Palm-Fun technology to buy the pioneer of dynamic network

Palm Technology 810 million acquisition of dynamic network pioneer

The technology discloses the announcement of the SFC's official approval of its IPO of the pioneer. According to the bulletin, the palm of the fun technology will be 810 million yuan on the purchase of the network Pioneer 100% Equity, dynamic network Pioneer 2012 net profit of 57.08 million yuan. And the palm of the technology also signed the acquisition of a more rigorous gambling agreement, the agreement to move the net pioneer shareholder commitment 2013-2015 years of net profit is not less than 74.85 million yuan, 93.43 million yuan, 112.37 million yuan, if not finished, dynamic network pioneer shareholders need to compensate for incomplete net profit, It is also necessary to return the purchase amount in proportion to the profit margin of 2013-2015 year profit.

Since February, the proposed acquisition of dynamic network Pioneer News, palm-fun technology will usher in a number of trading days trading. Institutions are more like MO, nearly hundreds of institutional investors flocked to the palm of the scientific and technological research. A number of organizations issued research reports, said the move will greatly enhance the palm fun in the Web game research and development and operational strength, accelerate the transformation of the company's business.

However, in respect of the $810 million purchase price, some insiders pointed out that the valuation was on the high side. According to the reorganization plan, the Pioneer 100% equity value 810 million yuan, the company should be the end of the 2012 net assets of 51.1568 million yuan, transaction price value-added rate as alarming as 14.83 times times. And referring to the previous Bo Rui spread the acquisition of the same online game industry roaming Valley, also used the income method to evaluate, value-added but 6.47 times times.

Although the agency sings more, the risk is still there. Palm technology in the bulletin also said that the life cycle of web games are mostly around 2-4 years, dynamic network pioneer to continue to launch by the player favorite, heavyweight web game products to ensure the steady growth of its revenue scale, if the future of the network pioneer can not maintain a certain scale in the research product reserves and stable game product launch rhythm, The income scale and profit scale of the network pioneer are lower than the anticipated risk.

The share price of palm-tech technology is undoubtedly being left to the capital. The company's share price has been directly pulled up since late April. During the 4 May, the palm of the technology stock price on a number of trading anomalies, institutions and access is quite frequent. June, the palm of the technology acquisition dynamic network Pioneer Program by the SEC audit through the news, the first day of the transaction, the company's share price was heavily smashed on the plate. June 3 Billboard data show that 5 of institutional seats appeared to trade palm technology stocks, of which 3 companies jointly sell 73.79 million yuan. Deal 602 million yuan to create a recent day volume.

The sharp rise in the share price also brings the opportunity for the original shareholder to reduce. May 13, the palm of the first-episode technology restricted stocks lifted, a total of 40.3682 million shares ushered in the lifting of the total share of the company's equity ratio of 24.67%. Palm of science and technology restricted stocks on the day, Huayi Brothers through the bulk trading system sale 1.6 million shares, compared to the day of 65.16 yuan closing discount of 10.99%. After two days, Huayi brothers again to reduce the banner, crazy cast 3.5 million shares, the transaction price of 55 yuan, discount rate as high as 10%. Through two reduction, Huayi Brothers sold Palm technology total of 5.1 million shares, accounting for the company's total share capital of 3.12%, the cumulative realization of a set of 286 million yuan.

While shareholders are selling shares in a row, technology executives have opted to leave the company. May 21, the company's former deputy general manager Yang Yi for personal reasons to resign as director and general manager of the Post; June 18, the original Dong and deputy general manager Zhang Yunxia for personal reasons to submit his resignation, apply for resignation company director, Dong Secretary, deputy general manager and financial officer. Both executives cut their stakes in the company before resigning.