Hand travel industry is seriously foaming

This is a turbulent summer in the hands of the tour industry.

June 19, the Nasdaq listed companies in the Champion Tour (CMGE), including President Chong and other 9 senior executives were "tough" dismissed. On the same day, China's tour plunged 22.55%, the lowest to 14.06 U.S. dollars/shares, and immediately by the Nasdaq to "provide sufficient information" as the basis for a halt, its holding company first video (0082.HK) was dragged down 5.06% on the day, June 20 plunged 9.33%.

June 20, China Hand Tour and the first video both issued a notice confirmed the above rumors. On the night of June 19, the Chinese hand tour called an analyst conference call to explain the personnel changes because the company's main management believes that the performance of the book Ridge failed to meet expectations, and said the removal will not have a significant impact on the company's business.

Although analysts ' meetings and announcements are detailed to disclose the reasons for the dismissal of 9 executives such as the book Ridge, according to a beijing-based hand-travel operator, "The main reason for their dismissal from the book Ridge may be related to the rebate on the product, which is one of the industry's unspoken rules."

21st Century Economic Report reporter survey learned that with the Chinese hand tour cooperation among many game developers, the Travel Network (002174.SZ), interactive Entertainment (300043.SZ) and Huayi Brothers (300027.SZ), Palm technology Four listed companies of the company's subsidiaries impressively in the column.

Chinese Hand tour group executives have been dismissed from the hands of the iceberg of the dust curtain. It is not to be overlooked that the above unspoken rules are easy to let the merger involved in the hands of the listed companies are facing the risk of runaway management, which ultimately hurt the interests of investors.

9 executives are exempt from the truth

Known as the "first hand tour" of the Chinese Hand tour in September 2012 landed on Nasdaq, it is the first through the "Introduction" of the listed Chinese companies. Two "first", which attracted much attention.

China's approach to the formation of the way for its future management buried a "small mines." 2009 and 2010, the first video has acquired a functional machine game development-oriented Guangzhou surplus is 70% shares, the franchise mobile phone design of a high company 100% shares and a smart game development of Shenzhen Happy Wind 70% shares, and the three companies packaged to form a Chinese hand tour.

"This type of combination makes the phenomenon of fragmentation more serious, internal integration more difficult to do, since the listing of Chinese hand tour has been a number of restructuring." Said Beijing hand tour operators.

October 2013, has a wealth of game issues and operating experience of the book Ridge to join the Chinese hand tour, and the director of the issue line of business. After its arrival, the issue line in a very short period of time to form a distribution in Beijing, Shanghai, Shenzhen and other locations more than 700 distribution team.

2013, the Chinese Hand tour swung, net profit of 26.76 million yuan; The first quarter of this year should be the full term of the book Ridge, China's net revenue for the tour is 214.7 million yuan, a large increase of 488.2%, net profit reached 34.7 million yuan, and the same period last year, the loss of 21.6 million yuan. The China Mobile gaming market's quarterly data Monitoring report, published in the 1th quarter of 2014, shows that the Chinese hand tour has won the first market share in 18.1% mobile games and expanded the lead in the quarter.

From the performance, the book Ridge in the term "not bad", but in champion Ranggao in the analyst conference Call said "should be the performance of the book Ridge failed to meet expectations." According to the first video and the Chinese Hand tour announcement, "in the distribution line continues to develop rapidly, while greatly increasing the Cross-regional team management and business management complexity, some of the duplication of resources, the use of the situation is not high." ”

Bloomberg reported that the reasons for China's 9-man tour executives were removed from the alleged "bribery of game developers."

"At the book Ridge they were removed from the management is one aspect of the problem, on the other hand may really be with the product to eat kickbacks and so on." "said the hand tour operators.

According to the 21st Century Economic Report reporter understand, the hand tour industry although the product is more, but the good product is too few, most of the product distribution is to see whether the issuer to force, so take kickbacks into the unspoken rules, "rebate how many do not have a standard, concrete see how both sides talk." To secure the rebate, on the one hand need to do a hidden point, on the other hand, you make the performance, the boss also open one eye closed one eye, said the hand-travel operators.

The latent rules blow big bubbles

Chinese hand tour executives collectively dismissed the incident opened the hand tour industry in the corner of the gray curtain.

The entire hand tour industry chain involves research and development, agent distribution, channel and surrounding industry advertising, media, data analysis platform and cloud server platform, and so on, research and development and other technical staff involved in the latent rules are relatively few, because they have less chance of handling money.

According to the 21st century economic reporter interview carding, hand tour industry chain There are three major unspoken rules, one is mentioned above the game developers and distributors between the rebate phenomenon, the second is the distributor and channel between the trick, three is the hand travel company from their own pockets climbed the list.

"At present the hand swims pursues is still ' the channel is king '." There is the flow is the big ye, they have a strong position, all the issue to curry favor, plug some money is common. The above hand tour operators revealed that the current channel to do larger is the application of Bao, 360, 91, when the music, millet, peas and other pods.

A hand tour products to sell fire, advertising is crucial, this link is not to be underestimated. For example, the 21st century Economic report reporter met a Mr. Liu is the game company is responsible for promotion, the boss Day to 100,000 users, through the normal channel can buy up to 50,000, but if the network alliance to help can "do" to 100,000 users, which may be the real user is 50,000 level. Mr. Liu finished the target issued by the boss, the boss gave the net UNITA 100,000 users of the money, but the actual only 50,000 users, the rest of the money is the nature of Mr. Liu and the two sides carved up the net.

The aforementioned trick directly entrusted to the hands of the flow of products. According to the 21st Century Economic report reporter understand, in the number of hand tour, ranking directly affect the quality of water. Therefore, in the App Store, the hands of the company's own money to climb the list of ways is very common, ranking the higher the more can attract users ' attention, and then increase product flow.

It is noteworthy that in the listed companies in the merger of the company's case, the size of the water directly affects the acquisition price. If Huayi Brothers buys Guangzhou Silverside, the method of operating income forecast is "operating income (including tax) = Game Water x is divided into proportion".

As a result, the price of the listed companies ' mergers and acquisitions ' prices appeared one after another. such as the Dragon tube Industry (002619.SZ) to 3 billion yuan acquisition of Agras, Datang Telecom 1.7 billion yuan acquisition of Guangzhou to play, palm fun technology 810 million acquisition mobile network pioneer, Bo Rui spread 1 billion yuan acquisition roaming valley, days run Holding (002113.SZ) 610 million yuan acquisition of Shanghai Xu Travel Network Technology Co., Ltd. The high premium rate has repeatedly made investors raspberry.

In the view of a broker-dealer in the survey, the bubble in the hand-travel industry has been very serious, on the one hand, the industry's own bubble, false prices to the buyers, and on the other hand, the buyer did give high prices. "The high price of listed companies to travel, the risk to investors can not be underestimated." The Personage regrets.

The risk is becoming more and more after hand tour

The tightening and perfection of U.S. securities regulations has led to a new round of attacks by sensitive American law firms on China's hand tour. With the US regulators, law firms and the Chinese hand-Travel Survey Committee of the layers of investigation, the Chinese hand Tour has cooperated with the game developers have been dragged into the dangerous situation.

As a hand tour distribution market boss, China Hand tour cooperation game developers in the market is also among the top. 21st Century Economic Report reporter noted that China's official website revealed its agent issued all the games, a total of 51.

In addition to the four firms in the United States, the first video and China Tour said, "the company decided to set up an independent third-party commission of inquiry with only independent directors of the company to conduct in-depth investigation of media rumors, and will soon release the findings." ”

According to the 21st Century Economic report reporter carefully screened, the Chinese Hand Tour agent issued in the game with listed companies related to a total of 4 products, Guangzhou Silverside Technology Co., Ltd. (hereinafter referred to as Guangzhou silverside), "Time and Space Hunter", the network of "Meng River", Shenzhen City Cheong Entertainment World Technology Co., Ltd. (hereinafter called Shenzhen Chang Entertainment), "Drunken Jiangshan" , the Pioneer network technology company's "three points world." Huayi Brothers in the last year to buy 670 million yuan Guangzhou silverside 50.88% of the equity, is renamed as Interactive entertainment Star model, last year to 18.36 million yuan to complete the Shenzhen Chang Entertainment 51% shares of the acquisition, the Pioneer is 2013 was the palm of the fun technology acquisition.

Insiders, Cross-border acquisitions let many companies suffer, currently involved in the hand tour of the listed companies are mostly playing "cross-border." When the 21st century economic reporter told a senior executive of a listed company in South China about the problems and how to manage the hand-travel industry, the executive admitted that it was "not too well known, the follow-up will let the relevant person to investigate the relevant issues, learn from the lessons of the hand-swim incident, will continue to improve management ”