Cross-border M & A transactions in Game 3 blowout assets amounted to 105.6 billion

Updated: May 16, 2016  Views: 244

'CSRC halted defined by cross-listed companies, involving Internet banking, gaming, video, VR four industries.' May 11, the news quickly spread in the capital circle, sparked heated debate. According to media reports, 'Commission will encourage listed companies to development of industries, such as cement companies doing cross-border set by the photovoltaic industry is possible, but to do cross-border set by the gaming industry will be prohibited. '

Reporters noted that in the capital markets, the wind from the game concept stocks since 2013 had no rest, especially in some traditional industries listed companies frequently cross-border mergers and acquisitions game assets, hoping to pull out their own performance decline quagmire. 2016, cross-border mergers and acquisitions has been the traditional industry is not new, and mergers and acquisitions game company became the preferred traditional industries listed companies restructuring and development layout.

IResearch data show that the amount of mergers and acquisitions involving the gaming industry in 2013 was 18.8 billion yuan, in 2014 253 million yuan, in 2015 reached 61.5 billion yuan. All told, these three transactions involving mergers and acquisitions game has reached 1056 billion.

Cross-border mergers and acquisitions in Game 3 blowout

Jinrui Mining want to embrace the game 'Golden cake', bypassing the coal mining business May 11 suddenly suspended the game because of its subject matter in the first quarter results fell short of expectations, from the beginning of this major asset restructuring in the planning was slow slow up.

Reporters noted that, before this, cross-border M & A has assets blowout game for three years. Companies from the steel, coal, textile, construction and other traditional industries, through mergers and acquisitions continue to get involved in hands tour page tour the field, high acquisition premium, high performance an ongoing commitment to stimulate the capital market nerves.

In early 2014, a game IResearch analyst had predicted a wave of mergers and acquisitions will only keep the game assets a year, who knows the next two years, 'the capital market for mobile gaming industry remains regardless of the cost of investment,' the 2015 turnover finally exceeded 600 billion yuan.

In recent years, a large number of traditional industries to enter the gaming industry such as the production of pesticides, veterinary drugs sublimation Beik price of $ 1.6 billion to acquire 100% stake in Chengdu Yan Lung science and technology, the game business has become the focus of the direction of their strategic transformation, engaged in the production pipeline dragon pipe premium to 25.5 times the price of 30 billion acquisition Iger Las CENTRAL Heavy industries 8.7 billion acquisition of 100% stake in interactive value still, the main cultural and entertainment industry continues to transition.

Industry analysts told reporters, A-share listed companies in mergers and acquisitions game business case, the premium is 15 to 30 times, 'much higher than traditional industries.' Day boat tour cultural acquisition of Guangzhou love premium of 20 times the value of the acquisition of Shenzhen Zhongnan Heavy Industries yet interactive, premium 23 times, Division crown Wood Science and technology Shang Lei acquisition premium 27 times.

Second half of 2015, the game industry mergers and acquisitions has shifted from a seller's buyer's market, project supply exceeds demand, the price of the underlying asset on a downward trend, while the reporter combing found that Caesar shares, or 41 times higher premium to acquire the sky Friends of Kerry.

Online games, mobile gaming stocks has been no shortage of newcomers, including the return of A shares class game takes stock The number of game stocks from 2013, 15, 2015 increased to 37. Reporters found that, as of May 2016 11, according to choice classification, 47 online gaming stocks, 43 stocks hand travel.

Commitment difficult to achieve high performance

Many analysts pointed out that frequently appear cross-border M game assets, in line with a market hot speculation, two is to 'Pong on the' strong liquidity hot industry, but the company has several dreams come true?

In the pre-merger, 'gamble game' under the high premium continue to unfold. Number of game companies to make the corresponding commitment to performance, but the aftermath has begun to appear. Data show that in the relevant target company, there are a lot of company performance not up to the commitment of 50% or even lower.

Reporter online choice based on the terminal, hand tour stocks screened for cross-border M subject found 2015 results according to the disclosed completion display, there are four cross-border mergers and acquisitions failed to achieve the promise. Chen Xu told reporters, according to her knowledge, this three-year commitment to the completion of cross-border M & a performance of only six or seven.

In addition, the reporter combing found that in 2015 only appeared in more than A-share game M & A failure case. Jinya technology to terminate the acquisition of Sky Interactive, Latitude Communications to terminate the acquisition of Hangzhou palm Union, landscape and cultural terminated acquisition of Guangzhou Year of thinking and palm fertile unlimited, Jinli science and technology to terminate the acquisition of seventh Avenue, Zhejiang Branch of the game to terminate the acquisition of assets ......

Behind these acquisitions, it is 'the acquisition game surge' logic, resulting in capital markets continue to seek the underlying game. Reporters been done to statistics at the end of 2014, that time to complete the acquisition of the 20 games listed company, from 2013 to the end of 2014 the stock average rose more than 224 percent, the highest increase of up to 532%.

<< >> Hand travel turret legendary hot when, Woori Holdings restructuring plan thrown a hundred billion, a premium of 23 times will want turret legend >> << carriers Lung Ching into the arm. Although the final fell through because of copyright issues, but also not empty-handed Woori holding its May 7 last year announced plans, the company's stock even pull 17 'one' daily limit.

Similarly restructuring 'fizzled' is harvested daily limit of science and technology as well as fertile days, in September 2014, the company has announced plans of 15 billion acquisition of Shanghai Bao cool, and cool treasure Shanghai Jin Hua Licheng, but because the alleged violations are filing audit, mergers and acquisitions restructuring application was suspended for review.

Today, the game industry growth is slowing down. GMGC Global Mobile Gaming League Secretary-General Song Wei told reporters of that game as the creative industries, and now tend to giants of the 20% market share left for small game makers. Industry can no longer appear scratch geometric growth, increase the current number of game companies into trouble.

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Traditional Chinese: 跨界並購遊戲資產井噴3年 交易達1056億

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