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 案例讨论：一个理解国内资本运作的好例子，我准备好好分析讨论一下，感兴趣的朋友请进。。。 |
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案例讨论：一个理解国内资本运作的好例子，我准备好好分析讨论一下，感兴趣的朋友请进。。。 -- 安普若 - (537 Byte) 2004-4-23 周五, 04:36 (4730 reads) |
不拉不拉
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头衔: 海归中将
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加入时间: 2004/02/21
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作者：不拉不拉 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
The reporter's wording is kinda hard to parse. So I am making an educated guess on what's happening here.
1) No. The money doesn't flow through 联众, it goes to 海虹控股 and the founders. And it's not 100M either.
2) No, it's an acquisition rather than investment.
3) same as 1)
4) Here is the flow of money: $58M including stocks and cash to buy 海虹 and the founders out, plus some agreements of service which seemingly is valued at $42M. Well, that may not be exactly the case but that's how I read it. There is no mentioning of the split between stocks and cash. Service contract in most cases are over-valued. A mere glance at the following paragraph suggests that NHN is the most valued online gaming stock in Korea. Well if I were NHN and if I could help it, I would make it an all-stock purchase.
Here is the sweetener. This new ownership structure also ensures that the stockholders can borrow $20M from the company based on its asset value and cashflow (most likely from a Chinese bank?  ). Before the end of the year, the stockholders can borrow up to $5M. So depending on the payment schedule in the acquisition, it is not unlikely that NHN can borrow $25M max from the company it is going to acquire as a part of the transaction. So the hard cold cash out of NHN's pocket? May be zilch. The best thing is, such a line of credit doesn't impact NHN mothership's borrowing capacity at all.
5) To obtain a foreign investor status in tax and fund repatriation. It started with local RMB, now after this "restructuring", the same amount of money can be recycled as "foreign investment" and it can legally repatriate fund overseas (not sure how much).
6) Insufficient info, based on the execution and detailed agreement. Theoretically none.
7) Partially cashed out for 海虹, and the founders are all golden...well, not exactly yet, depending on what KASDAQ says about the lock-in period and how much cash they've obtained.
 Dunno what both terms mean in Chinese.
9) Win-win. The Chinese stockholders cashed out in hard currency legally, and NHN got a sweet deal if it can borrow all the cash required from the bank. No cashflow info was given on 联众, so can't say if it's overvalued or undervalued.
10) Same as 9). But, the "200M" valuation seems to have gone along well with the "service contract", "credit line" and possibly overvalued stock.
作者：不拉不拉 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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