Middle treasure to raise for project “housing” is a “bad” for three years

editor’s note: shares rose four times four months of middle treasure, offering investment project progress was slow as a snail, since listing in 2010 promised six major investment projects, up to now in addition to a be “abandoned”, offering investment projects are delayed because of lack of money? When can finish?

from the point of the latest news, was slow in the middle of several big raise investment projects will be more slow.

late August 13. But to buy a third of the $440 million will adopt the method of “robbing Peter to pay Paul.

announcement shows that middle treasure to the original plan to raise for project 82.8 million yuan in “suzhou r&d center construction project”, “2.5 D game” new song of “development” of the 20 million yuan, “3 D game” allied “development projects” and 20 million yuan in “3 D game development project” “searches for garden” of 20 million yuan, a total of 142.8 million yuan to buy beauty peak digital 51% stake in the project, to pay for the first phase of the equity transfer section. At the same time to the original plan to raise for project “2.5 D game development projects” the three rangers in raising money 21.8663 million yuan to pay to buy a 51% stake in the first period soma technology equity transfer section.

this for a few more than three years of a project, I’m afraid not a good thing.

middle of offering investment project “housing” is a “bad” three years

in 2010, middle treasure on the gem, IPO raised the total to 750 million, excluding the cost 45.754 million, net to raise money for 704.246 million.

according to the middle of the prospectus and the offering for projects including network game research and development of new product development project, the network game technology platform and suzhou r&d center construction project 3 big projects, network game and new product development project, including 3 D games “Allies”, 2.5 D game three kingdoms ranger, 2.5 D the new song kingdoms and 3 D games “dream garden” and so on four projects.

but after three years, investors have found that this originally promised six project just completed a raise.

middle treasure on August 9th in the announcements of the latest offering project progress, points out that the original expected completion time on November 30, 2010, 3 d game “allied” development project is postponed to August 31, 2013; Planned on May 31, completed in 2011, 2.5 D game “new song of” development project be postponed until the end of October this year, and the original plan on June 30, 2010 to complete 3 D game “dream garden” of completion time is delayed by the end of September this year, nearly 40 months delay time.

the only encouragingly, 2.5 D game “three ranger”, this project had expected on May 30, 2011, but ultimately delayed to reach status on May 31, 2013, finally complete the research and development and realize the online operation at the end of June.

if according to the progress of the quarter, the other three game progress is more anxious, quarterly to single-digit growth in almost every time.

and suzhou r&d center construction project has filled the “abandoned”, has already cut, finally shows the project progress is only 5.92%.

to raise for project delay mystery: several times in order to enhance the user experience as the reason for the

why raise for the progress of the project will be very slow?

the annual report from 2010, middle treasure began to adopt the same reason: “in order to further improve product quality, increase product competitiveness, and extended the product development cycle”. But for the project specific card game where, need to how to improve the quality of the user experience and product details, such as middle treasure is, there is no detail.

and the stagnation of suzhou r&d center construction projects is the cause of rising prices, said, “the reason is because of the suzhou local prices have in recent years from the original planning project to do at the time of the 6000 yuan/square meters up to 18000 yuan/square meters, so if you can’t solve the problem of staff accommodation, after the completion of the project will be difficult to attract talent. Company has been working with the ac will solve the problem of dormitory matching land use to communicate, but no any progress so far.”

funds to the permutation and combination for three games involved project, is “worse”.

according to the announcement on August 9, 3 D game “Allies”, and 3 D games “dream garden” is to raise money for the remainder of the amount is 71.6 million yuan, “the three rangers and 2.5 2.5 D D” new song of “the rest of the fund-raising is 2373.67 yuan, after the call and according to the need to recapitalise,” the three rangers and 2.5 2.5 D D “new song of” to raise funds for the remainder of the total only 373.67 yuan, and 3 D game “Allies”, and 3 D games “dream garden” the rest of the need to recapitalise limit is 3160 yuan, but the money is less by half.

but middle treasure also said in a statement, in view of the change of industry structure and combined with the company’s own strategic layout, the company plans to cut the three raised pitch game upgrade project of investment promotion, circulating, etc.

high r&d effect paradox: high investment but not yet received deploy productively

it is important to note that although middle treasure to raise for project progress is slow, but it is in the research and development, is not lack of money.

once had the media have done statistics, in 2010 to 2008, 2009 and 2008 years ago r&d investment in the third quarter compared with the same time sales of listed companies to examine the r&d strength, finally the results show that the current in the a-share companies, middle of r&d intensity is the highest, at 42.7%, since 2008, the company capitalized r&d spending has accounted for the proportion of sales during this period is as high as 42.7%, nearly 7% higher than that of A second.

at the same time, there is also a public data shows that in the past three years, the amount of r&d spending accounts for the proportion of revenue reached 75.62%, 98.39% and 98.39% respectively, compared with the related data of the boring technology were 9.61%, 9.67% and 15.88%, respectively. At the same time, can also be seen in the latest half annals, middle the treasure in the first half of the development of spending for 225 million, analysis of the personage inside course of study, it will be hanging in the middle on the head of a “bomb”.

there are analysis, points out that under the large-scale r&d spending, of the same project has delayed or stagnation on the one hand may reflect the company research and development ability is insufficient, the talent disadvantage factors such as less attractive; Also have company in the pursuit of product quality, of course, the possibility of adjusting the game development cycle. But many times to adjust also displayed on the project expected shortage, management ability is weak.


it is important to note that although the input and output effect is not very good, but did not stop middle treasure the ambitions of the disclosure in the center daily news, in the second half will have a 50 phone single-player game online, at the same time also will launch the league war “and so on many hand tour product, but as if in its offering for the progress of the project, whether the commitment to cash is one of the problems to worry.

epilogue: starting from the offering investment project, seem to have a variety of middle treasure “first wave”, from “the game industry first shares” to the “research and development into the first”, to “mobile game first demon”, but when he shed this many “first” aura, eventually still have what is left? Stay tuned for the next issue of the ask.

source: tencent securities