Plum Blossom Umbrella Backdoor, "game concept" encounter stir Fry

A 3.867 billion-dollar deal has made a good marriage. One side is the successful backdoor to become the first domestic page tour listed companies, the chairman Lynch as a 52.32% of the majority of shareholders, the value of 2.023 billion yuan, the other side is a long time in the loss of the edge of the plum Blossom umbrella, finally ushered in the joy of price rise. And fast from the umbrella to hot online games Cross-border, more than 30 times the acquisition premium, listed companies control the conversion of the company, the future of plum Blossom umbrella is still full of suspense.

Plum Blossom umbrella Backdoor changing body online

The latest announcement of the plum Blossom umbrella, which has been suspended for more than 1.5 months, confirms rumours of a listing of the tour's shell. The company announced that it would buy 100% per cent of Shanghai travel Information Technology Co., Ltd. in the form of a private offering. Through to the Lynch and other 8 trading each other non-public issue 193 million shares, the issue price per share of 20.06 yuan, the acquisition of the total amount of 3.867 billion yuan. The transaction completes, the traveling clan information will complete borrows the shell to list, but the plum Blossom umbrella also will be formally transformed by the harness manufacturer to a network game class listed company. Like the listed companies previously involved in the game, the plum Blossom umbrella has reached more than 30 times the premium for travel information. The plum umbrella said that according to the 2013 forecast earnings ratio, the acquisition of 13.89 times times P/E is lower than the industry average of 14.01 times times, in the same period of the announcement of the game company acquisition, 37 play, play crab technology, upstream information of the price-to-earnings ratio of 14.58 times times, 14.57 times times, 15.53 Times times.

At the same time, the plum Blossom umbrella is intended to sell all its assets and liabilities to Xiamen Plum Blossom, the valuation is 269 million yuan, the total amount not exceeding 490 million yuan, and the issue price is not less than 18.06 yuan/share, which is proposed to raise the supporting funds for not more than 10 special objects, to enhance the profitability of the listed company after the reorganization is completed.

Because of this acquisition, the Travel clan chairman Lynch soared, because of its direct ownership of the 52.32% stake in the tour, to 3.867 billion acquisition price calculation, Lynch's personal value reached 2.023 billion yuan. After the transaction is completed, he will personally hold a 33.31% stake in the listed company and become the controlling shareholder and the actual control person of the listed company. By this good, although the market cliff-style plunge, but the plum Blossom umbrella on the weekend opened to limit trading.

It is worth mentioning that the travel information currently has a copyright lawsuit in the body, this is the transaction can eventually be the variable.

The umbrella industry loses several times to seek transformation

All along, because of the poor industry, the original main business profitability decline, plum blossom umbrella to seek restructuring news. and previously considered to be the most likely to participate in the reorganization of the subject matter, but was out of the popular online games industry. It is reported that the September 2009 Plum Blossom Umbrella has been suspended for one months to plan a major asset reorganization, but the final reorganization failed.

Fujian Plum Blossom Umbrella was founded in 1995, the company was founded at the beginning of the main business is clear umbrella production and sales, the main products exported to Russia, the United States, Ukraine, the European Union, Japan and other countries and regions. Owns Susino (Plum), Paolo (Bao Le), Centro three major brand products. At present, the company employs more than 1500 people, the annual industrial output value of nearly 800 million yuan. And in more than 50 countries and regions set up branches and general agent, is umbrella production world-class production and export manufacturers. In order to resolve the original main business is too dependent on the risk of overseas markets, 2012, the company actively adjust the industrial structure, through cross-industry acquisitions, new bulk trade and mining (gold mining) business. Plum Umbrella said that in recent years, due to the appreciation of the renminbi, labor and raw materials, such as production and operating costs continue to rise, squeezing the umbrella industry profit space, the listed company's traditional business profitability decline. In addition, the weak demand for non-ferrous metals market, the adverse effects of lower gold prices, the company's industrial restructuring has not achieved the desired effect.

According to the plum Blossom umbrella recently released 2013.5 Annual report revealed: The company loss of 3.9199 million yuan, the same period last year, a profit of 1.406 million yuan. However, the first half of this year, the plum Blossom umbrella has achieved a revenue of 575 million yuan, the year-on-year growth of up to 187.93%. Plum Blossom umbrella in the semi-annual report that the big increase in revenue mainly benefited from the increase in trade income compared to the same period last year. In the first half of the year, the company faced the pressure of exchange rate fluctuation, production factor cost rising and industrial upgrading transformation. Although the company's umbrella industry orders and production overall stability, export business compared to the same period a year ago, but by the weak demand for non-ferrous metals market, gold prices continue to lower adverse effects, the company's industrial restructuring has not achieved the expected effect, resulting in the reporting period of profitability decline.

In addition, the plum Blossom Umbrella is also published 2013 years of three quarterly performance notice: is expected 2013 1 ~ September attributable to the listed company shareholders net profit loss of 4 million yuan ~700 million, and the same period last year attributable to the listed company shareholders net profit of 1.91 million yuan.

"Game concept" encounters stir fry

Although the restructuring of the plum Blossom umbrella, but for the last year net profit of 37.466 million yuan to the tourists to give up to 3.87 billion yuan valuation, the market that this is a listed company after another crazy game, and the crazy future expectations, perhaps not optimistic.

Shanghai Tour Group was founded in 2009, in the forefront of web game companies, at present, research and development and operation of the game products are mainly 14, including: "Goddess of the Union", "Heroes Biography", "Big General", "a Master", "72 Change", "Ten Years Sword", "36" and other products. Mobile games include "a generation of Master" hand Tour version, "Meng Hu Hu", "Fairy League", "Iron Throne" and so on. As the current Chinese online gaming industry leading research and development and operators, in the hands of the business has entered the field of success. In the three quarter of 2013, the group ranked third in web game developers and accounted for 8.5% of the market share. The announcement shows that January 2013-August travel information revenue of 395 million yuan, operating profit of about 190 million yuan, net profit of about 162 million yuan. The report predicts that 2013 annual travel information revenue and net profit will reach 612 million yuan and 277 million yuan respectively, 2014 revenue and net profit will reach 832 million yuan and 390 million yuan respectively.

Investors found that the book value of travel information up to the base date is only 114 million yuan, and the value of the evaluation is as high as 3.867 billion yuan, value-added 3.753 billion yuan, value-added rate of up to 3281.05%, shell listing of the evaluation of the value-added rate is nearly 33 times times. While such high value-added rates are commonplace in mergers and acquisitions of hot online games, there are doubts about the industry's expected high performance growth.

The announcement shows that in the case of 2011, 2012 net profit of only 12.66 million, 37.47 million yuan, the forecast 2013-2016 net profit is not less than 285 million, 387 million, 451 million, 522 million yuan respectively, compared with 2012 year performance respectively gave 770%, 1046%, 1219%, 1411% growth commitments. Such a surge in performance growth promises seems implausible. More industry cautioned that the listed companies require online gaming companies to make performance commitments to trigger a rise in share prices, then as the wealth of large shareholders rose sharply, shareholders will be high, and the so-called performance commitment is only a commitment.

At the same time, the industry pointed out that the benchmark date for the transaction was set at the end of August 2013, but in June and July, the two share transfer of the travel information, First by the executive stock Company a ride to 119 million yuan price from the Li Zhu and other shareholders in the hands of the 2.13 million Yuan capital contribution, and then by a ride to 125 million yuan price will be 1.07 million of the amount of capital sold to Shanghai Chang Lin and Xuzhou Pine wo two venture investment company. According to the company's disclosures, the total value of the two transfers, which occurred within two months of the date of the merger, was 600 million yuan and 1.25 billion yuan, respectively, and the estimate in the report was increased to 3.867 billion yuan.

Focus on the risk of stock price inflation

After mining, electricity commerce, coal industry, media industry, online gaming industry is now in the capital market is just red. is also due to high and overvalued value of the double temptation, the recent a-share listed companies rival tour developers of the huge acquisition trend intensified. Has the industry ridicule said, today a a-share company is not already bought hand tour, is in the acquisition of the hands of the road, competing for tens of billions of hands to visit the feast as a game.

Indeed, not long ago burst 37wan committed to auto parts Shun Rong shares, the same period in green Bao announced that the proposed 440 million acquisition of Shenzhen Soma Technology Co., Ltd. and Shanghai Mei Feng Digital Technology Co., Ltd. each 51% equity, October 18 star Model car corner overtaking, Proposed to acquire 812 million yuan in Guangdong days Extension Information Technology Co., Ltd. 100% equity. In addition, there are Huayi brothers, Philip shares, and other players to enter the game, especially in the hands of the listed companies, share prices have risen sharply. Reporter statistics found that only in the last three months, there are more than 10 hand-travel mergers and acquisitions cases. One of the most cattle is the concept of hand-travel concepts of palm technology, its mergers and acquisitions page of Hainan Pioneer Network Technology Co., Ltd. 100% of the equity, and then a successful acquisition of 2.55 billion yuan game developers play crab science and technology, upstream information two game companies, since the back of the license continued to four trading.

Some people said that, as long as the pegged to the stock, "flagpole" does not fall, the hand of the big banner will not fall. This shows that the recent small pan-plum umbrella to join, but also a speculation.

As smartphones continue to grow strongly, three major factors such as wireless networks, increased 3G coverage and the diversification and facilitation of pay practices will drive the rapid expansion of the industry, and as the end-trip matures and the web game spends a high growth period, market analysts say Also support the hand to become the game industry in China's next high point of growth. Therefore, the concept of hand tour is highly sought after. However, while the concept of hand tour is overvalued, there are still some hidden dangers. There is a certain risk of overvalued valuations. Industry insiders have warned investors it is one thing to make money, you can make money is one thing.

The industry cautioned that although the latest explosion of buy-out companies still have trading opportunities, only the increase and sustainability can not be compared with earlier, the risk is accumulating.