In the traditional industry is generally depressed today, the field of cultural media is becoming a hot field for listed companies to seek business diversification and transformation, a large number of companies that were previously "not even close" are getting involved, only since 2014, there have been nearly 100 mergers and acquisitions in the field of cultural media, the amount of up to 40.6 billion yuan. In the view of the industry, although it provides a good speculation subject for the secondary market, the risks contained in these acquisitions should not be underestimated.

Listed company Songliao Motor issued an announcement on the evening of the 13th that the company intends to share 609.2592 million shares in the non-public offering of financial holdings, the issue price is 6.48 yuan/share, raising a total of 3.948 billion yuan, all for the acquisition of 100% equity of Yao Lai Cinema, 100% equity of all play network and supplementary working capital. After the completion of the transaction, the company's main business will increase cinema operation, film and television investment and production, cultural entertainment brokerage and online game development and operation.

From the traditional automobile industry to expand into the field of culture and media, Songliao Automobile's transformation step is not small, however, in the A-share market, this is by no means unique. WIND statistics show that at present, the cultural media and game entertainment industry has become the most active field of mergers and acquisitions of A-share listed companies. Since 2014 alone, 92 mergers and acquisitions have taken place in these sectors, involving a total value of 40.6 billion yuan.

"Economic Information Daily" reporter noted that in the above 100 mergers and acquisitions, although there are not a small number of vertical mergers and acquisitions in the industry, more of them are originally and cultural media, games and entertainment industry is not highly related or even "not close" listed companies, hoping to get involved in new industries through such mergers and acquisitions, to achieve enterprise diversification. Or even a complete transformation.

On August 2, Xinke Materials, a listed company mainly engaged in nonferrous metal smelting and processing, issued an announcement saying that the company intends to raise a total of 1.325 billion yuan by issuing no more than 180 million shares in a private placement at a price of no less than 7.36 yuan per share. To acquire 100% of Xi 'an Mengzhou's equity and supplement the working capital related to the development of the company's film and television culture industry. Data show that the net profit loss of Xinke materials in 2013 was as high as 53.81 million yuan, and the first quarter of this year only achieved a net profit of 4.5 million yuan. The sluggish main industry is driving the listed company to seek breakthroughs in new fields.

The main plastic industry for the big southeast is also the same, in 2012, the company's net profit loss of 55.54 million yuan. At the end of July this year, after the suspension of more than 3 months, the southeast issued an asset acquisition plan, the company intends to issue shares and pay cash in a combination of the purchase of Jiang Zhongyang, Lu Min, Han Jun, Shanghai Perfect, Suzhou Longyue total held 100% of the Youtang network equity, and raise matching funds. After the completion of the transaction, the company will be involved in mobile game development and operation business.

Even the main business for the real estate development of Wanjia, also to "join in the fun" : the company announced on the evening of July 22, the company's major assets restructuring of the overall plan is initially drafted: Intends to issue shares and pay cash to buy independent third parties held by Zhaoxin media advertising Co., Ltd. 100% shares, Xiamen Xiangtong Animation Co., Ltd. 100% shares, Dongyang Qingyu film and television culture Co., Ltd. 100% shares of cultural media assets and raise supporting funds. After the completion of the reorganization, the company will add cultural media business on the basis of the original business.

WIND statistics show that after announcing a similar acquisition plan, although the follow-up business development situation is not known, but the acquisition behavior of these enterprises is generally sought after by the secondary market: after the resumption of trading, the Big Southeast even pulled three daily limit, the cumulative increase since the end of July as high as 28.11%; Xinke materials has hit a new high of 9.8 yuan/share, and the cumulative increase since July has reached 16%.

However, a media industry analyst at a Beijing-based brokerage told Economic Information Daily that there is great uncertainty about the economic benefits of these companies' mergers and acquisitions as the investment in the entire media and entertainment industry has shown a "false rise". "These companies rushed into the field they are not familiar with, and from the case of acquisition, the premium level is generally very high, 20, 30 times are relatively common, once the investment boom in the field of culture and media in the future, or the performance fails to meet the original expectations, it is difficult to say whether the secondary market will return such a high valuation." "She said.

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