19 companies have cross-border fixed growth exceeding 70 billion yuan Games become the focus, dual main businesses integrate into a trend

The news stirred up thousands of waves in the circle. On that day, the online games sector fell by 2.93%, and the virtual reality sector fell by 2.89%, ranking first and second in the decline list in the concept sector.

Recently, regarding "the CSRC suspending cross-border fixed growth of listed companies, involving four industries: Internet finance, games, film and television, and VR." The news of, stirred up thousands of waves in the circle. On that day, the online games sector fell by 2.93%, and the virtual reality sector fell by 2.89%, ranking first and second in the decline list in the concept sector. Several major characteristics can be found in an overview of some fixed value-added events in related industries: 1. The integration of dual main businesses or multiple main businesses has become a trend, and the traditional main businesses may be gradually divested in subsequent business development; 2. The game business has become the focus of cross-border fixed value-added. According to industry data, the transaction volume involving game mergers and acquisitions in the past three years has reached 105.6 billion yuan; 3. Intra-industry integration has accelerated the emergence of pan-entertainment groups, and the boom in movie and video interaction will continue to heat up integration; at the same time, in the face of policy rumors, some listed companies have begun to respond and change industry categories to avoid" cross-border" Stop the risks: On the evening of May 11, Baotong Technology issued an announcement revealing that the company plans to change the industry category from" C29 Rubber and Plastic Products Industry" to" I64 Internet and Related Services"; At noon on May 12, Century Huatong issued an announcement stating that the company had entered the Internet game industry in August 2014, and the company's net profit mainly came from the Internet game business. The company believed that there was no cross-border industry reorganization in this major asset reorganization; Xingmei United replied on the interactive platform: From the perspective of form (industrial and commercial license), the company belongs to a communication service provider; in essence, since the completion of bankruptcy reorganization in 2008 and the completion of share reform in 2009 until today, the company has been an" shell" or a" net shell" company with no main business (it is impossible to say where it belongs to).

From the perspective of substance over form, the company's introduction of major shareholders 'film and television assets for major asset reorganization is not cross-border.

However, it is worth noting that for listed companies to change their own industry classification, according to the "Guidelines for Industry Classification of Listed Companies (Revised in 2012)", one of the classification principles is: when the proportion of operating income of a certain type of business of a listed company is greater than or equal to 50%, then it will be classified into the industry corresponding to the business.

Editor: yvonne