Shenzhou Thai yue hand tour buy blowing bubbles: The actual control of the two people float 1.6 billion

The acquisition of the target of the Tianjin shell evaluation of value-added 1.172 billion, after the asset securitization, two premium 520 million consecutive four trading board, this is the Shenzhou (30002.SZ) 2009 listing for the first time. This is undoubtedly because of its announced on August 23, the acquisition of Tianjin Shell Software, officially entered the hand-travel industry. This gem second stock, by virtue of flying products rely on mobile in the past few years scenery. Now with the rapid development of the Internet, its flying letter business at the speed of decline, which has to seek new competitiveness. The acquisition of Tianjin Shell Wo to "equity + Cash" payment method, trading total price of 1.215 billion yuan, according to the agreement and 17.23 yuan of additional prices, the Shenzhou Thai Yue need to issue 45.7052 million shares and pay 428 million cash, cash from the first super raise funds. When the plan was released, the share price began to rise wildly. As of August 29, the Shenzhou Thai Yue stock price closed at 28.71 yuan, compared to the 19.34 yuan before the suspension rose 48.45%, compared to the increase in the price rose 66.63%. Then, the interests of the relevant parties into geometry? First level of interest: Asset sellers "Liyi" investment returns of 353 times times Tianjin Shell is a young company, December 21, 2012, its shareholders and management team is a group of young people. Tianjin shell of the shareholders are Liyi, Tianjin Luo Shell, Dai Zhikang, Gao Yuyan, Li Zhangjing, respectively, holding 74%, 12%, 5%, 5%, 4%, of which Tianjin Luo Shell is a Beijing Shell Wood management team jointly established. The plan shows that, as of the assessment base date, June 30, 2013, the Tianjin Shell has not audited net assets book value is 43.4286 million yuan, but according to the income method evaluation value is 1.217 billion yuan, after the agreement transaction price is 1.215 billion yuan. Here, the asset seller obtains the first premium = 1.215 billion yuan-43 million yuan = 1.172 billion yuan, the value-added rate is as high as 2725.56%. The transaction using the "Equity + cash" approach to the price, the asset seller can direct access to cash amounted to 428 million yuan, can be traded in China Tai Yue 45.7052 million shares. As the stock price continues to rise, to China Tai Yue August 29 share price calculation, the choice of asset securitization asset sellers are enjoying a hefty two premium = (28.71-17.23 yuan) x4570.52 million = 524.6957 million Yuan. Compared to their initial investment costs, this is undoubtedly a capital feast. According to statistics, the cost of 5 asset sellers to invest in Tianjin Shell and wood total about 5.95 million yuan, according to the August 29 closing price calculation, their book Investment income = (28.71 yuan x4570.52 million + 428 million yuan)-5.95 million Yuan = 1,734,246,300 yuan, investment returns about 291 times times. Among them, born in 1983, it Liyi, the founder of Beijing Shell and Tianjin Shell Wood, the initial input cost is about 3.9 million yuan, after the transaction not only obtains 278 million cash, will also directly hold the Shenzhen Thai Yue 5.7%, also through the Tianjin Luo Shell indirect Holding0.12%. According to the closing price of August 29, Liyi's book Investment income = (5.7%+0.12%) x65911.91 million x28.71 Yuan + 278 million yuan-3.9 million yuan = 1,375,436,600 yuan, investment returns about 353 times times. The same as the It man's Li Jing Chapter, has been the palm of the fun technology investment director, the current Beijing shell and Wood president. August 2013 with 200,000 yuan investment cost of Tianjin Shell Wood 4% of the equity. After the transaction, will receive 15 million yuan in cash and 2.0313 million shares of China Tai Yue, according to the August 29 stock price calculation, Li Ulrich's book Investment income = 2.0313 million shares x28.71 Yuan + 15 million yuan-200,000 yuan = 73.1186 million yuan, less than one months investment returns up to 366 times times. The second level of interest: Asset buyers "Shenzhou Thai yue" Hand Zhongmeng 2009 when the IPO, Shenzhou Tai Yue Equity for 126.4 million shares, after three times high transfer, the share capital expanded to 613.41 million shares. After the transaction, the Shenzhou Thai Yue Equity plate will be further expanded to = 613.4139 million shares + 45.7052 million shares = 659.1191 million shares. The rise in share prices has also allowed the market value to rise by a considerable amount of $17.6 billion for the period ended August 29, which has increased by $5.8 billion before the suspension. This is in the Internet industry, the Shenzhou Tai Yue, with the success of the first few years of flying letter business has maintained a steady growth in June this year and the expiration of the contract, it is no longer the sole carrier technology, coupled with micro-letters, Ishin and other mobile terminals, the introduction of Shenzhou Thai Yue Letter business advantage is gradually weakened. The survival of the fittest, the Shenzhou Thai Yue had to seek new market. For this acquisition, the Shenzhou Tai Yue playing "platform + content" slogan, its own strong Internet development and operation capabilities, integration of Tianjin Shell and Wood, will provide a platform for its mobile gaming business, but also for their own attract users and improve user stickiness, achieve a total win. Through this transaction, not only can enrich the content of the Internet's own business, the formation of new profit growth point, but also for the company's overseas integration of communication platform content operation lay the foundation. Tianjin Shell and Wood main products "small empire" mainly through Google Play and Amazon App Store mobile apps to promote the operation of the Android platform, in the overseas market occupies a place, the number of registered users worldwide more than 8 million, gamers in more than 200 countries and regions, In the first half of this year the monthly recharge amount reached 9 million yuan. The plan shows that Liyi, Li Jing and Tianjin Luo Shell on the performance of Tianjin Shell in the next 4 years to make commitments and assume the responsibility for compensation, it is expected in 2013, 2014, 2015, 2016 deducted non-recurrent profit and loss after the net profit of 80 million yuan, 110 million yuan, 150 million yuan, 200 million yuan, If we can achieve the expected, we will improve the profit structure of the Shenzhou Tai Yue. Third-tier interests: The majority shareholder "the actual control person" floats 1.6 billion Lili and WN respectively holds the Shenzhou Yue 84.5263 million shares, the proportion 13.77%, and listed as the first big stockEast, the same as the actual control person. After the deal, their equity dilution to 12.82%. As of August 29, Lili and WN respectively through acquisitions to obtain floating surplus = (28.71 yuan-19.34 yuan) x8452.63 million = 792.0114 million Yuan. In addition, the PE shareholder Huijin Cubic Capital Management company acquired by the acquisition of the book floating surplus 115 million yuan. Fourth-tier interests: Angel investors "Dai Zhikang and Gao Yuyan" net earn 88,750,005 of the sellers of assets, Dai Zhikang and Gao Yuyan is the Beijing shell of the beginning of the angel investors, which Dai is currently Tencent Micro-life general manager. The two chose to pay the price of pure cash. August 2011, Dai and Gao respectively to 500,000 and 750,000 of the price respectively to obtain Beijing Shell 5% of the stake, and agreed that Beijing Shell as a result of business development or venture capital financing needs to set up in the domestic and foreign affiliated companies, its right, such as the proportion of shares with the corresponding affiliated companies. In Beijing, after the transfer of wood to Tianjin Shell Wood, the corresponding respectively to obtain a 5% stake in Tianjin Shell. After the transaction, Dai and Gao to Tianjin Shell Stock Equity Exchange 45 million yuan, can calculate its investment income = (45 million Yuan x2)-(500,000 Yuan + 750,000 yuan) = 88.75 million yuan, investment return 71 times times, which wear net earn 44.5 million, high net earn 44.25 million. The fifth level of interest: public investors float 3 billion before the suspension, the public investors about the holding of China Tai Yue 316 million shares, according to the August 28 stock price calculation, the acquisition for the public investors bring book floating surplus = (28.71 yuan-19.34 yuan) x3.16=29.6 billion. Obviously, this is a capital feast that is scrambled by the concept of hand-swimming.