Phoenix Media final purchase and network 635 million funds suspected insider trading

has been rumored one months of the Phoenix Media acquisition of Mu and network finally settled. Phoenix Media August 21 Evening announced that it will contribute 310 million yuan to acquire Shanghai MU and Network Technology Co., Ltd. 64% Equity, MU and the network to complete the listing dream. Phoenix Media for the acquisition of MU and the network of rumors more than one months has not been interrupted, in the rumour-driven, the Phoenix media share price rose by nearly 50%. The original "rumor" has now been confirmed to be "facts", then the rumor can be identified as leaked "insider information." And with this wave can echo with insider information of the strange rise, whether there is insider trading suspicion? The takeover rumors finally confirmed that the Phoenix Media (601928) had been rumored for one months. SH) The acquisition of hand tour business finally settled. Phoenix Media August 21 Night announced that the 310 million yuan will be funded to acquire Shanghai MU and Network Technology Co., Ltd. 64% equity. The acquisition through the following means: Phoenix Media to its subsidiary of Jiangsu Phoenix Digital Media Co., Ltd. to increase the capital of 320 million yuan, and then by the Phoenix Digital media for 310 million yuan subscription to the new registered capital, and the network to hold MU and network 64% of the equity. According to the asset assessment Report of MU and network up to May 31, 2013, the net assets value of MU and net is 485 million yuan, so 64% of the equity is corresponding to 310 million yuan of the payment of the price. The announcement pointed out that the 485 million-yuan system based on the net profit of 2013 audited by the estimated minimum value of 44.09 million Yuan 11 times times the premium, compared to the recent industry hand tour enterprises generally 12-22 times the premium, Phoenix Media acquisition premium slightly lower. The purchase price is paid in four phases, the first period of payment is 60% per cent, to be paid within 7 working days of delivery, and the second and third phases are 20% and 10% per cent, respectively, within 7 working days after the submission of the audit reports for 2013 and 2014 respectively, and the fourth phase of payment is 10% per cent, To be paid within 2 years after the date of completion of the business change registration for the first issue of the subscription price. When the net profit of 2013 years is less than 44.09 million yuan, that is to adjust the valuation by 11 times times the actual net profit, then the sale price paid by Phoenix Media will be adjusted accordingly. The asset assessment report shows that 2012-year business income for the network is 68.23 million yuan, net profit is 6.95 million yuan, profit margin is only about 10%, mediocre performance. In 2013, MU and the network's performance by leaps and bounds, quickly ranks in the hand tour "high Handsome" ranks, which benefited from its trump card game "magic cards fantasy" big sell. At the end of October 2012, "Magic Card Fantasy" on the line and achieved great success, followed by the South Korea, Japan and other land on the line, the game's monthly water up to 15 million yuan. According to Analysys think-tank 2013 1 China Games market Data Report, MU and network in the mobile game market occupies 3.9% of the fourth, ranked second only to Tencent Games, Guangzhou Goode and Silverside technology. Asset assessment reports show that 2013In January-May, MU and the network realized operating income of 69.33 million yuan, beyond the annual income of 2012, net profit soared to 23.89 million yuan, for the 2012 annual net profit of 3.4 times times, if the profitability is stable, to achieve the annual profit target of 44.09 million yuan is not difficult. Phoenix Media in accordance with the 11 times-p ratio of the standard for MU and the network played a 485 million evaluation, if according to this multiples, MU and network at the end of 2012 value of only 76.45 million yuan. During only 5 months, the value of MU and the network quickly rose from 76.45 million yuan to 485 million yuan, value-added range of 634%. has repeatedly denied that the Phoenix media to buy MU and the network is "strewn." At the end of June, the stock bar began to appear Phoenix Media will buy game business rumors. Since mid-July, rumors about the Phoenix Media's acquisition of MU and the Internet have started to become a hot topic of market debate. July 19, a body of investors to the media that the Phoenix media is about to acquire a net profit of 600.07 billion yuan in the hand tour enterprise, July before the end of the announcement; July 30, media reports said that the Phoenix media has not dabbled in the business of the Chinese Hand tour industry in the first set list, And the acquisition of the object of the Phoenix Media for Mu and network; August 9, according to industry sources, the Phoenix media will be 1 billion yuan to buy MU and the network, competitors for the people's net; August 13, another institutional investor repeated the rumors of July 19, but its alleged announcement time was changed to the end of August. Another investor said the Phoenix media had completed due diligence on the web, meaning the acquisition was largely established. The 21st Century network noted that, along with this "true rumor", the Phoenix media since the beginning of July staged a strong rally, the stock price from the beginning of July, about 8 yuan, rose to the current 11 yuan near the highest rise nearly 50%. Coincidentally, in this wave of the market before, the institutions have raided a stake in the Phoenix media. Phoenix Media 2013.5 Annual report, as of June 30, Phoenix Media's top 10 circulating shareholders are "exclusively" institutional investors, of which 6 are new shareholders, and 2 in the two quarter significantly overweight. Coincidentally, the agency's "foresight" shares, the Phoenix media to buy the game business rumors began to appear, share prices have climbed. In the middle of July, the Phoenix media prices ushered in the strongest rise, July 19, a continuous rise of 8 trading days, from 7.8 yuan quickly jumped to 10.37 yuan, or 33%. The main wave of the market is following the footsteps of the Shanghai capital. Large-volume trading data show that July 1 and July 12, 12 companies located in Shanghai's brokerage department bought 77.94 million shares of Phoenix media, involving 635 million yuan. The period of "stifling wealth" soon passed. July 17 to the release of the announcement of the one months before the launch of the Phoenix Media share price appears to decline, but at the critical moment, there is always anonymous "institutional investors" lose no time to release the Phoenix media to buy MU and network rumors, the success of the share price, and make itsRise again. During this period, the media has repeatedly tried to confirm the authenticity of the rumors to the Phoenix media, but the Phoenix media denied. August 13, the Phoenix Media director of the Office of the 21st Century Network insisted that the acquisition rumors are "rumors", and its securities representatives said "not with MU and network contact", but the ambiguous said there is the intention to enter the hand tour industry. The oath of denial was 9 days later proved to be a lie, August 22 Phoenix Media finally issued a takeover announcement. After the announcement of the August 22, the Phoenix media shares are far less than the rumors when the force. August 22, the Phoenix media 11.13 Yuan/share, up 2.58%, turnover sharply enlarged. The data show that money is speeding up the escape. The day of the transaction Billboard single show, the purchase amount of the first 5 is only 58.24 million yuan, and the first 5 to sell the sum of 180 million yuan, the former 3 times times more, the first 4 sellers for Shanghai Hot Money, the 5th place for the organization, the funds fled the obvious signs. Looking back at the rise of the Phoenix media, from the agency "surprise shares" to the "hot money", to the anonymous institutional investors release the message "to the city", and then to the news bulletin confirmed "funds fled", all the cooperation is "seamless." The aforementioned "Surprise Stakes" were the biggest winners in the rally. According to statistics, the former 10 large circulation shareholder total holds the Phoenix media 193 million shares, if by June at the end of the price of about 8 yuan/shares calculation, and the assumption has not been sold, the above 10 major shareholders since the end of June has made a net profit of 570 million yuan. In fact, according to the Phoenix Media's evaluation of the assets of MU and the network, the purpose of the asset assessment is to "Phoenix Media and the network to achieve investment intentions", the evaluation of the preparation stage for the middle of June. By the end of June 2013, the Phoenix media had already acquired the intention and started to do substantial work, and the market's takeover rumors appeared in the assessment work, stating that the rumors are not "groundless." Since the information released by "Institutional investors" has now been proven to be no "rumor", rumors of one months before the takeover announcement can be identified as leaked "insider information". And with this wave can echo with insider information of the strange rise, whether there is insider trading suspicion?