Second generation of online games to create rich myths behind the scenes capital game state investment

This weekend, with a number of online games investment and internet research friends get-together, dinner a friend throws a question "make money or do stock money?"　　He told us an interesting story first. He had a private party in the investment industry in Shenzhen, participating in this party are excelled domestic investment circle and the stock Circle of fund managers, VC executives, because this party to drink, so in advance to inform everyone not to drive over, until the end of activities, all the guests naturally want to play home, So an interesting thing happened.　　According to recall, the group of people who made the investment were destined for several luxury areas in Shenzhen, and most people in a mansion area "Together", are neighbors, and the group of people who do stocks, but also a surprising similarity, but the destination is not a luxury area, but a few mid-range residential areas, there are "crowding" the situation of living. The result is naturally clear, from the living conditions, it is clear that the investment industry to do the income of the stock.　　But this is the result, how to explain the cause of this phenomenon? Looking at the recent online game industry IPO process, to find a recent case, in the Green Treasure Network Gem listed, successful financing more than 700 million, yesterday I check the stock price, the current stock is still worth 40, the entire company market value of 4 billion, and the P/E is still maintained at more than 90 times times.　　This is undoubtedly the second generation of online gaming enterprises, a myth of creation.　　After reading the prospectus (up to 200 pages), find out a few topics to share with you the "rich model" that is stimulating the nerves of investors and entrepreneurs in the online gaming industry.　　1th: The online gaming industry profit margin is astonishing in fact, the controlling shareholder of Bao Tak and Bao de Technology of the two affiliated companies, and the Po Tak has long been listed in Hong Kong success, from the acquisition of capital easy to see, in the beginning of the creation of the green is not bad money. A phenomenon reflected in the earnings figures is that the net profit of the online gaming industry is staggering, 2007 years in the Green Treasure game business only accounted for 1.23% of the turnover of Bao de technology, but the profit accounted for 11.45%, it is not difficult to explain why the traditional industry of various types of capital so pro-Lai online games industry this cake. The IT industry, as a new industry in the last 10 years, is stepping into the "manufacturing" profit-thin sunset, it is so not to mention other traditional industries.　　Capital is profit-driven. 2nd: Zhong Qing Bao is not a full sense of entrepreneurial business story will often have a bright figure, from scratch, plus a legendary battle experience, but in the green treasure is a mature capital operation, as just mentioned "not bad money", the essence of the green treasure is a "successful spin-off listing",　　This is not a typical entrepreneurial story.　　Before the listing of the capital structure of the treasure as above, there are 2 times the scale of capital operations, one occurred in January 2008, one occurred in February 2008, its purpose is to adjust the capital structure, the introduction of strategic investors, shareholding system transformation, ready for listing. [Page] 3rd: StrategyInvestors in the eye of the pen of the state-funded investment in February 2008, the start of the increase in green treasure, Sino-Youth, Shenzhen Innovation Investment Group, China branch merchants three investors, as strategic investors stationed in the green treasure, and obtained a large number of equity, in the first to pay 2.94 million, the successor to pay 49 million additional capital, China Branch investment upfront pay 580,000, in the subsequent increase in capital to pay 9.81 million, the two total to obtain 24% of the equity.　　After that is the transformation of the joint-stock system, the registered capital from more than 10 million to 75 million yuan, Bao de Network officially renamed in Green Treasure Net, static pending IPO. From 08 to 2010 years in the market, the gem from scratch, into a new place to create a rich paradise.　　Zhong Qing Bao only waited 2 years, and a flight to be listed companies have been waiting for many years, this is behind the country's true ancestors one step, far-sighted foresight to the opening of the gem, and will be in the gem into the list of listed enterprises, in a few rounds of "merit" in the process of the last.　　4th: 2 years Profit 10 times times the national capital Myth! From the successful login gem, the success of the capital has been announced, a simple calculation of investment in the division, the cumulative cost of 10.31 million to obtain 4% equity, after the issuance of equity dilution to 3%, the stock value of the current reached 120 million yuan (although locked 12 months can not sell but sufficient)!　　11.5 times times the return on investment, resulting in this! As a strategic investor, China Branch Investment, deep venture investment, in the Qing youth to complete the historical mission, three of the investment company with national background, to create the domestic gem online game first case!　　But back to think, this result investment side abacus already dozen good, steady earn not compensate.　　Compared to the day of the stock issue rose dozens of%, investors "to play new shares" to make money, the fund to see performance, speculation concept to see long-term, investors laugh to the last.　　Fry is really not as investment, in the retail investors are still in the "percentage" to calculate the return time, the investors are "times", so see such as angel investors appear, they are not fools. The listing of China's green treasure, the revelation to the online games industry 1th: There are huge differences between domestic and overseas listings for entrepreneurs, capital, the choice of which to build the rich road is essential, directly related to the blockbuster after the "profit". Compared to the Nasdaq and other mature markets, the domestic gem is undoubtedly more suitable for the creation of a rich platform.　　The 90 times-fold price-to-earnings ratio is unthinkable in Nasdaq. If you want to be in the Nasdaq "Heaven", on the one hand, the financial aspects to be qualified, but more need is "concept"! There is no concept of natural "the", there is no good price-earnings ratio and valuation. In the Nasdaq and swim, perfect, NetEase, grand "blooming", no concept can only become "sparring". For the second generation of online enterprises, such as Kirin, Blue Harbor, snails, as well as the back we will mention the Chinese flying message, the concept of the listing platform. So Shang has made it clear that Kirin is a custom for domestic capital "pioneering board networkTour stocks ", and snail, China flying message, clear to the gem as the goal.　　It is important to recognize the position of the ego. [Page] 2nd: The importance of a state-funded investor in the Gem IPO for many entrepreneurs, is still a visible but not touch the "dream", as we all know, the financial requirements of the gem is more stringent than foreign, there are many concepts of the company, the queue has been very long.　　Domestic capital evaluation at present, "gem" some enterprises have already passed the entrepreneurial period, the essence is a "SME", some industries in the queue for many years has become a "yellow-faced woman" into a mature industry, entrepreneurial concept disappeared.　　But for the online games industry, the gem for investors is undoubtedly a huge attraction, high profits, growth is a rare gem can be called "entrepreneurial" industry, so in order to obtain up to 90 times P/E. But how to reach the gem? The importance of strategic investors here is obvious, in simple terms, who can give the gem "listing indicators"? Who can be a shoo-in?　　In the green treasure, we see in the youth, deep venture investment, China Branch investment is rare to operate gem listed investors. In the whole process, although the parent company is not bad money, but still in exchange for the listing of equity qualifications, achievements of their own achievements in the state-funded.　　This is a win-win situation.　　Second generation of online games to create a rich myth, who is the next green treasure? In green Bao to the online games industry a successful model, then have similar conditions may enter the gem and what?　　Here are a few possibilities, Kirin, snail, these companies have been shouted at the mouth of the company from needless to say, their listing is a matter of time, and the capital side of the game. And another by the Chinese business investment 2 times, China Flying News is undoubtedly an ambush in the gem behind the fourth home game enterprises.　　This round of investment in China branch investment, and see its previous investments in the difference between the green treasure, national capital is also adjusting their investment strategy, at the same time to deal with the increasingly complex capital environment. A game of hard conditions for the elimination of the acquisition of competitors said not to swim in the industry, the flow of mergers and acquisitions for the purpose of capital is too much, entrepreneurs on capital is "both defense and love."　　"Selling a good club is pulling out" has been tempting entrepreneurs. Zhong Qing Bao had hoped to 200 million yuan to merge the Chinese flying news, this price, discerning people are aware of too low, in the green treasure with its own 4 billion of the price is willing to come from the 2亿来 amnesty a similar team size of their opponents, its essence may not want to see another online game concept stocks.　　Two of the same for the Sino-Division investment, but the Chinese flying news did not accept this condition.　　And the domestic Haitao team 2 times to sell grand, gold cool was grand incorporation, reflects these enterprises in the impact on the gem lack of hard conditions, in the mean is the lack of concept and strategic investors led. Two countries from the temptation to invest in a large investment in green Bao listed, China Branch investment has been a lot of revenue, but it accounted for only 3% of the equity, can be said to be just a small test, Bao pressure in its 2 investment in China flying, the first more than 10 million of the investment, the second Pro-ipo investment more than 100 million, you can think about, China Branch investment will get a lot of equity. To rebuild a gem "in the Green Treasure", which is the largest investment in the "Yang Seek", and as the Bureau of the Chinese flying message, the choice by the Sino-Branch investment to operate plate impact gem, no doubt more confident.　　When the myth was born, it was the time when both sides swept. PostScript for the beginning of the "investment and stocks who more money", I believe you have a clear answer, the first round of the game industry myth is created by international capital and domestic entrepreneurs abroad. And a new wave of IPOs, at close proximity to the people around us.　　In this game of capital, the interest relations, the capital size, the concept is indispensable, but slightly different is, the national capital is from the first round of watchers, become one of the dominant. Myth is still continuing, the second generation of online gaming enterprises to the situation, let the author feel that the game is not a win-take-all situation, business logic here is faced with the challenges of the rule makers, but entrepreneurs and investors will certainly laugh to the end.