Re: Q&A in connection with contents should be disclosed in the restructuring report in case that the asset to be purchased is game company in the process of approval and examination of merger, acquisition and restructuring for listed companies

上市公司并购重组审核中，拟购买资产为游戏公司的，在重组报告书中应当披露哪些内容？对独立财务顾问有什么特殊要求？（2015年9月18日）

In the process of approval and examination of merger, acquisition and restructuring for listed companies, what contents should be disclosed in the restructuring report in case that the asset to be purchased is game company? What are the special requirements for independent financial advisor? (September 18, 2015)

答复：申请人应当结合游戏公司特点及运营模式，在重组报告书中分析并披露以下业务数据：主要游戏的总玩家数量、付费玩家数量、活跃用户数、付费玩家报告期内每月人均消费值、充值消费比、玩家的年龄和地域分布、开发人员等。同时，披露将未开发项目纳入收益法评估范围的说明，以及作为高风险、高波动公司的折现率和风险系数取值合理性的说明。

Reply: Applicant shall analyze and disclose the business data as follows in restructuring report by combining with the feature and operating model of game company: total number of players of main games, number of paying players, number of active users, monthly consumption per person within the period of paying players report, ratio between recharge and consumption, age of players and their geographical distribution, developer etc. At the same time, applicant shall disclose the introductions in respect of bringing the undeveloped projects into income method evaluation scope, and the introductions as to the reasonability of value of discount rate and risk parameter of the high-risk and high-fluctuated company.

独立财务顾问应当围绕游戏公司业绩真实性进行专项核查，专项核查报告应当在申请人向监管机构报送申请文件时一并提交，同时提供关于拟购买资产销售真实性的核查方法、核查经过、核查范围等事项的说明。

The independent financial advisor should conduct special verification in terms of the performance authenticity of a game company, and special verification report shall be submitted alongside the application documents which are filed by applicant to supervision authority. The independent financial advisor meanwhile provides the instructions about the verification method, process, scope and other related matters.

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