Summary of the 2014 mergers and acquisitions of those gaming companies

Throughout the A-share game mergers and acquisitions market, from 2013 to date, involving a-share listed companies in the game industry mergers and acquisitions case has more than 20, of which the palm of technology and light media have completed two game-type mergers and acquisitions. It is noteworthy that, in addition to the palm of the technology, Huayi Brothers, such as a few listed companies have held game assets, most of the mergers and acquisitions game enterprises are the first contact, and the main business is not close to the game industry, such as energy, medicine, communications and so on. But that does not affect their enthusiasm and determination to buy and play at a premium of dozens of times times.

We note that mergers and acquisitions usually contain betting agreements, most of which are designed to encourage the acquisition of game companies to maintain higher performance growth. In the merger, the two sides signed an agreement, the acquisition of the game commitment in the next few years (usually three years) to ensure the completion of the expected performance.

Huayi Acquisition Silverside completed 24%

July 24, 2013, Huayi Brothers issued a notice, to Liu Changju, Mookie Creative (Beijing) Technology Co., Ltd., Shenzhen Tencent Computer System Co., Ltd. issued about 7.6069 million shares and pay cash about 448 million yuan (total 670 million), buy its total holdings of Guangzhou Silverside Technology Co., Ltd. 50.88 % of the equity.

In the gambling agreement, Silverside Technology Commitment, 2014, 2015, 2016 to achieve the deduction of non-recurrent profit and loss attributable to the parent company's shareholders of the net profit is not less than 110 million yuan, 143 million yuan, 185.9 million yuan, if unable to complete the month performance targets, then "[ Current year net profit forecast-year actual net profit-year net profit forecast]x[(1/3) x acquisition of the price]÷ issue price compensation to the Huayi brothers, and priority to compensation for shares, less part of cash compensation.

According to the data of the third party research organization, the Silverside technology market share is 5.9% in the mobile game research and development manufacturer, its ace product "Time Hunter", April 13 month water reaches 35 million yuan, at that time all domestic hand swims the product ranked third.

Since the annual report of Huayi Brothers has not yet been released, the Q3 Quarterly Bulletin of October did not mention net profit, with Huayi Brothers as the data in the first half of 2014, the net profit of Silverside was 33.7486 million yuan, only the annual commitment net profit of 143 million Yuan 24%.

However, Silverside Technology CEO Liu Yan at the annual meeting to announce the Silverside 2014 Annual results: 2014 annual water 1.7 billion yuan, compared to 2013 800 million income year-on-year growth of 112.5%. 2015-year performance target of 2.5 billion yuan, will release 2 new boutique Hand tour, at the same time the company will increase to 1000 people.

Austrian fly merger and acquisition of the complete degree of the tour is far

October 22 Night, the Guangdong Austrian Flying Animation Culture Co., Ltd. issued a notice, to issue shares and cash and set the way to raise capital of 692 million yuan, the acquisition of Shanghai-Inch Information Technology Co., Ltd. and Beijing Philharmonic Travel Information Technology Co., Ltd. 100% shares.

The announcement shows that the Austrian Fei price 325 million 100% to acquire a technology stake, a premium of 19.5 times times, 367 million 100% to acquire the shares of the Philharmonic, net assets estimated value added 10.9 times times. The two sides signed the agreement on gambling, square-inch technology commitment 2013, 2014, 2015, 2016 years and the deduction of the net not less than 25 million yuan, 35 million yuan, 47.25 million yuan, 61.425 million yuan. Philharmonic travel Commitment 2013, 2014, 2015, 2016 years and the clasp of the net not less than 30.8 million yuan, 39.05 million yuan, 49.3 million yuan, 62 million yuan.

However, according to the report of the semi-annual reports, the net profit of the first half of the 2014 year with the Philharmonic tour is only 1.2088 million yuan and-4.2884 million yuan, with the promise of the deduction of the net profit of 35 million yuan and 39.05 million yuan far apart.

Tour Network Backdoor plum umbrella to complete 62% expected target

In May 2014, the plum Blossom Umbrella announced that it intends to sell all its assets and liabilities, and to buy 100% of its shares in the form of a non-public offering, amounting to a total of 3.867 billion yuan.

In the gambling agreement, the Travel network control person Lynch and other shareholders promise: 2014 ~2016 year deduction after the net profit is not less than 387 million yuan, 451 million yuan and 522 million yuan.

According to the annual and Q3 earnings reports released by the tour, the first half of the tour after the net profit of 154 million Yuan, Q3 quarterly deduction after the net profit of 86 million yuan, the current annual report has not been published, from the current data, completed 62% of the expected target, whether the final conclusion, but also to see the final annual report data.

Palm Fun technology mergers and acquisitions crab and upstream information are all completed performance commitment of about 40%

In terms of mergers and acquisitions, crab Science and Technology Commitment 2013 ~2016 Annual deduction of non-recurrent profit and loss after the net profit should be no less than 120 million yuan, 160 million yuan, 200 million yuan, 240 million yuan; upstream information 2013 ~2016 year after deducting non-recurrent profit and loss after the net profit is not less than 75 million yuan, 125 million yuan, 156 million yuan, 190 million yuan.

According to the 2014-year report of palm-fun technology, Play crab technology and upstream information this 5-June respectively achieved net profit of 24.6397 million yuan and 17.2035 million yuan, in the Q3 Quarterly, Palm Technology did not disclose the net profit of two mergers and acquisitions, but according to the first half of the report, as of the first half of 2014, crab and upstream progress have completed the performance commitment of 40 About。

Love makes the acquisition of shares in the period of six months completed 20%

April 4, 2014, love to make shares issued a notice, announced through the issue of shares and cash payments by the way, to 1.18 billion yuan to buy online games company travel time of 100% shares, the premium reached 41 times times. In the announcement, Love made shares of the Nangju era 2014 's profit forecast of 33,862, 640,000 Yuan, of which net profit is 9,815.270,000 Yuan.

By looking through the earnings, Nangju ERA 1 ~ May, the total battalion income of 84.37 million yuan, net profit of 17.69 million yuan, completed the target of 24% and 18% respectively, although love so that the shares did not release the annual earnings, but according to the current data, the expected to complete the annual profit is still a distance.

It is noteworthy that love makes the shares in the acquisition of the long time, did not set the relevant gambling agreement, according to the announcement, love so that the shares will be in two stages to pay the stock and cash, three founder instantly become a capitalist millionaire.

Light Media 230 million invest in Xian Hai technology

With its own funds 230 million yuan acquisition of Guangzhou Xian Hai Network Technology Co., Ltd. (hereinafter referred to as "Xian Hai Technology") part of the equity and increase in capital, the project is completed after the company holds 20% equity of Xian Hai Technology.

Although in the acquisition did not mention the future performance of the technology promise, but the overall valuation of 1.15 billion yuan is one of the basis for the future profitability of the Xian Hai technology. In fact, the light media into the game industry, the company intends to hold Jefen network and Guangzhou Blue Arc, and participate in the fun and Xian Hai technology, a total cost over 770 million yuan.

Light media to be held by the Jefen Network and Guangzhou Blue Arc promised the next three years to achieve net profit or after-tax net profit of about 132 million yuan and 100 million yuan, but last year, Guangzhou Blue Arc still in the loss, the net profit of Jefen network is only 3.83 million yuan.

Interestingly, in the takeover bulletin, the risk hint says, game industry advanced game professionals shortage of resources, digging angle caused the team or even the whole team to run away caused the enterprise concussion of the situation is not uncommon, Xian Hai Technology and did not encounter digging horns storm, but encountered more unexpected things--only in the light of the media investment for several months , Xian Hai Technology President Zhang a few days of overwork, on September 26 two o'clock in the morning heart attack died at the age of 33 years.

Performance of substandard listed companies really lose it?

Obviously not.

The purpose of the listed company's merger and acquisition game is to enlarge the market value, and the gaming company is willing to gamble to obtain cash flow.

Huayi Brothers in the acquisition of Silverside technology, the continuous emergence of three trading, reported 38.01 yuan, or 10.01%, and other companies in the announcement of mergers and acquisitions, the share price also appeared in varying degrees of trading.

Media statistics, the completion of the game acquisition of the 20 listed companies, the average price increase has been more than 224%. One of the highest increases of up to 500%, in such high returns, the concept of the game has become a natural sweet cakes.

In fact, in addition to the public companies to reap the profits, the game company to make a pot full.

Since most of the game mergers and acquisitions are paid in cash + stock, and the cash accounted for a large part of the game company to get real money, for can not be completed on the gambling performance, has not been very important.

In fact, the game is a win game, in this game, basically no losers, but not long, 13 14 game Blowout Wave has passed, a-share market for games, film and television mergers and acquisitions case has not been too cold, in other words, mergers and acquisitions to raise the share price method has not been very good, For those companies that want to buy and play companies, it's time to think about them.