The rapid expansion of the hand tour market needs financial support

November 12 evening, Tak Li shares (main various types of daily glassware) announced that the company decided to terminate the major assets reorganization matters. For the reasons for terminating the acquisition, the company said that after submitting feedback to the CSRC, and the acquisition of the Shenzhou century further communication, the parties on the industry's future development direction and market competition strategic planning, and other related to the target of the company's follow-up development of the key issues on the major differences, can not continue to fulfill the "asset purchase agreement 》。

Rapid expansion of the hand tour market

Urgent financial support

2013 can be said to be the first year of mobile phone game outbreak, and 2014 is the expansion of the hand tour, whether the type of game, the number of companies, or market potential, capital needs are greatly increased.

A research institute released the 2014-year two quarterly game industry report shows that China Mobile gaming market from 2012 into a high-speed growth period, to the current quarter market size reached 6.651 billion yuan, the year-on-year growth of 13.35%, and as the client game appears negative, the web game into the platform period, The rapid growth of mobile games has become the main driving force to boost the overall growth of China's online game market.

Public data show that 2014 to date, there are about 4,000 different hands on the line, if the change of skin, copy, informal channel distribution, the first half of this year, the circulation of hand travel has exceeded 5,000, but the profit of about 3%.

China's online gaming market reached 27.76 billion in the third quarter of 2014, with a mobile gaming market of 6.98 billion yuan, an increase of 72.8%, and a slowing growth trend.

However, as the market expands, more and more funds want to enter this rapidly expanding industry, and the development of the industry itself has put forward higher capital requirements for all aspects, the expansion of capital in the process is very important to gambling, acquisitions, venture capital, and the listing of these common financing channels are used up.

Currently in the mobile internet industry, only mobile gaming has a relatively mature profit model. Often tens other industries to find new opportunities, cross-industry mergers and acquisitions are not uncommon, many hand-tour companies have also been listed or are preparing for listing-for example, the intention to the listing of the Joy of excellence, is preparing the listing of the Kunlun million peacekeeping and the touch-control technology. But the listing is not a suitable means of financing, or the separate listing, listed companies after the acquisition of rival companies have how the impact is not easy to say.

It is noteworthy that, with the 2013 mergers and acquisitions of most of the hand tour companies can achieve a different profit commitment, from the first half of 2014 data, not all the acquisition of the game asset performance in the capital market after entering the market has achieved the growth expected.

Statistics show that as of mid-2014, there are 17 game mergers and acquisitions have been and table, involving 21 game assets, of which 15 game assets in the first half of 2014 did not reach the annual commitment to the performance of One-second, 5 have achieved commitment to the performance of One-second, 1 undisclosed data. However, the lack of disclosure of relevant data in the third quarterly report in 2014 still makes it impossible to determine how difficult it is for them to meet their performance commitments throughout the year.

Commitment to performance is substandard

Who is it?

From the specific company performance, Palm Technology in April 2014 completed the game Crab Technology 100% Equity and upstream information 70% Equity acquisition. 2014.5 Annual report shows that two companies in the reporting period to achieve a net profit of 24.6397 million yuan and 17.2035 million yuan, with the promised net profit by audit deduction of non-recurrent profit and loss attributable to the parent company shareholders of the net profit of 160 million yuan and 125 million yuan gap is far from the completion of the progress of only 15% and 14%.

Huayi Brothers Mergers and acquisitions of Guangzhou Silverside Technology Co., Ltd. in May 2014 into the company report, the first half of the net profit of 33.7486 million yuan, only the annual commitment net profit of 143 million Yuan 24%.

In addition, there are Austrian fly animation acquisition of Shanghai-Inch Information Technology Co., Ltd. and Beijing Philharmonic Travel Information Technology Co., Ltd. were in the first half of 2014 and table, However, during the reporting period, the net profit was only 1.2088 million yuan and 4.2884 million yuan, while the net profit commitment of two companies was 35 million yuan and 39.05 million yuan respectively for deducting the non recurrent profit and loss attributable to the parent company's shareholders.

"Many companies are not expected to meet their promised profits," he said. "Some insiders say that from the point of view of the entrepreneur, some founders are eager to sell the company," may be the ' product of the inflection line ', and the 2013 is also the industry's inflexion. ”

Another notable reason, the person said, is that capital has flocked to the concept of a hand tour since last year, but in fact many of the company's performance is not propped up by hand-travel revenue, but by the page and end-travel business, although the product is quite brilliant, but overall, Page tour and end of the year since the second half of 2013 has not been so profitable, and 2015 may be even worse, while the hand tour may be only a small number of mergers and acquisitions of the subject matter, it will take time to grow up.

Shi Yong, an analyst, has said that the influx of hot money has directly increased the employment threshold of the hand travel industry, as well as channel and marketing promotion costs.

"Capital always follows hot spots, this year the concept of hand tour gradually cooling signs, more popular is the online education and Internet medical concepts." The industry insiders said hand tour short-term return is high, this is the listed company more value, and three years later, some hand tour companies hold two-class market stocks can be lifted, there is no profit commitment, if the qualification is not good, then listed companies may abandon their hands to buy other hot enterprises.