the 24th found that, despite the day the stock price limit, but the funds have shown signs of substantial outflows. The top five buy seats are hot money sales department, a total of just bought 142 million, while selling seats first place, "CITIC Securities Beijing Avenue outside the business department," throwing 180 million chips, while selling the second Name and third place are institutional seats, a total of 201 million sold, the organization fled obvious.

"Last year, the concept of opponent travel in A-share market really favored the increase, but since the end of last year, overseas markets have sought to cool down the concept of hand-travel, which in turn has led to the indifference of the domestic market concept of hand-travel." Deep industry cold reason.

A notable example is that Cloud Travel, which landed in the Hong Kong stock market last October, saw its share price fall by as much as 66% in just eight months. The amount of Chinese mobile entertainment listed on the Nasdaq in the United States rose from a high of US $ 40.31 in February this year. Diving to $ 12.6, plunging nearly 70%.

"In fact, overseas mobile game market experienced some hurricanes in 2012 and 2013, with some adjustments in 2014. With the popularization of smart phones, overseas mobile game market has undergone a clear differentiation during this process of consolidation, Travel has gradually become the dominant force in the market, the traditional mobile phone social games and mobile page travel market is shrinking. "If the aforementioned private equity managers to 21st Century Business Herald reporter analysis.

"Smart celebrity start-up in the" happy farm "and other traditional social games, but it is now relying more on the overseas hand travel market in the current context of the full cooling of overseas markets, the future how to maintain high growth is a serious problem. For the acquisition price of 28 times Smart Star, the fund manager bluntly "a bit high."

At the same time, he said that in the case of overseas hand travel market, the negative market conditions have been followed by homeopathic conduct, and all parties' attitude towards capital travel has begun to change subtly. The concept of hand travel in the A-share market will usher in value revaluation.