look holding (00484 HK) yesterday formally listed in the Hong Kong stock exchange, on the market price is HK $51, on the first day’s closing price of 67.50 Hong Kong dollars, growth of 32.25%, the total value of 8.47 billion Hong Kong dollars. Four years of existence, the only game company has become the biggest first-day rise this year by the Hong Kong new listed companies.
than a-share listed company m&a boom this year, had listed on the domestic game industry incentive more apparent, in the past period of time, because the IPO moratorium on domestic market and overseas capital market of online game companies apathy, Chinese game industry appeared A year-long listed window period of time, the authority of the successful listing, will encourage more domestic game companies choose in Hong Kong.
A game company investors to tecent science and technology, said the authority holding on p/e ratio reached 13.48 times the number in middle a-shares gem companies such as treasure, palm interest at the p/e ratio of the preceding hundreds of times, but still higher than changyou, shanda games, such as the nasdaq listed company, belong to the ideal way of exit, also compares the game company management’s expectations.
this means A period of time in the future, more and more domestic first-line game company will seek in Hong Kong as the first choice, in the first half of this year began to a-share companies borrow to buy game company high price boom or will slow. Page at the same time, domestic competition between tourism companies will also intensify, investment in intellectual property rights or page will be swimming and hand swim two big market the key.
traveling through hkex channel
since China mobile game in September 2012 through the way of “introduction” to log in to the nasdaq had controlled the hkex listed so far, has been A whole year without A domestic game companies successfully listed, the causes of this phenomenon in addition to is cooled and the us capital markets lack of interest in online game concept, also with the domestic a-share market is directly related to long-term moratorium.
according to several media reports, including interesting swim swim, kunlun, ten thousand d, Shanghai 4399, kai ying network, games, snail, domestic game companies have tried to going public, but is in the previous shares were affected by the massive short events, increased difficulties of u.s.-listed Chinese companies financing amount is reduced, so the game companies have focused attention on the A shares the gem, but by the CSRC regulatory storm stranded again.
it is important to note that in 2012 the success of landing a-share gem palm instead of boring technology and middle treasure after news without going public. Securities industry practitioners to tencent’s science and technology, said in a long time, going public is the first choice domestic science and technology enterprises, the size of many game companies in the industry and performance are higher than fun and middle bao zhang, but missed the best time.
he believes that the listed companies in two consecutive to the listed has been blocked, because in recent years, rare game companies listed on the hkex (net dragon in 2008 transferred to the Hong Kong stock exchange main board, the p/e ratio of 210 times and no network.on), also let the company can’t easily to enter, so eventually had become the important role through the Hong Kong stock exchange channel.
the twice failed to listed companies in the game snail Shi Haiceng founder to the media, said Hong Kong will consider game company in electronic communications plates, generally is 30 times the PE. But that figure apparently do not tally with the actual – traveling holding on p/e ratio of 13.48 times.
this is a disappointment to the domestic game industry’s number?
A game company investors to tecent science and technology, said the figure as middle a-shares gem companies such as treasure, palm interest at the p/e ratio of the preceding hundreds of times, but still higher than changyou, shanda games, such as the nasdaq listed company, belong to the ideal way of exit, also compares the game company management’s expectations.
he said that most circle friends to have rational expectations hkex, traveling in Hong Kong successfully for domestic game companies play a demonstration role in great quantities, there will be a large number of domestic game companies in Hong Kong.
game company boom of a-shares acquisition and merger cooling
according to the game industry observers Zheng Huafeng to tencent technology, look for game companies listed on the domestic is A big good news, it also means that the future a-share companies want to m&a game companies will be increasingly difficult, drama or busy before m&a will enter A cooling-off period, to be sure, A line of game company is taken over the possibility of A smaller and smaller.
there are tour company founder hand agree with this view, “gaming company, especially the price of the tour company hand been a-share companies fry of very high, but the a-share companies not sincerely game business, just make A concept, the company bought by A difficult to accept, but A lot of company management investors under the pressure to sell, thanks to the Hong Kong listing this road”.
it is understood that since huayi brothers m&a Banks this year, only A short span of three months time, the domestic has been nearly 10 mobile game industry mergers and acquisitions, and there are many a-share companies in A suspended state, the national holiday after an official news for game companies mergers and acquisitions.
Banks sole financial adviser, huaxing capital managing director wong shing to tecent science and technology, said the a-share companies mergers and acquisitions boom is not entirely rational, game company huayi and merit of flash marriage for the industry to establish A successful templates, copy the case is not impossible, but the game companies want to sell on the market, more and less of a-share companies “.
according to tecent science and technology, more in zhejiang province, has a large number of idle fund will invest in real estate funds to swim back to the pitcher, it has given rise to the emergence of the large hand swim team directly. Bubble, brush list or buy A list of all mobile game company has become the norm, there is also A shares companies try to “customize” mobile game for acquisitions.
however, as the traveling holding listed, could change this phenomenon, in the first half of this year’s a-shares acquisition and merger game company boom elite will never sell the company will be more firm faith, and some for investors to exit pressure swing listed companies tend to choose. When A line game company is not for sale, the price of the second line game company value will decline and mergers and acquisitions, game company boom of a-shares acquisition and merger will be cool.
copyright will become game company core competitiveness
the page as the first domestic listed companies, the authority’s predecessor is Forgame online game company, the group was founded in 2009, headquartered in guangzhou, a wholly owned subsidiary of three: the Philippines in guangzhou and guangzhou jie is responsible for game development, guangzhou is d dynamic game operating companies, both from the research and distribution two big business.
according to the prospectus, as of June 30, 2013, the authority control in the first six months of 2013 income is 573.7 million Hong Kong dollars, up 65.3% from a year earlier, the current market share in the domestic tourism market the first page. Prospectus also showed that had listed would be obtained in web games and mobile games licensing and intellectual property rights, etc.
prior to this, the domestic company has been in chaotic, do not take the intellectual property rights and is famous for its vulgar advertisements, while most lucrative company in the industry, but few companies are willing to come out to change the status quo, presents the status of the whole industry is extremely similar with the SP market growth.
maybe it is because the tourism market of wild growth, according to the Chinese BanXie games committee of the Chinese game industry report, according to data from the second quarter of 2013 web game market open clothing product quantity, although growth, but open intake growth quickly fell to 16.1% from 66.1% in the first quarter of 2012, the growth rate of the number of users has slipped from 23.8% in 2012 Q1 Q2 this year, 15.3% of the market slowdown trend is obvious.
the personage inside course of study, according to the authority are rich in the experience of operating the grind and agency, and has a strong channel itself, so has the greatly strengthened competitive power. Increasing investment, the company took the lead from the copyright issue in the future is likely to take an encirclement and suppression of rival, seek a bigger market share. In this process, the long-term chaos page tour market is expected to change the status quo of disorderly.
page but there are also travel industry thinks, because the authority need research and development and operation of dual role, must take into account with other CP (producers) and other channels, the relationship between the short term will not take much to have deteriorated with peers, or in the future with the company to the attention of the copyright is directly related to leverage mobile games market.
outside the authority, the music dynamic excellence CEO Mr. Xing (weibo) also has repeatedly stressed the importance of copyright, the current dynamic excellence of five projects, all with “I’m MT” and “mercenary the world”; And another page tour company kunlun, ten thousand d, by operating the hot hand swim “the biography of wu xia, Q did not get a jin yong’s authorization and emergency change name.
apparently, investment will be traveling to the future of intellectual property rights in the field of swimming and mobile game development of one of the core competitiveness.
source: tencent technology author: LouChi