Crazy mergers and acquisitions after the listing of the blue cursor eventually merger machine "

Recently, the blue cursor released the 2014 semi-annual performance notice. In the first half of this year, the company's net profit is estimated at 275 million to 303 million yuan, up by 100% from the same period of last year to 120%. The company said its performance has increased after it acquired companies such as Bojie Advertising.

It is noteworthy that, compared with last year's share price triumph, the blue cursor stock prices continued to slump.

A fund close to the blue cursor revealed to Securities Daily reporter that many funds recently went to the company for investigation and some funds withdraw their orders, which may be a major factor affecting the share price of the company.

In addition, Cao Haitao, a well-known investor in the culture and technology industry, said that the reason why the stock price of the blue cursor is sluggish is that on the one hand, there is a great adjustment on the GEM this year; on the other hand, the military and IPO sectors are now hot spots and the overall media sector is cooling down.

Corporate culture after the merger into worries

Since its launch in 2010, the blue cursor has become a well-known "M & A machine" for A shares. According to Wind statistics, since the listing, the company has acquired a total of 18 companies, mainly advertising, financial services, software and other companies, involving funds of 3.982 billion yuan.

In Cao Haitao's opinion, the merger of blue cursors was driven by two factors. On the one hand, the A-share IPO stagnated and the public relations company's business was hard to standardize. There was a problem in the IPO alone. Cao Haitao explained: "Investors do not expect PR companies to go public, but exit through mergers and acquisitions, because its business is difficult to standardize, there are many uncertainties.In addition, accounting, tax is difficult to regulate the public relations company is also facing problems "

On the other hand, the blue cursor has to make big market value through mergers and acquisitions. From the past M & A case, the blue cursors excel at market value management, mainly by market capitalization of mergers and acquisitions. Blue cursor original business is mainly the project team, business unit piling up, Cao Haitao that its expansion through mergers and acquisitions, in the long run its corporate culture is a test. "Companies that start with M & A are all tests of corporate culture. Lightweight companies say mergers and acquisitions are in fact mergers and acquisitions. The interplay between people and the integration of corporate culture are all uncertainties."

High valuation bubble birth

On the evening of June 26, Huayi Jiaxin plans to spend 460 million yuan on the acquisition of Disney Media, a public relations service company, and will also bring some impact to the blue cursor. The company also revealed that it will buy Goodyear's online advertising agency business at a price of no more than 670 million yuan in the future.

An industry source told reporters that although Huayi Schwab + Diekers + Goodyear still can not compete with the blue label, but will affect the blue label of the usual "two-way interest" M & A strategy.

The so-called two-way interest means that, on the one hand, the Blue Label will do market value management before the merger, for example, the previous market capitalization of billions of dollars, through the market value of the management to 10 billion yuan, this time to buy business, you can use Less shares to complete the acquisition. Blue Label, on the other hand, generally does not have a very high valuation of the acquiring company. "So many companies are reluctant to be Blue Label acquisition." The insiders said that after the Disney Media listing, the bargaining power of the blue cursor will obviously be discounted.

According to another person related to the blue cursor revealed to reporters recently, the company will launch a series of strategic planning. It seems the industry, good market value management and M & A blue label, the future will continue to expand the performance of mergers and acquisitions.

Cao Haitao pointed out that if the merger allows the blue label to show good profit growth, or will play a synergistic effect. However, if the share price is soaring and the company's net profit does not go up, there will be a virtual price-earnings ratio. If the PE ratio reaches 80 times or even 100 times, it is dangerous for the blue label.

"The reason why there is a bubble in the share price of many companies with the concept of mergers and acquisitions is because its market value exceeds a reasonable valuation, most worried about the blue cursor in the future to continue mergers and acquisitions, stock prices will rise, and corporate net profit can not go up." Cao Haitao said.