CATDOLL: Bilibili received a stake from Shanda Games, with a valuation of over 1.7 billion yuan. How should this money be spent?

Recently, Shanda Games disclosed a figure in an announcement that it invested 12.2272 million yuan in Bilibili Inc. in the first half of the year, accounting for 0.71% of the shares. This means that the leader of China's two-dimensional industry, Bilibili, has a public valuation of more than 1.7 billion yuan.

This data also involves the three ultimate problems of the capital of the two-dimensional industry:

Who is the company being invested in? (A platform for young people that provides video content)

Where does the money come from? (For listed companies planning to invest in pan-entertainment)

Where does the money go? (Investing tens of millions and holding 0.71% of the shares)

According to the information, Shanda participated in the last round of financing of Bilibili, and the latter's new round of valuation is said to be 720 million US dollars, which is generally considered to be a reasonable price in the industry. The current valuation of A Station is close to that of Bilibili in the last round.

So today let’s talk about the third major issue of the two-dimensional capital map, which is which companies the capital has invested in and at what price and proportion.

Let’s first use two pictures to popularize the domestic two-dimensional industry, that is, the definition of two-dimensional and the model of two-dimensional products.

The core of the two-dimensional world is users' acceptance and consumption of ACG content. One of the core elements is animation, and the extension is pan-entertainment.

How does capital pursue targets?

Investment and M&A cases of content creation companies in the field of the second dimension from 2013 to 2015:

Investment cases of secondary platform companies in 2014-2015:

Examples of companies in the two-dimensional industry from 2013 to 2015:

As analyzed in the previous article "Site A chose Youku, Site B joined hands with Tencent", the giants have already started fighting in the two-dimensional field.

Alibaba, Baidu, Youku Tudou, NetEase, and Sina, which are listed on the U.S. stock market; Aofei, Guangxian, Huayi, LeTV, and Starbright Tiantuo (interactive entertainment), which are listed on the domestic A-share market; Tencent, Kunlun, and Linekong, which are listed on the Hong Kong stock market; iQiyi and Longtu, which are in the process of being listed, and so on, have all joined the battle either personally or indirectly as LPs of a fund focusing on the pan-entertainment field (for example, Huayi invested 15 million yuan in Bopai Capital and Guangxian invested 50 million yuan in Matrix Partners).

These giants (their size is undoubtedly giants compared to ACG startups) have made layouts in the content, platform, and consumer aspects of ACG.

After Alpha Animation went public in 2009, the two-dimensional industry experienced several years of silence. The most notable example was when someone counted the companies that might go public after Alpha Animation. They guessed Crystal Stone, Hongmeng Cartoon, Sanchen Cartoon, Zhongnan Cartoon, and Manyou Culture. None of them turned out to be right. Instead, Crystal Stone was rumored to be going bankrupt and undergoing restructuring. This accuracy ironically revealed the sadness of Chinese animation.

This year, this field has become "lively" again. In addition to the attention and involvement of giants and various venture capital funds, startups have also grown to a great extent. The surge in the valuation of Bilibili is one example, and Tongshi Network, which went public a few days ago, is another example. There will be more stories in the future.

(This article comes from Sanwenyu, and the above content does not represent the views of this site)