Hand Tour acquisition receipts, 15 of the first half of the performance failed to meet the target

Guide: From the listed companies that have completed the acquisition, and most of the table is a significant increase in performance or even doubled, but also worthy of the high premium at that time. But in-depth scrutiny, but a dozen of the targets in the first half of this year did not complete the commitment of half.
A game of a dream.

When I was a child, I like to listen to my mother tell stories, White Snake and Xu Xian, listen to tired, repeatedly listened to for many years.

A moving story, there are always listeners. No matter how many times you listen.

This can explain why "big talk West" after years of the screen, people still follow.

This is not hard to understand, why in the game concept assets have been repeatedly fired sky-high price of the present, there are still engaged in investment friends want to buy game companies.

"The money is earning faster. He was so frank.

From the listed companies that have completed the acquisition, and most of the table is a significant increase in performance or even doubled, but also worthy of the high premium at that time. But in-depth scrutiny, but a dozen of the targets in the first half of this year did not complete the commitment of half.

On the other hand, the gaming industry has been turned upside down by the influx of hot money, and some small companies have even failed. And the game tycoon smells huge business opportunities from it. Don't you see, the quiet has been a long time in the grand and the meaning of the A-share exhibition?

Please watch the play.

After 2013 years of "travel must rise", the investment enthusiasm of the capital for the hand tour industry has not dispersed.

"We are looking for a hand tour company investment, the concept of rival swim is very optimistic." "A private equity person in Guangzhou recently said to the 21st century economic reporter.

Looking back at the beginning of the 2013 year to the end of the year, the concept of hand-travel has been the most beautiful capital market in the last few "star shares." The most bright eye of the palm of the technology rose 397.38%, the Chinese green Treasure rose 341.9%, Huayi Brothers Rose 293.33%.

Similarly, the concept of the company's northern latitude communication, travel-related Shenzhou Thai Yue, Shun Rong shares, Austrian fly anime, days boat culture, extension of the information also all achieve a doubling of the "dream trip."

2014 Hand Tour merger enthusiasm continues, the most recent case is Ninko September announced the development of the acquisition of Suzhou Tang Digital Technology Co., Ltd., the price of 603 million yuan, the company's stock prices after the son row stock prices for 4 consecutive days trading.

When the autumn of 2014, hand Tour is "dream into reality", or have to "wake up"?

21st century economic reporter according to public statistics, 2013 to date, there have been 39 listed companies to buy and play asset events, as of 2014, 14 listed companies 16 mergers and acquisitions have been and table, involving 21 games assets.

Earnings data show that 2014 years ago three quarters, 14 listed companies have 12 to achieve profit, spin information, Datang Telecom losses. Compared with the same period last year, the palm of the fun technology, day boat culture, Austrian fly anime, Rapoo technology, interactive entertainment net profit growth of 122%, 668.43%, 98.37%, 94.09%, 56.14%, increased the potential is fierce. Lower than the same period last year, the company has spin pole information, Bo Rui spread, Datang Telecom No comparable data, the remaining 6 companies increased in 0到30%.

The "travel-related" Listed companies, which are highly concerned, have undoubtedly been affected by mergers and acquisitions in the three quarter of 2014 years ago.

Mergers and acquisitions increase corporate performance

According to the public situation, the listed companies flocked to the game industry mainly involved in three forms of mergers and acquisitions, one is to cash the game assets to increase the share, the second is to issue shares and cash payment form the acquisition of game assets, the third is the game assets directly listed, listed companies to achieve transformation.

"Mergers and acquisitions, in addition to the volatility of the level two market, for the listed companies also bring performance thickening, for both the acquirer and the acquirer is a win," Analysys International senior analyst Shi Yong, said in an interview with the 21st century Economic report, "but the capital market revenue is clearly more than the performance of the company to contribute faster and more direct. ”

Tian Zhou culture is due to the issue of shares and cash payment methods to buy 1.254 billion yuan to purchase mobile gaming enterprises Beijing Magical Times Network Limited (hereinafter called "Magical Times") 100% equity gains. Its 2014 quarterly bulletin shows that the day boat culture to achieve business income and net profit of 284 million yuan, 61.4668 million yuan, year-on-year growth reached 58.46%, 668.43%.

"Revenue and net profit to achieve higher growth year-on-year, May hand tour company Magical times and table is the core driving factor." 5-September Magical era to achieve the ownership of the parent company net profit of 50.4659 million yuan, accounting for the proportion of listed companies reached 82.1%. "The Yangtze Securities October 27 Report on this review," we judge the magic of the year to achieve even beyond the performance commitment (net profit of 120 million yuan) is not a problem. ”

Similarly, the interactive entertainment of Cross-border investors has also achieved net profit growth of 61.44% in the three quarter of 2014 years ago. The merger of Guangdong Star-FAI-day Extension Interactive Entertainment Co., Ltd. (hereinafter referred to as "star-fai-day extension") 100% Equity in March 2014 consolidated statements, the net profit has a greater positive impact. The third quarterly display, the issuance of shares and cash to buy the star Billiton extension of all shareholders held by the star-FAI 100% equity projects in the reporting period to achieve income of 46.2584 million yuan, the same period of interactive entertainment net profit of 149 million yuan.

More companies need to be in the middle of 2014 as a "check" point of view, according to the 21st Century Economic report reporter statistics, by the listed company mergers and acquisitions of the hand cursor, the Phoenix media to buy the hands of the development company Shanghai MU and Network Technology Co., Ltd. (hereinafter "MU and Network") 64%, Rapoo Technology acquisition of Beijing Le Hui World Technology Co., Ltd. (hereinafter referred to as "Le Hui World") 70% Equity, Shenzhou Thai Yue mergers and acquisitions of Beijing Dragon Map Network Technology Co., Ltd. (hereinafter referred to as "dragon Map") 20% equity performance. Three of the first half of the company's net profit of 41.249 million yuan, 69.17 million yuan, 117 million yuan, and the corresponding increase in the plan of 2014 promised profit of 52.91 million yuan, 80 million yuan, 90 million yuan, so the progress of completion of the performance is 78%, 86%, 130%.

"Mu and the network can achieve a better performance because the Phoenix media initially in the selection of the project more cautious." "A person close to the top of the Phoenix media industry told the 21st century Economic report reporter," in the first two years, Phoenix Media saw twenty or thirty projects, and finally only selected MU and network and Shanghai Play Network Technology Co. ”

He introduced, the latter because did not talk about the end of the transfer, but the standard of the team and products are good, the company's products are the flow of data are seen backstage. "The phenomenon of mergers and acquisitions in the industry may make some mergers and acquisitions particularly hasty, and do not make the best adjustment, the performance will be uneven." ”

15 The first half of the home standard performance was not met

"The number of performance pledges depends on the actual situation of the listed companies and cannot be set too high." "In the view of the industry, the company's performance promises of more than 100 million are" erratic ".

It is noteworthy that, with the 2013 mergers and acquisitions of most of the hand tour companies can achieve a different profit commitment, with the first half of the 2014 data can be viewed, not all of the acquired game asset performance in the capital market after the market has achieved the desired growth.

Reporter statistics show that as of 2014, there are 17 game mergers and acquisitions have been and table, involving 21 game assets, of which 15 game assets in the first half of 2014 did not reach the annual commitment to the performance of One-second, 5 have achieved commitment performance One-second, 1 undisclosed data. However, the lack of disclosure of relevant data in the third quarterly report in 2014 still makes it impossible to determine how difficult it is for them to meet their performance commitments throughout the year.

Palm Technology April 2014 completed the play Crab Technology 100% Equity and upstream information 70% Equity acquisition. 2014.5 Annual report shows that two companies in the reporting period to achieve a net profit of 24.6397 million yuan, 17.2035 million yuan, and the promised net profit by audit deduction of non-recurrent profit and loss attributable to the parent company shareholders of the net profit of 160 million yuan, 125 million yuan gap is far from the completion of the progress of only 15%, 14%.

Huayi Brothers Mergers and acquisitions of Guangzhou Silverside Technology Co., Ltd. in May 2014 into the company report, the first half of the net profit of 33.7486 million yuan, the annual commitment to net profit of 143 million Yuan 24%.

In addition, there are Austrian fly animation acquisition of Shanghai-Inch Information Technology Co., Ltd. and Beijing Philharmonic Travel Information Technology Co., Ltd. in the first half of 2014 and table, but the reporting period of net profit of only 1.2088 million yuan,-4.2884 million yuan, The total net profit commitment of two companies is deducted from the net profit of the shareholders of the parent company at 35 million yuan and 39.05 million yuan.

"Many enterprises in the merger and acquisition of the second or third year in fact, the business plan, set the performance goals for the next few years, the profit commitment has no basis." Shi Yong, senior analyst at Analysys International, said to the 21st century economic reporter.

"This is not difficult to understand. "A Shanghai brokerage media industry analyst on the 21st century Economic Report reporter pointed out that although the hand tour industry is showing an explosion of growth, but a hand tour of the life cycle is getting shorter, short-term benefits can not be a footnote for future performance." "He believes that in such an industry context, it is normal for the company to make a commitment to performance, on the other hand, it is possible in the acquisition to higher valuations" to do a relatively high performance.

In addition, the industry added, the settlement cycle, product release progress in the second half may also be the first half of some mergers and acquisitions in the lower performance of one of the reasons.