Kunlun Wanwei acquired 1.02 billion shares in the acquisition of competitive game publishers, only 8 months after its establishment

The sky-high-priced game acquisition occurred in a game company that had only been established eight months ago. The acquirer was a limited partnership indirectly controlled by Kunlun Wanwei and Chen Chen, founder of Chenhai Capital.

Original title: Eight months after the game company was established, 2 billion yuan was sold to Kunlun Wanwei.

The high-priced game merger occurred in a game company that was only eight months old. The acquirer was Kunlun Wanwei and Chen Chen, the founder of Chenhai Capital. Limited partnership indirectly controlled.

Kunlun Wanwei announced on the afternoon of December 15 that it plans to invest its wholly-owned subsidiary Xizang Kunnuo Yingzhan Venture Capital Co., Ltd.(hereinafter referred to as "Xizang Kunnuo"), as the acquisition entity, cooperates with Ningbo Meishan Bonded Port Area Chenhai Keyi Venture Capital Partnership (limited partnership)(hereinafter referred to as "Chen Haike Translation") jointly purchased 100% equity of Beijing Xianlai Huyu Network Technology Co., Ltd.(hereinafter referred to as "Xianlai Huyu"), with a total consideration of RMB 2 billion, paid in cash, of which Xizang Kunnuo assumed 51% of the consideration for the transaction, and obtained 51% equity of Xianlai Huyu after the acquisition transaction was completed.

That is, Kunnuo of Xizang paid 1.02 billion yuan, and Chen Haike Translation paid 980 million yuan.

The highlights of this transaction are not only the price of up to 2 billion yuan, but also the large increase in the size of leisure entertainment assets in the short term.

Kunlun Wanwei, a company only registered in April this year

, said that Xianlai Mutual Entertainment is a mobile game company focusing on the development of the "local characteristic leisure competition" product segment. It currently has more than 400 employees, with an average age of no more than 30 years old. The management team is all veterans from well-known Internet companies such as Baidu, 360, and Jinshan. It has launched more than 30 leisure competitive games with local characteristics, occupying market segments in Hunan, Sichuan and other major provinces, with daily active users reaching 3 million +. The cumulative number of platform users reaches 30 million (from third-party Youmeng data).

According to Baidu Encyclopedia, the products developed by Xianlai Mutual Entertainment include a series of products such as the board games "Xianlai Mahjong","Xianlai Run Fast", and "Panda Sichuan Mahjong".

It has more than 400 employees and 3 million daily active users, but it was only established in April this year. Industrial and commercial filing information shows that Xianlai Mutual Entertainment was incorporated on April 1, 2016, with an initial registered capital of 100,000 yuan.

The price premium of 2 billion yuan is more than 11 times. Leisure Entertainment's total assets as of November 30, 2016 were 411.42 million yuan and net assets were 164.31 million yuan.

However, it is worth mentioning that the total assets of leisure and entertainment have increased significantly in the short term. Five months ago, on June 30, 2016, Xianlai Mutual Entertainment's total assets were only 4.8 million yuan, and its net assets were-1.33 million yuan.

Industrial and commercial filing information shows that leisure entertainment had a financing in May. On May 6, its registered capital expanded from 100,000 yuan to 10 million yuan.

Before this round of financing, Peng Xiao, executive director and manager, was the only shareholder. After the capital increase, the number of shareholders was expanded to 5, adding Tan Xing, Tan Yan, Si Weibo and Gao Dawei.

After the financing, Tan Xing became chairman and Peng Xiao became director and manager.

Kunlun Wanwei's announcement shows that currently, Tan Xing holds 86.4% of shares in Xianlai Huyu, Tan Yan holds 5%, Peng Xiao holds 5%, and Si Weibo and Gao Dawei hold 1.6% and 2% respectively.

The performance of leisure entertainment also showed rapid growth in the second half of this year.

In the first six months of this year, revenue was only 4.78 million yuan, operating profit-1.33 million yuan, and net profit-1.33 million yuan.

In the 11 months ended November 30, revenue became 456.67 million yuan, operating profit was 379.31 million yuan, and net profit was 284.31 million yuan.

Chen Haikeyi

, who plans to acquire 49% equity of Xianlaihuyu in this transaction, is a limited partnership. The corporate shareholder after layer by layer is Shanghai Chengwan Asset Management Co., Ltd. The latter shareholders are two natural persons, Chen Chen and Tong Ningning. The registered capital of the company is 1 million yuan, of which Chen Chen's subscribed capital contribution is 700,000 yuan and Tong Ningning's is 300,000 yuan.

Chen Chen is the founder of Chenhai Capital. He has served in Jinglin Assets and Huaxing Capital, and has an investment cooperation relationship with Zhou Yahui, chairman of Kunlun Wanwei.

According to media reports, on March 16, 2016, Chenhai Capital raised the "Chenhai RMB Phase I Venture Capital Fund" with a fundraising scale of 500 million yuan. Fund contributors include Kunlun Wanwei, Jinglin Assets, Silicon Valley Bank, Creditworthiness, etc., and the core management team of this fund also includes Chen Chen and Zhou Yahui.

On September 16, 2015, Kunlun Wanwei also announced that it would use its own funds as a limited partner to subscribe a total of RMB 100 million from Ningbo Chenhai Lingbi Equity Investment Partnership (Limited Partnership)(hereinafter referred to as "Chenhai Lingbi").

The founding partner of Chen Hai Lingbi is Chen Chen.

At that time, Kunlun Wanwei announced that Chen Chen focused on investment in the TMT field and had many years of high-tech industry research and investment and investment banking experience in the TMT industry. He had served as a director of Jinglin Assets; the leader of the TMT and Internet industry team, led the team to invest in more than 30 companies including Dianping, Dada, Maiwaidi; he had served as the manager of the high-tech group of Huaxing Capital and completed many financing and mergers and acquisitions such as Storm Audio, Xtralis, Yisou, Axel Springer, and PPStream.

Editor: Nancy