Qunxing toys 1.44 billion acquisition of a Star Internet

Ji Jiapeng newspaper reporter in Shenzhen

July 21, suspended more than five months Qunxing toys (002575) announced a major asset restructuring announcement: the company intends to 1.44 billion yuan of consideration, including four shareholders, including Tencent, the acquisition of its holding Starbucks Internet (Beijing) 100% stake in technology companies.

Xingchuang Internet is the exclusive agent of Tencent hand travel "universal hero" developers, but also the first access to WeChat, mobile QQ mobile game platform third-party gaming company. Tencent originally owned 37.22% of the shares in the company, this time the acquisition will be all thrown.

July 22, Qunxing toy daily limit after the opening bell, or 10.03%, as of close, Qunxing toys' stock price is still firm at 17 yuan.

Toy company playing cross-border

Qunxing Toys Bulletin shows that the company and all Starbucks Internet shareholders on July 21 signed the "Agreement on the issue of shares and cash to buy assets," intends to buy 100% stake in Star Link, the total transaction was 1.44 billion yuan.

As of May 31 this year, based on the book value of Starbucks 100% stake was 67.6186 million yuan, 1.44 billion yuan trading price equivalent to a premium of 20.3 times the book value.

Among them, Qunxing Toys to buy shares issued by the issuance of shares and cash to buy Li Bo, Yin Chao held a total stake of 58.64% stake in a Star, of which 50% of the shares converted by the Group Hing shares of listed companies shares to Li Bo , Yin Chao paid, the two will receive a total of 35,813,000 shares of listed companies, the other 50% of the consideration paid in cash.

Qunxing Toys also purchased the remaining 41.36% equity interest in Starlink through the purchase of Tencent and Shenzhen Century Kaihua Investment Fund Co., Ltd. (hereinafter referred to as Century Kai) in cash.

According to the announcement, Starlink has produced a number of popular mobile online games products such as "Star Trek," "Heroes of the Turret," and "National Heroes." Among them, "National Heroes" was launched in the second half of 2013 only for one month, The game is running more than 100 million yuan. Currently, Starlink is developing and expects to launch two new game products in the third quarter of this year.

And the previous A-share listed companies rival travel company acquisition the same way, the parties also agreed on the profit forecast of compensation provisions. Li Bo, Yin Chao, Tencent Computer and Century Kaihua promised that the non-net profit deducted by Star Alliance from 2014 to 2016 will not be less than 120 million yuan, 144 million yuan and 172.8 million yuan respectively. The deficiencies will be compensated as agreed.

Announcements show that toys and games as a carrier of entertainment there is complementarity and commonality, targeting audience preferences, both through online and offline, the combination of virtual reality, toy products and game products derived from each other, can be varied, diverse To meet the entertainment needs of the crowd at multiple levels.

WeChat is not a panacea

Previously, the outside world has been rumored access to Tencent WeChat platform game revenue share will be 1: 9, only 10% of developers. However, from the disclosure of Starbucks Internet January 2014 January-May total revenue of 97,084,600 yuan projection, "Heroes" and Tencent share ratio of about 3: 7.

It is understood that "all the heroes" in the November 26 last year officially launched the WeChat platform. From the "hero of the" game features point of view, Tencent WeChat platform access to the first serious online games. Prior to the WeChat platform access products more emphasis on mild casual games.

In fact, mobile games industry has been the focus of attention has been: how access to Tencent WeChat gaming platform and get rich overnight. The Starbucks Internet was acquired this case, we can see WeChat platform is not a panacea.

As the first third-party game company to access WeChat, although WeChat and mobile QQ have brought a large number of users and running water to the game, the overall scorecard of "All-People Heroes" is not very pretty.

From the data point of view, after experiencing the glory of the end of last year, its user activity dropped rapidly. As of May, the number of active users in this game was only 2.07 million. Compared with 1528 when just logging in to WeChat and mobile QQ in December 2013 Million active users, a sharp decline in data.

According to Tencent insiders told the 21st Century Business Herald reporter, "universal hero" access, the data did not imagine good, so later access to third-party gaming company Tencent products have become very cautious.

Some game industry sources told 21st Century Business Herald reporter, the data decline may be because the "universal hero" user positioning and WeChat is not the same, many white users just through the WeChat this platform to try this game, but the end user did not France retained; and this result, to some extent, and Tencent WeChat platform operational capacity.

Ai media consulting CEO Zhang Yi interview with 21st Century Business Herald reporter said that WeChat is a social tool, more suitable for users of light games, relatively speaking, there is a "social element of entertainment" in which the user of this platform Properties do not match the heavy games that users spend a lot of time and energy with.

In fact, as the main source of revenue for WeChat, and in order to ensure the effectiveness of the game promotion, the location of the WeChat gaming platform will also be controlled in a certain amount. Therefore, whether it is for third-party game companies or internal game studios, WeChat is extremely harsh on products that access its gaming platform.

Announcement said that with Tencent platform is one of the biggest advantages of the Star Internet, "Heroes" is the first non-Tencent Weixin R & D platform, the domestic third-party companies developed games, Tencent platform compared to other platforms, with more Strong competitive advantage, in the future, Starlink will continue to deepen cooperation with Tencent platform.

However, the performance of the above-mentioned "All-People Heroes" and the current acquisition of Tencent through this merger have already sold off the shares of Startron Internet. If the next game of Starlink will continue to access WeChat gaming platforms or other products of Tencent, Hit a question mark

Looking at the current A-share market, the acquisition of the game company is still very hot. Glassware company Deli shares in the just past on July 15 to 9 times the premium acquisition of the game company Martial Arts century.

Zhang Yi told reporters in the 21st Century Business Herald that although the current capital market is still very optimistic about the gaming market and the mobile game industry is still developing momentum this year, it is risky to hold those stocks involving game companies for a long time. "A simple logic is that the current market is so big, why do game companies sell the company?"

Zhang Yi believes that the success of mobile games by chance is very high, for developers, whether the next game can continue to success, in fact, their own hearts did not end, it is better to take advantage of the capital market is now hot shot the company cash.