Hand-travel mergers and acquisitions to create a billionaire to take shareholders money to create investment

Hand-travel mergers and acquisitions to create a billionaire to the gambling agreement to show the risk ["as the future platform construction is becoming more perfect, the whole hand tour industry will face shuffle, the listed companies can ultimately succeed in investment to be seen, failure probability is very large, the final bill is listed companies investors." "In the market is a worry and risk warning, the gem index repeatedly hit a record high. Among them in the green treasure (300052. SZ) as the representative of the mobile game (hereinafter referred to as "Hand Tour") concept of the stock hype, especially. On the other hand, not only some of the main business involved in the game of the company in the business of mergers and acquisitions, traditional media, car models and other companies with less game-related, have joined the ranks of the acquisition of hand tour companies. In these mergers and acquisitions, listed companies use the "circle" of a large number of idle funds, more than 10 times times the premium to buy hand tour companies, which the original shareholders of these tour companies have produced a huge "rich effect." However, "one-night wealth" is not without cost, if in the next time the company can not achieve performance requirements, with the acquisition of a large number of gambling agreements, will trigger the original shareholders future potential compensation. Hand Tour entrepreneur "One Night Rich" for the original shareholders of these tour companies, through the relative to the net assets of more than 10 times times higher premium mergers and acquisitions, making them suddenly become "billionaire". To the listed companies of the acquirer, the large amount of money raised in the IPO was not a good way out, so it is also logical to invest in the company, and all these are the shareholders of these listed companies. To the recent GEM innovation high leading stocks in green Bao as an example, August 14 its bulletin said, will spend 440 million yuan acquisition of Shanghai Mei Feng Digital Technology Co., Ltd. (hereinafter referred to as "Shanghai Mei Feng") and Shenzhen Soma Technology Co., Ltd. domestic two game companies 51% of the shares, The purchase price is 357 million yuan and 87.465 million yuan respectively. Shanghai Mei Feng in June 2013 at the end of the net assets of 14.3366 million yuan, and the purchase price of green treasure is 357 million yuan, that is, the purchase price of green treasure on the net asset premium nearly 50 times times. Shanghai Mei Feng 2012 annual operating income of 19.87 million yuan, loss-9.8789 million yuan, the first half of 2013 operating income reached 40.32 million yuan, the profit of 9.5 million yuan. Shanghai Mei Feng original shareholder Guo Yu, Dexin and Jongsong in the first half of the profit of the instant wealth, become a billionaire. Another Phoenix media (601928. SH) announced that the subsidiary company Phoenix Digital Media to 310 million yuan subscription Shanghai MU and Network Technology Co., Ltd. (hereinafter referred to as "MU and the Network") new registered capital of 3.5556 million yuan, thereby holding MU and network 64% equity, acquisition price relative to net worth of more than 10 times times the premium. Furthermore, Huayi Brothers (300027. SZ) 672 million yuan acquisition of the domestic third largest hand tour company Silverside Technology 51% Equity trading relative to the net asset premium of nearly 16 times times, and star Model (300043.SZ) to Chang Entertainment world's acquisition premium also amounted to 8 times times. A media industry analyst told reporters that the cost of trial and error is not high, the influx of new entrants into the hands, some large companies with funds and technical resources have entered the field of hand travel, making the hand travel industry more intense competition, with the future platform construction increasingly improve bargaining power, the issuer's bargaining power will gradually decline, the entire hand tour industry may also face shuffle, Whether the listed companies ' investment can be finally successful remains to be seen, the likelihood of failure is great, and the final bill is the investors of listed companies. The results of the betting on the risk industry behind the hot, hand tour company performance continued high growth concerns also began to highlight, the acquisition of profits in the agreement gradually surfaced. The media industry analysts believe that in the hand-travel merger and acquisition of the gambling agreement will also have a huge risk to the relevant listed companies, even if it is possible to obtain compensation from the original shareholders, may not be fully implemented. Investment Group analyst million think that the hand travel industry is still in the rising development period, the industry concentration is low, research and development operation cost is low, intermodal mode for the industry giant intervention resistance is strong, the industry profit space can be a period of time and other advantages is the hand travel industry has become the main cause of acquisition. However, the low concentration of industry led to a small number of outstanding companies, the single game success rate is low, the game players like high conversion rate, new games to launch quantity and frequency of high, industry competition and so on, so that buyers, especially listed companies through the gambling agreement to reduce the expected risk to the industry. In green Bao and the United States Peak signed a higher performance requirements of the gambling agreement. The net profit of Shanghai Mei Feng in 2013, 2014 and 2015 was 45 million yuan, 80 million yuan and 110 million yuan respectively. If the 2013 annual peak of the net profit reached 45 million yuan, the green PO should buy the U.S. peak remaining 49% of the shares. In the Phoenix Media acquisition of Mu and Network, the original shareholder commitment, MU and network 2014 audited net profit of not less than 52.91 million yuan, 2015 audited net profit of not less than 63.49 million yuan, if not up to the Phoenix media compensation. In addition, star Model (300043). SZ) Acquisition Chang Entertainment world, Bo Rui Spread (600880. SH) acquisition of Roaming Valley, Palm Fun Technology (300315. SZ) acquisition of dynamic network pioneer and other transactions have a gambling agreement, the target of the company's profits in the next 3 years are expected. Liao Yanming, a partner in mergers and acquisitions at the US law firm, said to our correspondent that foreign regulations are generally more flexible and more likely to be traded by both parties themselves and play a market role. Generally speaking, similar to the domestic tour industry, most of the gambling provisions appear in venture capital and financial investment in order to protect investors profit, but this practice in foreign 100% mergers and acquisitions are not common. Foreign mergers and acquisitions are more used in the mechanism of the profitability Payment Scheme (Earn-out agreement) or other deferred payments (deferred payment), that is, the trading model in which the acquirer pays in accordance with the performance of the acquirer for a certain period of time. (i.) The merger and acquisition hand of the listed company.Swim behind: Take shareholder money to do venture into the August, the concept of hand-swimming speculation again fermentation. August 27, the main focus on the publication of juvenile books of the Day boat culture (300148. SZ) to launch a plan, to spend 1.254 billion yuan, using the issue of shares and pay cash to combine the way to acquire the Beijing Magical Times Network Limited (magical times) 100% equity. In order to enter the hand tour business. By the news, the company shares the day of the resumption of the market is hot, the opening of a word board trading, the final plate received 15.95 yuan. Even more outrageous, Ninko (300311). SZ) launched the recruitment of talent ads also helped push its share price rushed to the trading board, the whole day to receive 29.02 yuan. The heat of hand swims also spreads from the two level market to the first level market. According to Chinaventure Investment Group's financial data products Cvsource statistics show that since the beginning of 2012, the hand tour industry has occurred 15 major mergers and acquisitions transactions involving more than tens of billions of dollars in transactions. Listed companies "VC" hand tour in the beginning of July has occurred in the first 10 industry mergers and acquisitions trade. According to the announcement of the daily boat culture, the value of the 100% stake in the asset magic era of the merger was 1,254,133,100 Yuan and the value-added rate was as high as 2101.12%. At the end of 2012, the net assets of the day boat culture were only 533.6253 million yuan, about 42.55% of the purchase price. To complete the "Snake Swallow", the company can only use the issue of shares and pay cash to combine the acquisition of the magical Times 100% equity. Among them, the company to purchase assets through the issuance of shares of 892 million yuan, the issue price of 12.74 yuan/share, to be issued 70 million shares, the issue of shares raised funds issued a reserve price of 11.47 yuan/share, The proposed issue does not exceed 36.4429 million shares, raise capital not more than 418 million yuan, mainly used to pay the acquisition of the cash to the price of 362 million yuan. Likewise, Shenzhou Yue (300002). SZ) acquisition of the underlying asset shell software 100% stake in the preliminary valuation of about 1.217 billion yuan, negotiated by the parties to the transaction, the underlying assets to be priced at 1.215 billion yuan, compared to the base date (June 30, 2013) The value of net assets of up to 26.98 times times. Given the impact of June 30, 2013 on net assets, the valuation premium rate is 28.46 times times higher. Last week, the Phoenix Media (601928. SH) subsidiary of Phoenix Digital Media to 310.4 million to subscribe Shanghai MU and Network Technology Co., Ltd. 64% of the equity. It has also been assessed to have a 1052.14% per cent increase in asset value. Previously, Huayi Brothers (300027. SZ) 672 million yuan acquisition of the domestic third largest hand tour company Silverside Technology 51% Equity Trading premium also up to 15.87 times times. However, some brokerage industry researchers believe that under the "Matthew Effect" of the industry mergers and acquisitions, not everyone can become gung-ho (a rapidly rising game company in Japan, the company's share price increased rapidly within a year 6,000%above), the final success of the hand travel company ratio of not more than 10%. The merger of listed companies is actually a "VC game", but the venture company is holding the partner's funds, even if the loss of other investment projects do hedge, and the listed companies holding shareholders ' money, once the failure, investors will suffer losses. In fact, the statistics show that in the first quarter of 2013, China Mobile gaming market revenue was only 1.1 billion yuan, accounting for about 5% of the game market. Up to now, a a-share company's business scale in the TMT industry is also not big, like in the Green treasure (300052. SZ) Such a pure hand tour company's net profit rose 66.5% in the first half of the year, but the net profit was less than 20 million yuan. Concept Hype fever does not return Nevertheless, every hand tour will rise has become a a-share market speculation of a golden law, is still a high fever. Since last week, in order to Zhong Qing bao, Shenzhou Thai Yue, northern latitude communication (002148. SZ), 35 interconnect (300051. SZ) and so on behalf of the concept of mobile gaming unit again comeback, a continuous surge in the market. According to Shenzhen after Billboard trading information show, in the green treasure in the price of the new record in the back of the record, is the private placement, the main capital and institutional seats together to promote the results. In its first five major buying force, there are private trading seats called the Guotai trading unit ranked chief, the day to buy 33.1019 million yuan, closely followed by the Everbright Securities Hangzhou Road Securities Business Department, Oriental Securities Shanghai Pudong South Road Securities business, Galaxy Securities Ningbo Cuibai Road Securities Business Department also bought 24.5877 million yuan, 19.9493 million yuan, 16.3769 million yuan. In addition, the institutional seats in the fifth largest buying force, the whole day to buy 11.6711 million yuan. As early as the beginning of April this year, the Chinese green treasure is still a flat, hovering around 11 yuan low stock, but then, the shares will soar to the August 27 close of the 65.14 yuan. In less than 5 months, the company's share price doubled nearly 5 times times. And in the high valuation of green treasure behind the company's first-half hand travel business income is only 9.9563 million yuan, accounting for the proportion of total revenue of less than 10%, 8.71%. Despite a 146.7% per cent year-on-year increase in business receipts, its operating costs surged 684.3%, resulting in a 34.58% decline in gross profit margins. In addition, the main project notes of the parent company's financial statements also showed that the first half of the company's hand tour business income of 154,300 yuan, and operating costs to reach 1.6954 million yuan. The hand tour also becomes the shareholder to reduce the manufacture before the gimmick. Huayi Brothers recently issued a bulletin, the company's actual control of Zhongjun August 16 and August 20, respectively, two days a total of 11 million Huayi Brothers shares, the cumulative set is now more than 400 million yuan. and Huayi Brothers from July 24 announced the acquisition of Hand tour company to Zhongjun August 20 reduction, the share price rose 27.55%. (21. Ji. Shi.)