Wang Feng: How to understand the crazy hand travel why not sell Blue Harbor

Another hand tour company drying data: Blue Harbor Online announced yesterday, its RPG hand tour "King Sword" access to 120 transport platform, download more than 20 million, the monthly water reached 45 million yuan. According to founder Wang Feng said, this income is he rejected a-share listed company Lang Ma information proposed by the value of 1.6 billion yuan acquisition of the emboldened. At the beginning of August, Everest's announcement was that the termination of the purchase of Blue Harbor was due to disagreements between the two parties over the price of the transaction, the structure of the transaction and the trading scheme. In the smell of dialogue with Tiger, Wang Feng analysis of the current a-share listed companies mergers and acquisitions hand tour behind the upsurge of motivation. He said: The most interesting thing is that a-share listed company's profit is very bad. Some companies made tens of millions of profits last year and now want to buy our 120 million profit companies and say, "You depend on me in the future." And with a whip we said, "We have 30 million profits this year." But you have to do 120 million this year, next year 150 million, and 200 million. "You feel bad when you talk to them, you know. In the industry and times when money is smashed his office outside the door with a martial arts wind betting on the notice, with the company's game team agreed, a game can not be on line on time on the line project team in Wangjing naked, on time line, then he personally took out 1 million yuan to reward the mighty. This is no less than his autobiography, "The Network game industry ten years of practice," the complacent. His blue port online has gone through the end of the tour, the page tour, hand Tour transformation, each time stepped on the point, not how to lose (of course, no big win). He firmly believed that he makes the game the sentiment and the dish feeling, gives the Blue Harbor the selected road is refuses the merger, the independent listing, simultaneously does the research and development and the agent. He thinks that Baidu, 360 such big man cannot rob his developer market. He is also not optimistic about being a a-share company mergers and acquisitions of the game team, that they are in their own such an independent company to manoeuvre space. This is the tiger sniffing his readme. To see why he is so arrogant: Everest the end of the information acquisition I don't know why Everest information in the bulletin said the deal was terminated because of disagreements over the transaction price and the structure of the deal. I do not know such wording for a listed company, in the transaction has not been achieved, after the card, the management will be more convenient for shareholders and the public accountable, but I stand on the point of view of the parties, we give up the core of the transaction is only three words, do not want to sell. In the hottest period of mobile internet gaming this year, almost every game company in the first place has received an investment or an offer from a a-share company or other listed company. Blue Harbor is a more active company in the industry, there are listed companies to talk to us about cooperation is completely understandable. Blue Harbor shareholder structure is Blue Harbor management and A/b round of venture capitalists, from the angle of VCs, some companies give so good acquisition conditions, they feel is can talk. But in the end I persuaded the Blue Harbor board to agree not to sell. Mingxiang (Blue Harbor online president) at that time sent a text message to each other, very can represent our management's thoughtFA: "* always, very sorry to communicate with you one thing, last night our team after careful consideration to make a decision, that is, Blue Harbor does not consider the sale of matters, we still hope to seek independent development, perhaps the road is bumpy but only hope for peace of mind! Thank you for your indulgence, and we extend our deepest apologies for your time. And bless your company to find a more suitable team. Thank you! " Some people say that Wang Feng many venture capital also optimistic about you, you can in the mobile internet era to do a new platform company, perhaps more than the game company value. But it's kind of like you still have fertility, women are also, people say you let me take the boss away, you regenerate a second. But I don't want to. So this is why I later said that "I love money, More Love Blue Harbor." How to understand the frenzy of a-share listed company to gobble up mobile gaming companies I can understand the madness of a A-share listed company for a mobile gaming company that eats up the performance better. Because the A-share market PE high enough, gave them enough to buy a large premium space. Their own PE can get 100 times times, take out 15 times times as leverage on you, there are huge trading space. My own company has a more than 10 million net profit per month and a strong ability to move forward. Suppose I sell the company to someone else and I can get 200 million of the cash. And how do listed companies sell? He bought you out and tied you up. The team has three years, and has various terms for performance requirements and price payment. It's kind of like giving you your money and saying, Wang Feng this is yours. It's a pretty reluctant thing for me. The most interesting thing is that a-share listed company's profit is very miserable. Some companies made tens of millions of profits last year and now want to buy our 120 million profit companies and say, "You depend on me in the future." And with a whip we said, "We have 30 million profits this year." But you have to do 120 million this year, next year 150 million, and 200 million. "You feel bad when you talk to them, you know. But now these just up the hands of the company, it is inevitable that some start to accumulate not enough, the founder's motivation is not to make a very good game company, but a see can be changed ahead of time to trade. So the madness of a A-share merger will last for at least three months to the end of this year, and there will be a steady stream of mergers and acquisitions. The next challenge is that it is not easy for these a-share listed companies to manage so many small game companies. The stability of the core team, the integration of culture, and whether the founders have so much power are the problems that worry me. Corporate culture issues, game companies may be more typical. It is hard for you to imagine that some people who are not so fond of games take you and go in and what kind of feeling they have in this business. From a global perspective, blizzard is a particularly typical company, up to the CEO down to every employee, even the front desk administration likes games. But once you're not a game company, it's hard to keep the original spirit. Not with the original game culture is very good integration, I think it is a great risk, so I would like to control the company. Blue HarborThe future is listed game companies are indeed on a scale, or sell, or on the market. And we choose the latter. It's easier to choose the former than to sell it. We persisted 6, 7 years, lets the performance grow to the capital market to be able to recognize the level, is this the mouth you let me sell? I would prefer to take a chance. Blue Harbor or should go overseas listing, in particular, is now in the election of Nasdaq or Hong Kong has not been conclusive. The fundamental reason for the Blue Harbor to go on the market route is: First, in the past six years, although some people feel that we from the end of the TAWAAF to the page, and across the hand to swim, is a fickle company, but they forget that we have six years to maintain the independent game developers and distributors positioning. Second, in the past six years, because we have been playing games, we have accumulated a large number of professional research and development and distribution talent, we are in research and development innovation, marketing and customer service is more confident. Third, the feasibility of the Blue Harbour transition strategy for mobile internet last year was validated earlier this year. Our first online game on mobile platform "Sword of Kings" has been growing for 7 consecutive months, August is expected to do 45 million of the monthly water. If the performance of some of the end of the tour and the page to add up to see, our monthly net income has been to the level of 4000~4500 million, Blue Harbor this year should not have too much profit. So I think that the profitability of Blue harbor at this stage, coupled with the high growth expectations of the mobile Internet, can be a boost to the listing. Our investors, whether it is IDG or Northern Lights, Zhang, Guo Yihong, Harper They have called me to say, Wang Feng, you do not sell we will support you. When I finally decided not to sell, they all agreed, I help you to do the listing. So now Blue Harbor is in the election of Nasdaq or Hong Kong is not conclusive. With the conditions of Blue Harbour, it is entirely in line with the requirement to go to Hong Kong for listing. We have been profitable for three consecutive years, and this year is at a high growth point. We have the concept of mobile Internet games, the management team is stable, there is no significant change in shareholder. However, Hong Kong has a small liquidity and a bigger Nasdaq. Listing in Hong Kong can be very fast, not a year in Nastach is not good, and now the Nasdaq's medium-short time window is not very well. For me to be a public company is still a very important stage for me, still weighing. 360, Baidu is not suitable to do the game distributor Blue Harbor first positioning itself in a research and development + distribution company. A week ago, we from the business of the Blue Harbor management system into two large chunks, I myself management research and Development Center, President Mingxiang Management distribution Center. In this way, we want to make the issue of Blue Harbor a supplement to the research and development, on the one hand, complement the schedule and supplement the type. The supplemental schedule means that when we do not push the new game, we can use the issue to solve the empty window period. Supplementary type, which we develop not to do on our own, can also be released to supplement the type. In the hand tour of this industry, I am so divided into the player pattern: a pyramid, the spire is the developer, the next layer is the publisher, and then the next layer isPlatform quotient, the bottom layer is the user. Developers and distributors are more concerned about the product, which should count as CP. The Distributor is what we used to call the agents, to fight is the selection, agent product vision and ability. The problems to be solved are product selection, platform access (that is, cooperation with 360 and 91), customer service, and the management and maintenance of the backend system. And Ping Taiwanese, in cooperation with the CP, is responsible for solving the flow of the issue of the party, more concerned about the rationality of their flow. Relatively speaking, I personally think that 360, 91 and Baidu they are not very suitable to do professional game distributors. Today's game market is an excellent content can be distributed to various channels of the market. If Baidu did a total agent of a game, to the 360 how to do? I think that in the beginning of the team, CP may not be able to slide into a camp, but to maintain its independent and open, with all the platform of the attitude of cooperation. We have a game on the combined transport of 20 platforms, even millet, OPPO, Huawei are my platform business, because I have content, can directly with the manufacturer. But if a Taiwanese businessman suddenly jumps out and wants to issue a game, how will the other competing platforms deal with the game? That's why Blue Harbor did it today, and I didn't let a big internet company invest in US. This complex Internet arena will not let you become a strong platform business, but also become a distributor. For the past 10 years, there has been only one, Tencent, and there are so many opinions about it. In contrast, the mobile internet era, a one-in-one is more difficult than the PC era. Later the entrepreneurial team is increasingly not space game is a personalized product, in theory, when the new team have the opportunity. But if you stand on the general rule, it becomes more and more difficult to get a chance. The more prosperous the market is, the less space is left for new entrants. First, the good Big company, has established the resources and the brand Trust degree. Second, because he has a strong profitability, it will absorb more basic staff and excellent talent. It's hard to find a batch of people to join you because you missed the best time to make the most money and accumulate resources. I think this year also at this juncture, money-making hand travel company, is growing up, is full of feathers. Third, the more backward, the more cautious capital. If you let me take out 1 million to cast a small team now, I usually dare not, although many small teams come out of the picture more and more beautiful, the product is more and more reliable. Because the market competition is already very intense, once this project fails, the company will lose the money. But early on, you can try it wrong. I am Shanhu angel investor, he had done at least six games failed, just made the "My name is Mt", because the market competition is small. You see the stone of Wu Gang last February how easy to get up, because no one to argue with him. But now the window has passed. Keen pitching VC, the game is also cast 7, 8 team, also not focus on one, the essence of a single team is not so strong confidence, cast a face to forget. Look at history again. I'm in 2007.Year decided to venture in the end of the market, the entire market only less than 10 billion yuan, to this year's end of the market should have 50 billion. But no one has been listed in the 6 years, and many are dead or inactive. Because until 2007, all the end of the tour company has been basically finished layout. Today, more than 40 billion of the market, let Tencent and other large companies to make a move. And the hands of the industry last year, the Enlightenment, the capital began to fry, a a-share crazy acquisition, more and more single game one months can do 40 million yuan, the market early prosperity. This means embarking on a tour of early action, the end of the 4-year tour of the market in a year to finish the cloth. The life cycle of the game product is a pseudo proposition. Many players have only three months of heat for a large game. But why is World of Warcraft so long? Because you don't play with your sister. Because good products continue to absorb volume, you can constantly pull users in, and the company has money, and there is the opportunity to continue marketing. So running in front of the company can continuously expand the product's user outreach. In this perspective, the new company may not have the advantage, so my view is that the companies running in front of the company unless made a big mistake, their position is relatively solid. So the future is brand competition, each category has innovative space. However, type resources are also available to be counted. Sohu Tour of Jin Yong have bought, Tencent also bought the Japanese anime, new players still have no play. I always think that this industry, not just Tencent, the Giants come up after the ability to consolidate position is quite strong, more powerful than the U.S. companies, watertight. It's a game, it's social, it's a pseudo proposition. I think the hand tour will do more and more light. Because do more and more light, can attract more moderate player, can have more dau so-called user active degree. Hand tour will also be more and more with the social platform integration, the whole game design mechanism, and the entire marketing will gradually integrate with social depth. In the mobile internet era, games are more integrated into the main battlefield of mobile internet than PC-era games. Future mobile Internet applications will be integrated with the game, such as games and lbs combined with the electrical quotient of the integration of coupons, more and more user became gamer. The main drivers are light game and social game. is a lihgt, a social. Early everyone said the game asked you are not doing social class. Later social this kind of word is very easy to be marginalized, in fact each game has social. There are a handful of people in the country who are influenced by Zynga to play games in the age of social gaming, and they value their social systems very much, but forgetting to do the first thing is a game. So then Zynga was in the United States by analysts, because they are all using data to guide research and development, in the emphasis on Internet properties, ignore the games need the feelings and innovation. I think social networking is a pseudo noun in gaming, and all games are embedded in social networking. Games only divided into fighting games, 2D games, 3D games, casual games, card games, but just a social gameis not necessary. I just can't accept the word social games. 1 2 3 > remaining full-text scan left two-dimensional code, pay attention to investment in China's official micro-letter "Daily 15:00-16:00, for your PE/VC investment and financing in the field of the day heavy News collection, micro-signal: China-venture" Blue Harbor's future is listed game company is indeed to a scale, Either sell or go public. And we choose the latter. It's easier to choose the former than to sell it. We persisted 6, 7 years, lets the performance grow to the capital market to be able to recognize the level, is this the mouth you let me sell? I would prefer to take a chance. Blue Harbor or should go overseas listing, in particular, is now in the election of Nasdaq or Hong Kong has not been conclusive. The fundamental reason for the Blue Harbor to go on the market route is: First, in the past six years, although some people feel that we from the end of the TAWAAF to the page, and across the hand to swim, is a fickle company, but they forget that we have six years to maintain the independent game developers and distributors positioning. Second, in the past six years, because we have been playing games, we have accumulated a large number of professional research and development and distribution talent, we are in research and development innovation, marketing and customer service is more confident. Third, the feasibility of the Blue Harbour transition strategy for mobile internet last year was validated earlier this year. Our first online game on mobile platform "Sword of Kings" has been growing for 7 consecutive months, August is expected to do 45 million of the monthly water. If the performance of some of the end of the tour and the page to add up to see, our monthly net income has been to the level of 4000~4500 million, Blue Harbor this year should not have too much profit. So I think that the profitability of Blue harbor at this stage, coupled with the high growth expectations of the mobile Internet, can be a boost to the listing. Our investors, whether it is IDG or Northern Lights, Zhang, Guo Yihong, Harper They have called me to say, Wang Feng, you do not sell we will support you. When I finally decided not to sell, they all agreed, I help you to do the listing. So now Blue Harbor is in the election of Nasdaq or Hong Kong is not conclusive. With the conditions of Blue Harbour, it is entirely in line with the requirement to go to Hong Kong for listing. We have been profitable for three consecutive years, and this year is at a high growth point. We have the concept of mobile Internet games, the management team is stable, there is no significant change in shareholder. However, Hong Kong has a small liquidity and a bigger Nasdaq. Listing in Hong Kong can be very fast, not a year in Nastach is not good, and now the Nasdaq's medium-short time window is not very well. For me to be a public company is still a very important stage for me, still weighing. 360, Baidu is not suitable to do the game distributor Blue Harbor first positioning itself in a research and development + distribution company. A week ago, we from the business of the Blue Harbor management system into two large chunks, I myself management research and Development Center, President Mingxiang Management distribution Center. In this way, we want to make the issue of Blue Port into a supplement to research and development, on the one hand, complement the schedule,Filling type. The supplemental schedule means that when we do not push the new game, we can use the issue to solve the empty window period. Supplementary type, which we develop not to do on our own, can also be released to supplement the type. In the hands of this industry, I am divided into the player pattern: a pyramid, the spire is the developer, the next layer is the publisher, and then the next layer is the platform, the bottom layer is the user. Developers and distributors are more concerned about the product, which should count as CP. The Distributor is what we used to call the agents, to fight is the selection, agent product vision and ability. The problems to be solved are product selection, platform access (that is, cooperation with 360 and 91), customer service, and the management and maintenance of the backend system. And Ping Taiwanese, in cooperation with the CP, is responsible for solving the flow of the issue of the party, more concerned about the rationality of their flow. Relatively speaking, I personally think that 360, 91 and Baidu they are not very suitable to do professional game distributors. Today's game market is an excellent content can be distributed to various channels of the market. If Baidu did a total agent of a game, to the 360 how to do? I think that in the beginning of the team, CP may not be able to slide into a camp, but to maintain its independent and open, with all the platform of the attitude of cooperation. We have a game on the combined transport of 20 platforms, even millet, OPPO, Huawei are my platform business, because I have content, can directly with the manufacturer. But if a Taiwanese businessman suddenly jumps out and wants to issue a game, how will the other competing platforms deal with the game? That's why Blue Harbor did it today, and I didn't let a big internet company invest in US. This complex Internet arena will not let you become a strong platform business, but also become a distributor. For the past 10 years, there has been only one, Tencent, and there are so many opinions about it. In contrast, the mobile internet era, a one-in-one is more difficult than the PC era. Later the entrepreneurial team is increasingly not space game is a personalized product, in theory, when the new team have the opportunity. But if you stand on the general rule, it becomes more and more difficult to get a chance. The more prosperous the market is, the less space is left for new entrants. First, the good Big company, has established the resources and the brand Trust degree. Second, because he has a strong profitability, it will absorb more basic staff and excellent talent. It's hard to find a batch of people to join you because you missed the best time to make the most money and accumulate resources. I think this year also at this juncture, money-making hand travel company, is growing up, is full of feathers. Third, the more backward, the more cautious capital. If you let me take out 1 million to cast a small team now, I usually dare not, although many small teams come out of the picture more and more beautiful, the product is more and more reliable. Because the market competition is already very intense, once this project fails, the company will lose the money. But early on, you can try it wrong. I am Shanhu angel investor, he had done at least six games failed, only then made the "My name is MT, because the market competition is small. You see the stone of Wu Gang last February how easy to get up, because no one to argue with him. But now the window has passed. Keen pitching VC, the game is also cast 7, 8 team, also not focus on one, the essence of a single team is not so strong confidence, cast a face to forget. Look at history again. In 2007 when I decided to venture in the end of the market, the entire market is less than 10 billion yuan, to the end of this year, the market should be 50 billion. But no one has been listed in the 6 years, and many are dead or inactive. Because until 2007, all the end of the tour company has been basically finished layout. Today, more than 40 billion of the market, let Tencent and other large companies to make a move. And the hands of the industry last year, the Enlightenment, the capital began to fry, a a-share crazy acquisition, more and more single game one months can do 40 million yuan, the market early prosperity. This means embarking on a tour of early action, the end of the 4-year tour of the market in a year to finish the cloth. The life cycle of the game product is a pseudo proposition. Many players have only three months of heat for a large game. But why is World of Warcraft so long? Because you don't play with your sister. Because good products continue to absorb volume, you can constantly pull users in, and the company has money, and there is the opportunity to continue marketing. So running in front of the company can continuously expand the product's user outreach. In this perspective, the new company may not have the advantage, so my view is that the companies running in front of the company unless made a big mistake, their position is relatively solid. So the future is brand competition, each category has innovative space. However, type resources are also available to be counted. Sohu Tour of Jin Yong have bought, Tencent also bought the Japanese anime, new players still have no play. I always think that this industry, not just Tencent, the Giants come up after the ability to consolidate position is quite strong, more powerful than the U.S. companies, watertight. It's a game, it's social, it's a pseudo proposition. I think the hand tour will do more and more light. Because do more and more light, can attract more moderate player, can have more dau so-called user active degree. Hand tour will also be more and more with the social platform integration, the whole game design mechanism, and the entire marketing will gradually integrate with social depth. In the mobile internet era, games are more integrated into the main battlefield of mobile internet than PC-era games. Future mobile Internet applications will be integrated with the game, such as games and lbs combined with the electrical quotient of the integration of coupons, more and more user became gamer. The main drivers are light game and social game. is a lihgt, a social. Early everyone said the game asked you are not doing social class. Later social this kind of word is very easy to be marginalized, in fact each game has social. There are a handful of people in the country who are influenced by Zynga to play games in the age of social gaming, and they value their social systems very much, but forgetting to do the first thing is a game. So then Zynga was in the United StatesThe country was the analyst to vomit the trough, because they all use the data to instruct the research and development, when emphasizes the Internet attribute, ignores the game needs the sentiment and the innovation. I think social networking is a pseudo noun in gaming, and all games are embedded in social networking. Games only divided into fighting games, 2D games, 3D games, casual games, card games, but the social game is not necessary. I just can't accept the word social games.