Author: Lin Luoxu
Produced by: Global Finance
The news that MiHoYo sued Minmetals Trust made a lot of noise in the past week.
In fact, this is just one of many trust scandals, but what is reflected behind it is the great changes and current situation of the three industries.
When gaming, trust, and real estate, these three industries "intersect" together, it is as if they have been run over by the wheels of the times, leaving deep traces.
Magical card drawing mechanism, the "rising star" of the game with a valuation of 100 billion
Let's talk about it first, MiHoYo. In just over a year, it has become one of the three giant game companies along with , Tencent, and NetEase.
MiHoYo was founded in 2011. Although many games including "Honkai Academy" were released before 2020, it can only be said to be an "unknown" small game company in the circle.
Although, with the "Honkai" series of games, MiHoYo also generated an operating income of about 1 billion yuan. Or due to the successful launch of gigabit on the secondary market, miHoYo submitted a listing application to Shanghai Stock Exchange in February 2017. However, after inquiries and three years of queuing, miHoYo withdrew it in September 2020. Apply.
Judging from the inquiries, the key issues at that time included the adverse effects of game-induced consumption, game revenue verification and other issues.
is most criticized for its heavy reliance on a single IP product. "Global Finance" checked the previous prospectus and found that most of the nearly 1.2 billion funds to be raised will be used for the subsequent development and operation of the "Honkai" series, as well as technology research and development and IP. Operation base construction project.
At the same time, the prospectus only mentioned that the prototype research and development of new game products was in progress in the "Projects in Progress" without further elaboration.
This is the "beautiful miss".
In September 2020, miHoYo achieved great success after releasing " Genshin Impact " and became one of the top three domestic game companies. This may be one of the reasons why MiHoYo chose to withdraw the information. After all, "Genshin Impact" is very popular in the international market. If based on the Shanghai Stock Exchange's main board valuation, even if it is successfully listed after three years of queuing, it may be seriously underestimated.
Some relevant data show that in 2020 alone, the omni-channel turnover of "Genshin Impact" reached 8.5 billion yuan, and its single-month revenue in 2021 once exceeded Tencent, which has always dominated the list.
According to data from Sensor Tower, the revenue of "Genshin Impact" on Google Play and iOS platforms reached US$1.8 billion in 2021.
Two-dimensional + open world, and then superimposed the "card drawing" mechanism. Under the probability of "luck + metaphysics", it has some "soft gambling" properties. The card drawing mechanism has been integrated into various games by all game companies. , used indiscriminately, krypton gold and card drawing have also become the source of huge profits for game companies.
The card drawing is completely random, and the probability of winning some "best" cards is extremely low. Take MiHoYo's other B-game " undecided event book " as an example. In the ongoing event "Sweet Pet and Cute Heart", if you want to draw two SSR-level cards, the probability of a single card is only 0.8%.
Picture source: "Undecided Event Book" game
The probability is so low, what should players do if they have no confidence? Don’t worry, the game developers have also set up a guarantee mechanism. With the above-mentioned “Sweet Pet and Cute Heart” activity, you can get an SSR card by drawing 99 times.
Because the gameplay is relatively simple, the main source of income for B-game is card drawing, clothing, etc. However, "Genshin Impact" is an RPG game with an open world background that cost 100 million US dollars. The game has a world view and diverse gameplay, so it can attract more money. .
The complex currency system + numerous card drawing pools + metaphysical probability are not even like traditional RPG games. Players only need to control one character. The combat system of "Genshin Impact" requires the cooperation of multiple characters with different talents and attributes. .
In the latest version 2.7, "Genshin Impact" has a total of 48 characters, and the basic probability of a five-star character is only 0.6%.Characters have to draw cards, corresponding weapons have to draw cards, upgrade items, large and small monthly cards, everything requires krypton gold, and only krypton gold bosses can become bigger and stronger.
has this kind of "penetrating people's heart" design concept, which makes many players want to stop, so they have a saying: "The monthly card counts as zero krypton, the per capita starts at 648 yuan, 3,000 yuan counts as micro krypton, and there are many people who have tens of thousands of krypton."
Back in 2016, NetEase released " Onmyoji ", which opened the door to the card drawing mechanism in domestic games, but "Genshin Impact" did take this mechanism to the extreme.
It is reported that in May 2022, due to the delay in updating the card pool, the revenue of "Genshin Impact" declined slightly, but the monthly revenue remained between 1.8 billion and 2.2 billion.
According to Sensor Tower data, Tencent's " King of Glory " attracted US$268 million in the global App Store and Google Play in May 2022, and continued to top the global mobile game best-selling list; Tencent's "PUBG Mobile" and " Peace Elite " Total revenue ranked second on the list with revenue of US$206 million; "Candy Crush" ranked third, and "Genshin Impact" ranked fourth.
Although, there are two opinions on whether "Genshin Impact" can maintain its popularity. Some people think that the international market that the game has always been proud of has gradually loosened, while others think this is related to content updates.
However, it cannot be denied that the national level has always introduced restrictive policies for the gaming industry and strictly regulated the gaming time of minors. At the same time, the release of version number and is shrinking, which also makes the game industry experience the cold winter from time to time.
According to news, many games including "Honor of Kings" and "Harry Potter: Magic Awakening" have recently set a single-day card drawing limit. At present, the unrestrained card drawing mechanism may become the next compliance issue in the gaming industry.
It is precisely due to many of the above reasons that tens of thousands of companies in the game industry went bankrupt during the suspension of version numbers. In the first half of 2022, the number of financings in the game industry dropped sharply.
However, MiHoYo broke out of the siege before the cold winter. With abundant funds and only one early financing, it did not have the pressure of listing from external capital institutions, which can be said to be very nourishing.
As a result, MiHoYo frequently made investment arrangements around upstream and downstream. The social app Soul it invested in gave up going to the United States and just submitted it to the Hong Kong Stock Exchange.
It is a pity that "the game company that was cutting off the leek was cut off by the real estate industry that was once the most profitable." MiHoYo Minmetals Trust has become the focus of market attention.
’s rising “new star” in attracting money is jumping on the risky trust “minefield”. Players “buy bricks to earn money” and merchants “financial management explodes”, which has become a hot topic among everyone.
Minmetals Capital raises funds to pay off debt! Many real estate companies have been eliminated from the Hang Seng Index
Unlike the hot industry of gaming, trust has become the most "cautious" industry now.
On June 27, the news that #miHoYo sued Minmetals Trust# quickly appeared on the hot search list. According to information on the Qinghai Online Court website, the case of MiHoYo Technology (Shanghai) v. Minmetals International Trust "Business Trust Dispute" will be heard on July 25.
The explosion of Minmetals Trust’s products is no longer a recent thing. Previously, China Merchants Bank was suspected of illegally selling Minmetals Trust Dingxing series products. It was reported that China Banking and Insurance Regulatory Commission and Beijing Banking and Insurance Regulatory Bureau had officially intervened in the investigation.
Take the Minmetals Trust Dingxing series of products as an example. The China Merchants Bank App displays them as real estate financing products, with real estate companies as the financing entities or guarantee entities. The performance comparison benchmark of this series of products is 5.80%, which is an R3 medium-risk product. The total scale of Minmetals Trust Dingxing No. 1-15 products is approximately 2.3 billion yuan. The underlying assets of
products involve Shimao Group . At present, all products No. 1 to No. 15 of Minmetals Trust Dingxing have expired and cannot be paid out and have applied for an 18-month extension.
This is not the first time that Minmetals Trust has stepped into the trap. Previously, it also included Evergrande , Sunshine City , China Fortune , etc.The annual report of the parent company Minmetals Capital shows that as of the end of 2021, the total trust assets managed by Minmetals Trust reached 817.4 billion yuan, and 75.908 billion yuan was still invested in the real estate industry, accounting for 9.29% of the total trust assets.
As of the end of 2021, Minmetals Trust’s non-performing assets were 850 million yuan, with a non-performing rate of 3.11%.
The latest news shows that Minmetals Capital (600390. SH), the parent company of Minmetals Trust, announced that the total number of preferred shares to be issued will not exceed 100 million shares, and the total amount of funds raised will not exceed RMB 10 billion, excluding issuance expenses. The net proceeds raised are intended to be used to repay interest-bearing liabilities.
As of March 31, 2022, Minmetals Capital’s short-term borrowing balance was 43.633 billion yuan, and the long-term borrowing balance was 861 million yuan.
Minmetals Capital’s fundraising may be related to revitalizing assets and cashing out extended products as soon as possible. It is reported that Minmetals Trust told investors, "The money will definitely be returned within 18 months; if 18 months is not agreed, we will try our best and are currently revitalizing assets and optimizing the plan."
Real Estate Trust exploded, not "News" and "house and land related" have always been the focus of supervision.
As of the end of 2021, the industry-wide fund trust scale was 15.01 trillion yuan, and the scale invested in the real estate industry was 1.76 trillion yuan, accounting for 11.74%.
Yongyi Trust statistics show that in 2021, the annual default scale of real estate trusts reached 91.711 billion yuan, accounting for 61.34% of the total default scale. From January to May 2022, the default scale of real estate trusts was 42.843 billion yuan, accounting for 80.45% of the total default scale.
Ultimately, the explosion of trusts is still due to the explosion of underlying assets, and the high-risk areas are concentrated in the past high-gloss real estate industry. Although there is news that MiHoYo is not the Dingxing series product of Minmetals Trust, the underlying asset of the product involved is also the real estate industry.
At the same time as MiHoYo v. Minmetals Trust, China Evergrande , a company listed on the Hong Kong Stock Exchange, issued an announcement stating that creditors filed a winding-up petition against the company to the High Court of the Hong Kong Special Administrative Region on June 24, 2022, involving the company’s financial obligations. The amount is HK$862.5 million.
The so-called winding-up petition means that if a company has excessive liabilities, its creditors and/or company members can file a winding-up petition with the court.
As various overseas and domestic debts mature, most of them cannot be paid. If they cannot be extended, a liquidation petition will be triggered.
China Evergrande stated that it has been actively communicating with creditors to promote overseas debt restructuring and is expected to announce a preliminary overseas debt restructuring plan before the end of July.
Previously, Jiayuan International Holdings and Fantasia were subject to liquidation petitions from creditors due to unpaid loan financing.
It is worth noting that after the market closed on June 30, Hong Kong Hang Seng Index Co., Ltd. issued the latest index adjustment announcement.
The announcement shows that the Hang Seng China Enterprise Index excludes Sunac China , and the Hang Seng Composite Index excludes Shimao Group, Kaisa Group , Color Life Service Group , Sunac China, China Evergrande, China Aoyuan , Aoyuan Health, Evergrande Property .
In less than three years, the once glorious industry fell to the bottom after its barbaric growth. So what will be the future of the gaming industry?
