The false of the concept of online games has not faded, and together the market stunned game merger and acquisition case quietly staged

The concept of online games false has not faded, and together to make the market stunned game merger and acquisition case quietly staged.

On the night of October 23, the 1.5-month-old plum Blossom umbrella (002174.SZ) finally unveiled the veil of major asset reorganization. The asset injected into the plum blossom umbrella is not the previous market expected mining, but has been hype to the ultimate network game.

Like the previous game of the listed companies more than 30 times premium, the plum Blossom umbrella acquisition of Shanghai Travel Information Technology Co., Ltd. (hereinafter referred to as "travel information") of the premium will be nearly 33 times, the total amount of acquisition amounted to 3.867 billion yuan. However, the "China Business newspaper" reporter noted that the shell listing of the value of the evaluation rate is close to 33 times times, the promised 2013-year performance soared nearly 8 times times year-on-year, its performance is rather worrying.

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According to the plan announced by the plum Blossom umbrella, the original assets and all liabilities of the plum Blossom umbrella will be stripped to the company's actual control person Susino Xiamen Plum Blossom Industrial Co., Ltd., valued at 269 million yuan. And the reason to go to sell the shell of the road, is because the original main business of plum blossom profit ability decline.

Data show that the company was founded at the beginning of the main business is the production and sale of sunny umbrellas, the main products exported to Russia, the United States, Ukraine, the European Union, Japan and other countries and regions. 2012, the company actively adjust the industrial structure, through cross-industry acquisitions, new bulk trade and mining (gold mining) business.

Look up plum umbrella this year, the Half-year report found that, although the first half of this year, plum Blossom umbrella to achieve business income compared with a sharp increase of 187.93% to 575 million yuan in the same period last year, but the net profit attributable to shareholders of listed companies fell 378.8% to the loss of 3.9199 million yuan.

But the plum blossom umbrella becomes the net swims perhaps in everybody's unexpected.

The company announced that to 269 million yuan price will be the company's original umbrella manufacturing and sales, bulk trade and mining (gold selection) business, at the same time, 20.06 yuan/share of the price issue of 193 million shares to buy Lin Qi, such as holding a well-known game company travel information 100% Equity, and to 18.06 yuan/ The price of the unit will increase not more than 27.13 million shares, raise the supporting funds not more than 490 million yuan.

After the reorganization, the exchange rate of 3.867 billion yuan will become the main body of the listed companies, the company is the largest shareholder of Plum Blossom Industrial Holdings will be reduced from 46.71% to 12.79%, the majority of the travel information shareholder Lynch's shareholding ratio of 33.31%, become the new largest shareholder of listed companies. This also means that, if the transaction is completed, the information will be through the "shell listing" way to become a real sense of the first share of the net.

Data show that the information is the current Chinese online gaming industry leading page tour research and development and operators, since its inception has always maintained a high profit and high profits of the rapid growth in the hands of the business has entered the field of achievement is also good.

But the reporter found that the travel information on the shell listing of the evaluation of the value-added rate is close to 33 times times, the commitment of 2013 years of performance soared nearly 8 times times, its performance is rather worrying.

The profit pledge is questioned

The bulletin shows that the value of travel information up to the benchmark 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%.

Although such a high value-added rate in the game company's acquisition is not the first time, but the value of the travel information in 2013 and the next few years, the earnings estimates are slightly "exaggerated": in the Travel information 2011, 2012 net profit of only 12.66 million yuan, 37.47 million yuan, Forecast 2013 ~2016 Annual net profit is not less than 285 million yuan, 387 million yuan, 451 million yuan, 522 million yuan, compared to 2012 years of performance were given 770%, 1046%, 1219%, 1411% growth commitment. It is Khanyi that such a high performance growth can be achieved smoothly.

But the company seems to disagree, it said optimistically in the announcement, "This transaction is to buy assets of the evaluation of higher value-added rate, in addition to the information of the network game industry in recent years, high-speed growth, but also in the tourism Information game product research and development speed, profitability, and benefit growth and stability." ”

Long-term attention to the online game researcher He Menghua (alias) told reporters, "in the online games industry in the ascendant, the concern of the capital market continues to warm up today, the travel information into a-share market, or will become a darling of the investment market." ”

But for He Menghua's point of view, there is no lack of opposition in the industry, Beijing Tong Xin will invest fund Management Co., Ltd., President Wang Shixian in an interview with reporters, on the current Chinese stock market gaming company's speculation put forward a warning. "From the current game company mergers and acquisitions, a product of a company a lot of phenomenon, a product easy to succeed but the life is very short." Can not be a product as a company, the company operates with a product success is not the same thing, by hype a product to hype a company is very dangerous. Obviously, the truth as soon as we speak out, we will understand that the Chinese stock market hype is flawed or is here. ”

Wang Shixian said it is not unfounded, earlier, in the green Treasure announced that the plan to spend 440 million yuan respectively to acquire Shenzhen Soma Technology Co., Ltd. and Shanghai Mei Feng Digital Technology Co., Ltd. each 51% equity. Since June, the shares of the Chinese market rose, from 18.30 yuan/shares soared to now 30.96 yuan/share.

Reporters have several times to call the company telephone interview reorganization matters, but the telephone has been in no answer to the state.