in Chi Yufeng's Perfect World, the game is not the only one. From games, to film and television, to animation, media and education, Chi Yufeng follows the pace of the market, and each layout opens the ground for the construction of a perfect pan-entertainment ecosystem in his mind.
original title: from American stocks to A shares: how can Perfect World be "perfectly" reborn?
Chi Yufeng, a classmate of Changjiang DBA, is one of the initiators of Changjiang Creative Community and Chairman Perfect World. He has always been widely recognized as high achiever in the Yangtze River DBA. His earnestness to himself and the pursuit of knowledge have become his exclusive label in the Yangtze River DBA. Sharing is another effective way for Chi Yufeng to learn. He once shared Perfect World's privatization process as a practical case in the Yangtze River DBA classroom, and the constructive thoughts and suggestions that emerged in the classroom inspired Chi Yufeng deeply, and Perfect World's privatization process was accelerated. Perfect World is no stranger to many gamers. from the game of the same name "Perfect World", to "Zhu Xian" adapted from the novel, and then to the exclusive agent "DOTA2", this classic game developed or represented by Perfect World carries the youth of a generation. However, Perfect World has appeared frequently in public view recently, more because of the news that he withdrew from US stocks and returned to A shares. 
Chi Yufeng in the Yangtze River DBA class
April 2016, perfect Global successfully injected Perfect World games into listed companies by issuing shares to buy assets. In July 2016, perfect Global Entertainment Co., Ltd. officially changed its name to Perfect World Co., Ltd. This move means that Perfect World officially returned to the domestic A-share market and completed the comprehensive restructuring of his listed system film game business, and also announced the official birth of China's largest film game complex.
but in fact, in Chi Yufeng's Perfect World, the game is not the only one. From games, to film and television, to animation, media and education, Chi Yufeng follows the pace of the market, and each layout opens the ground for the construction of a perfect pan-entertainment ecosystem in his mind. As the founder of Perfect World industrial cluster, what kind of role did Chi Yufeng play in Perfect World's privatization process? < strong > I. entering US stocks: the act of self-proof < / strong > this is something to be proud of for Perfect World, who was only founded in March 2004. of course, it is also based on the achievements made in the three years since its establishment: in November 2005, Perfect World was a great success in the market, then went abroad and landed in Japan in July 2006. in September 2006, the Swordsman, adapted from the popular sitcom at that time, was released. In April 2007, Zhu Xian, adapted from an online novel, was launched. the successful launch of these popular games has undoubtedly become the cornerstone for Perfect World to move towards the United States. landed in US stocks, Chi Yufeng and his team proved themselves with their strength. Standing on the stage of the United States, the weather vane of the world, Chi Yufeng is thinking about the next step of his pan-entertainment cultural kingdom. in 2008, Perfect World Film and Television was founded. In 2011, the company's "Steel Qin" won a number of international awards such as the Best International Film Award at the 28th Miami International Film Festival, which has become a classic of Chinese films in recent years. In the same year, Perfect World's film "33 days lovelorn" broke through the 100 million yuan mark in its four days of release, with a box office of 350 million yuan, making it the biggest "dark horse" in the annual box office market. In 2016, Perfect World reached a single investment and strategic cooperation agreement with Universal Pictures (Universal Pictures), which not only made Perfect World the first Chinese company to establish long-term cooperation with a mainstream US film company, but also made an American culture company a reliable strategic partner for expanding the Chinese market. then Chi Yufeng founded Perfect World Education in 2014. Perfect World Animation was founded in 2015 and Perfect World Comics was founded in 2016. so far, the territory of the pan-entertainment culture kingdom of Perfect World industrial cluster has basically taken shape. Perfect World industrial cluster also drives into the fast lane with the progress of science and technology and the east wind of industrial policy. < strong > II. "homesickness" of Chinese stocks < / strong > however, the development of Chinese enterprises in the US stock market is not smooth. Under the influence of many factors, there is a wave of privatization in US-listed Chinese stocks. according to Bloomberg data, in the first half of 2015, the total amount of privatization offers received by US listed Chinese stocks rose to about $23 billion. In the second quarter alone, 20 companies announced that they had received privatization offers, including heavyweight Chinese stocks. in response to this phenomenon, Li Haitao, a professor of finance at Cheung Kong Business School, once pointed out: there are many reasons why Chinese stocks are eager to return, and "disobedience of soil and water" may be one of the important reasons. Overseas markets are more mature than A-shares, which means that listed companies will experience more challenges, such as the possibility of short selling by institutions. overseas markets face many challenges, but the domestic capital market environment is gradually improving: with the establishment of a multi-level capital market system, the market system, especially the relevant systems for emerging industries, has been further optimized, creating favorable conditions for the return of US-listed stocks; at the same time, the high valuation of the bull market has formed a strong attraction. the "homesickness" of Chinese stocks has constantly stirred up Chi Yufeng's sensitive nerves. 
Chi Yufeng shares an example of Perfect World privatization with Yangtze River DBA classmate
< strong > 3. Return to A shares: perfect" rebirth "< / strong >
on July 29th, Perfect World announced that he had completed all privatization work and withdrew from NASDAQ from now on.
the speed of Perfect World's privatization process is amazing. talking about the reasons for Perfect World's return to A shares, industry insiders believe that during the listing of US stocks, many of Perfect World's main online game products performed well in the market, which could create a lot of cash flow and profits, but due to the continuous increase in R & D and market costs, Perfect World's net profit growth slowed down in his financial report, affecting the capital market's valuation of Perfect World. in addition, game companies are facing the situation of marching into the mobile game market. For this rapid change in the future market pattern, privatization can avoid the advantages of many restrictions-- more conducive to rapid decision-making and tactical implementation. what is certain is that after completing the privatization, Perfect World did begin a rapid rebirth- issued an announcement in January 2016, intending to buy a 100% stake in Perfect World for 12 billion yuan. At the same time, the company plans to issue additional shares to Chi Yufeng, employee Stock ownership Plan and perfect No. 1 Special Capital Management Plan, raising matching funds of no more than 5 billion yuan for film and TV series investment, game research and development, operation and agency projects. in March 2016, perfect Global announced that "perfect Global issued shares to purchase assets and raise matching funds and related party transactions" was approved by the CSRC, which also means that Perfect World will officially return to A shares by injecting assets into perfect Global. Chi Yufeng has said that Perfect World can be listed separately or backdoor. finally chose to merge with perfect Global to list, in order to fully integrate superior resources, stimulate fusion effect, make the enterprise bigger and stronger, and better promote Chinese culture overseas. Perfect has an international dream. Perfect World is a perfect case of privatization back to China, taking advantage of the high PE era, using capital investment, coupled with his own origin, to build the company's own network. many people do not understand why Chi Yufeng is a "merger" and what is Perfect World's "original". By combing the development process of perfect Global, it is not difficult to find that Perfect World's film and television business has been an indispensable and important part of Perfect World's industrial layout since its inception. in August 2008, Perfect World registered and established perfect time and Space Culture Communication Co., Ltd. (that is, perfect Film and Television) in Beijing, specializing in investment in film and television works. on August 3, 2011, Perfect World spun off the business of perfect Film and Television and sold it to Beijing Happy permanent Film and Television Culture Co., Ltd. (Chi Yufeng is the main shareholder) for 360 million yuan. in August 2014, perfect Film and Television officially announced the landing of backdoor Jinlei shares in the A-share market. On May 4, 2015, Jinlei shares have completed the industrial and commercial change registration procedures, and the company name has been changed from "Zhejiang Jinlei High temperature material Co., Ltd." to "perfect Global Entertainment Co., Ltd.". through the above series of actions, we can see that the trader who spun off the assets of perfect Global from Perfect World is also Chi Yufeng. to put it simply, Perfect World of US stocks and perfect Global of A shares represented games and film and television business respectively, but now they are actually withdrawing game business from US stocks and merging them into A-share film and television companies. To put it simply, Perfect World of US stocks and perfect Global of A shares represented games and film and television business respectively, but now they are actually withdrawing game business from US stocks and merging them into A-share film and television companies. Before changing its name, perfect Universal was a film and television company, but after changing its name, it became an integrated entertainment platform, from simple film and television to film and tourism linkage. < strong > 4. The model that strives to approach Perfect World in the great era < / strong > actually has some meaning, including the consideration of social responsibility. We not only want to make money, but also hope that through our efforts, we can make the society develop better and get closer to Perfect World's model. Chi Yufeng's positioning of "Perfect World" comes from his sharing in the New Business Civilization Forum not long ago. He mentioned that Perfect World himself is constantly exploring "Perfect World's model." in his view, Perfect World's state is actually not ultimate, which is determined by the thinking system that people are constantly hovering in "looking for marginal exciting points." return to the current reality of Perfect World industrial cluster, Chi Yufeng said that Perfect World industrial cluster has long jumped out of the simple game company "model", "started from the beginning to do educational software, and then programmers went to play games, becoming the largest domestic 3D game developer and the largest online game exporter in China for three consecutive years." And then began to participate in film and television production, has become the largest TV drama production company in China, but also doing some cinema and film things. In addition, in the past two years, Perfect World animation and Perfect World comics have been established, Perfect World has expanded from the original game company to a comprehensive "cultural enterprise" of pan-entertainment. as a Chinese cultural enterprise, one of the unavoidable problems is how to export Chinese cultural products to the world. Perfect World has created many game products that integrate the elements of Chinese classical culture, such as "Chibi" and "Pocket Journey to the West". Similarly, Perfect World has also shown film and television classics such as "the Qin of Steel" to the world. In the future, Perfect World industrial cluster also plans to launch more pan-entertainment products, including animation, comics or education. So can these products, as more global and integrated exports, become an effective carrier for Chinese culture to "go out"? Chi Yufeng believes that whether it is games, film and television, or animation and comics, building a new pan-entertainment ecosystem requires a "culture that keeps pace with the times." in his eyes, 99% of the content of Eastern and Western life is common, and there are no fundamental differences in commerce, social governance, civilization, and so on. Whether in terms of reason, science and technology, or other aspects, the genes of the East and the West can tolerate each other, communicate more, talk more, and communicate effectively, which is conducive to social development. Edit: nancy
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