China's ChangYou To Play IPO Game

一家增长迅速的中国网络游戏开发商近期即将在美国首次公开募股市场试探投资者的兴趣。从互联网门户网站搜狐公司(Sohu.com Inc.)剥离出来的畅游网(ChangYou.com Ltd.)计划发售价值1.2亿美元的股票，并于4月2日在纳斯达克上市。该公司与过去7个月来美国市场仅有的两起上市交易──一宗是去年11月的网络大学Grand Canyon Education Inc.，发行额1.449亿美元，另一宗是今年2月的Mead Johnson Nutrition Co.，发行额7.82亿美元──非常不同。这两起交易为满足投资者强劲需求都设置了超额配售权。在就业市场的严峻形势下，教育类股被认为有一定的抗跌特性，而Mead Johnson过去100年来在婴儿营养市场上的业绩纪录使其在全球获得了出色的品牌认知度。相比之下，畅游网两年前才推出其第一款产品，其收入来自为中国市场提供网上角色扮演游戏。已有产品包括取材于同名武侠小说的平面武林传奇游戏《天龙八部》。不过，畅游网自2007年5月推出《天龙八部》以来，业绩增长非常可观。2008年其收入增长近4倍，达到2.02亿美元。净利润更是较2007年增长20倍，达到1.08亿美元。市场研究网站Morningnotes.com发行人霍尔摩斯(Ben Holmes)说，他们的业绩增长非常惊人。该公司只有750万股股份，规模不大，因此，一开头就有天生的稀缺效应。与美国常见的在游戏机上操作游戏的模式不同，中国游戏界关注那些可以在个人电脑上通过上网与数十万玩家同时在线的游戏。畅游网允许玩家免费打游戏，其收入来自向玩家出售虚拟用品，比如宝石或游戏秘笈。虽然在经济不景气的背景下，游戏显然并非生活必需品，但霍尔摩斯说，这是一种相对廉价的娱乐方式，人们在感到压力的时候可以用它来放松一下。他说，“这是人们在艰难时期逃避现实的一种方式。”Lynn Cowan相关阅读亚马逊进军休闲视频游戏市场 2009-02-04原声视频：第二人生：中东冲突的新武器 2009-01-05任天堂新音乐游戏上市 2009-01-02索尼PS3游戏机接近盈亏平衡 2008-12-30


A fast-growing Chinese developer of online fantasy games is the latest company to test investors' appetite for initial public offerings in the U.S.ChangYou.com Ltd., which is being carved out of China-based Internet portal Sohu.com Inc., could sell shares worth as much as $120 million as part of its listing on Nasdaq planned for April 2.The company is quite different from the mere two IPOs in the U.S. over the past seven months: online college Grand Canyon Education Inc.'s $144.9 million offering in November and Mead Johnson Nutrition Co.'s $782 million deal in February, including overallotment options for both deals to meet strong demand. Education companies are considered somewhat defensive plays during tough job markets, and Mead Johnson's 100-year track record in infant nutrition gave it great world-wide brand recognition.ChangYou.com, on the other hand, unveiled its first product just two years ago and earns its money by creating online role-playing games for the Chinese market. Its products include a fantasy 2-D martial-arts saga called Tian Long Ba Bu, based on a book that translates into 'Novel of Eight Demigods.'But ChangYou.com's growth since Tian Long Ba Bu's launch in May 2007 is very real. Revenue in 2008 leapt nearly fivefold to $202 million, while net income rose by a factor of 20 to $108 million, compared with 2007.'Their numbers are amazing,' said Ben Holmes, publisher of research site Morningnotes.com. 'It's also a very small deal with just 7.5 million shares, so it's set up right away with scarcity built in.'Unlike common U.S. game formats that use consoles, China's gaming community focuses on games that can be accessed online through personal computers by hundreds of thousands of players simultaneously. ChangYou.com allows users to play its games for free, and makes money by selling virtual items, such as gems or skills.Though gaming is certainly not considered a basic necessity during tough economic times, Mr. Holmes said it is a relatively inexpensive treat that people turn to during periods of stress.'It's a form of escapism during bad times,' he said.Lynn Cowan