Selling assets at low prices: Perfect World does lack money after investing in film and television

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As a top-ranked game company, Perfect World has increased its layout in the film and television industry in the past two years, successively acquired theater assets, spared no effort in the investment and production of film and television dramas, and also participated in the investment of multiple variety shows. Although there was not much cash out from the two investments, Perfect World subscribed for shares of Jiaxing Media, a new third board company, in March, subscribing for 1 million shares at a price of 250 yuan/share, with a stock subscription amount of 250 million yuan. Later, some equity was transferred and the total investment amount...

on July 11th, Shanghai Perfect World Network Technology Co., Ltd. publicly transferred its 27 million stake in Great Wall Life Insurance (accounting for 0.96% of the company's total share capital).

behind Perfect World's rush to sell assets, the cash flow is not optimistic.

Great Wall Life, which completed the capital increase and share expansion on May 11 this year, welcomed the "departure" of its shareholders two months later.

according to the Beijing property Exchange, Shanghai Perfect World Network Technology Co., Ltd., a subsidiary of listed company Perfect World, publicly transferred its 27 million share (0.96% of the company's total share capital) on July 11.

this time, Perfect World openly solicited the receiver of 27 million shares of Great Wall Life at a price of 2.30 yuan per share, with a list price of 62.1 million yuan. Based on this, it is estimated that the overall valuation of Great Wall Life is 6.469 billion yuan.

in a share transfer of Great Wall Life in March this year, it was valued at 7.035 billion yuan.

Great Wall Life, which completed the capital increase and share expansion in May, introduced star investment institutions such as China Minsheng Investment. After the capital increase and share expansion, there are a total of 19 shareholders, Perfect World ranked 18th, the number of shares is not large.

according to the price of Perfect World's transfer of shares, the valuation is only the same as that in March this year. Behind the rush to sell assets, Perfect World recently used the company's idle funds to buy wealth management products.

not only that, in March this year, Perfect World also sold an 8 per cent stake in Chengdu Dokemeng Network Technology (hereinafter referred to as DoKemeng) for 67.55 million yuan.

it is understood that Chengdu Duoke, like Perfect World, is a game operator with 9187.cn (domestic) and yahagame (overseas) game operation platforms.

although there is not much cash out of the two investments, Perfect World subscribed for the shares of Jiaxang Media, a new third board company, in March, subscribing for 1 million shares at a price of 250 yuan per share, with a share subscription amount of 250 million yuan, and then accepted some shares, with a total investment of 500 million yuan.

such a large-scale investment is also due to the fact that Jiaxing Media, a studio under Yang Mi, has created popular TV dramas such as "three generations and Ten Mile Peach Blossom", which was previously invested by Shangshi Film under the Oriental Pearl Flag, and the two have also partnered with some TV dramas.

invested 500 million in Jiaxing Media, Perfect World is also to bind Yang Mi Studio's artists and popular repertoire. What is more important is to participate in the film travel linkage with the film and television companies, such as the film travel linkage of the Jiaxing media TV series "Fire like Song".

however, Perfect World's cash flow in the first quarter is not so optimistic after spending 500 million yuan to bind Jiaxing Media, which has a large flow.

by the end of the first quarter of this year, Perfect World's cash flow was-25.1332 million yuan, down 880.22%, due to the concentrated payment of employees' annual bonuses and increased investment in film and TV drama production during the Spring Festival.

as a top-ranked game company, Perfect World has expanded the layout of the film and television industry in the past two years, successively acquired cinema assets, spared no effort in the investment and production of films and TV dramas, and participated in investing in a number of variety shows.

with the expansion of the investment layout, Perfect World's cash flow is also tight, and this sale of assets may be a sequela of large-scale investment in the film and television industry.

"the mode that film and television entertainment enterprises are keen on now is to become a big IP operator, but companies in the pan-entertainment industry have created a bubble by doing so." As for the cross-border film and television field of game companies, Shen Meng, executive director of Xiangsong Capital, told Interface News.

Edit: mary