Perfect World Co., Ltd. (PWRD) - NASDAQ
  • Jun. 12, 2015, 5:54 PM
    • Hedge fund Farallon Capital has disclosed an 18.95M-share (8.6%) stake in Perfect World (NASDAQ:PWRD) through a 13D filing (often used by activists).
    • Farallon says it could hold talks with the Chinese online gaming firm about various strategic matters, including the $20.20/share going-private deal it agreed to with a firm controlled by chairman Michael Yi.
    | Jun. 12, 2015, 5:54 PM | 3 Comments
  • Apr. 27, 2015, 6:45 AM
    • Perfect World (NASDAQ:PWRD) enters a go-private transaction with Perfect Peony Holding Company at a price of $20.20 per share.
    • The deal price from the entity led by Chairman Michael Chi is higher than the original privatization offer of $15.76/share made last December and a follow-up bid of $20/share in January.
    • PWRD +2.54% premarket to $18.99.
    | Apr. 27, 2015, 6:45 AM | 3 Comments
  • Jan. 2, 2015, 12:50 PM
    | Jan. 2, 2015, 12:50 PM
  • Jan. 2, 2015, 9:14 AM
    | Jan. 2, 2015, 9:14 AM | 6 Comments
  • Jan. 2, 2015, 8:51 AM
    • Add Perfect World's (NASDAQ:PWRD) name to the list of U.S.-traded Chinese companies to receive "non-binding" buyout offers involving a founder: Chairman Michael Chi has proposed acquiring the game developer for $20/share in cash (a 27% premium to Wednesday's close).
    • As is the norm in such situations, Perfect World's board has formed a special committee to evaluate Chi's proposal. The success rate of similar going-private offers is very mixed (I, II).
    • Perfect World has also announced mobile game publishing SVP Yunfan Zhang has been promoted to the newly-created role of COO.
    | Jan. 2, 2015, 8:51 AM
  • Nov. 28, 2014, 11:46 AM
    • Citing concerns about margin pressure, Pac Crest has downgraded Perfect World (NASDAQ:PWRD) to Sector Perform in the wake of the company's Q3 report.
    • Perfect World reported an 880 bps Y/Y drop in gross margin on Tuesday, and a 33% increase in opex (above revenue growth of 17%). On the CC (transcript), CFO Kelvin Lau noted Perfect World's gross margin for mobile games is typically lower than that for PC games due to revenue-sharing agreements."I think the trend is to give away 30% to 40%, less than 50% of the revenue sharing."
    | Nov. 28, 2014, 11:46 AM
  • Nov. 25, 2014, 7:05 PM
    • Perfect World (NASDAQ:PWRD) expects Q4 revenue of RMB1.023B-RMB1.072B ($166.6M-$174.6M), in-line with a $171.9M consensus.
    • Thanks to the strong performance of mobile games such as CrossGate Mobile and Forsaken World, online game revenue rose 23% Y/Y to $149.8M. However, average concurrent users for PC games fell to 623K from 778K. Licensing revenue fell 1% to $6.3M.
    • Gross margin fell to 69% from 73.1% in Q2 and 77.8% a year ago. Opex rose 33% Y/Y (exceeding revenue growth of 17%) to $113.3M.
    • Q3 results, PR
    | Nov. 25, 2014, 7:05 PM
  • Nov. 25, 2014, 5:04 PM
    • Perfect World (NASDAQ:PWRD): Q3 EPS of $0.41 beats by $0.01.
    • Revenue of $158.7M (+16.6% Y/Y) misses by $2.19M.
    | Nov. 25, 2014, 5:04 PM
  • Nov. 24, 2014, 5:35 PM
  • Oct. 28, 2014, 1:56 PM
    • Perfect World (PWRD -0.2%) states placing its R&D teams within majority-owned subsidiaries will help it "attract and motivate top talent by granting them [a] direct stake in the subsidiaries."
    • The Chinese online game developer has been seeing healthy top-line growth in recent quarters - revenue rose 30% Y/Y in Q2 - but has also been dealing with a decline in its PC gaming user base. Tencent remains the 800-lb. gorilla of a very competitive Chinese gaming market.
    | Oct. 28, 2014, 1:56 PM
  • Sep. 3, 2014, 12:52 PM
    • Perfect World (PWRD +0.6%) is selling the 30.3M Shanda Games (GAME +0.2%) Class A shares it only recently acquired for $100M for $104.6M in cash.
    • The announcement comes in tandem with one stating Perfect World is joining multiple investment firms in pulling out of a consortium that had bid $1.9B to acquire Shanda. Shanda (current market cap of $1.67B) is brushing off the news.
    | Sep. 3, 2014, 12:52 PM
  • Sep. 3, 2014, 6:44 AM
    • Carlyle Group (NASDAQ:CG) and Fountainvest Partners have pulled out of a consortium backing a $1.9B bid to purchase Shanda Games (NASDAQ:GAME). Perfect World (NASDAQ:PWRD) and private equity firm Primavera Capital have also exited the consortium.
    • Shanda Interactive Entertainment and an affiliate of Primavera, which together held 76.2% of Shanda, in January had offered $6.90 per ADS to buy the company, valuing it at $1.9B.
    • Fountainvest joined the Shanda consortium in April, while Carlyle joined in May.
    | Sep. 3, 2014, 6:44 AM
  • Aug. 19, 2014, 2:43 PM
    • In addition to posting nearly in-line Q2 revenue (while beating on EPS), Perfect World  (NASDAQ:PWRD) has guided for Q3 revenue of RMB956M-RMB1.003B ($155.4M-$163.1M), in-line with a $159.9M consensus.
    • However, the company's PC gaming base remains under pressure: Average concurrent PC users for games under operation in mainland China totaled 661K in Q2, down from 662K in Q1 and 742K a year ago. Perfect World is counting on mobile titles such as MMORPG Forsaken World and cartoon-style RPG CrossGate Mobile to boost growth.
    • Nonetheless, online gaming revenue rose 32% Y/Y to $138.8M, and licensing revenue 55% to $7.9M. The strong performance of major PC games such as Swordsman Online and DOTA2 contributed to the growth.
    • Gross margin fell to 73.1% from 73.6% in Q1 and 76.5% a year ago. Opex rose 19% Y/Y to $88.7M, thanks in part to a 31% increase in R&D spend to $41.9M.
    • Q2 results, PR
    | Aug. 19, 2014, 2:43 PM
  • Aug. 19, 2014, 12:49 PM
    | Aug. 19, 2014, 12:49 PM | 1 Comment
  • Aug. 18, 2014, 5:35 PM
    | Aug. 18, 2014, 5:35 PM
  • Aug. 18, 2014, 5:06 PM
    • Perfect World (NASDAQ:PWRD): Q2 EPS of $0.55 beats by $0.10.
    • Revenue of $149.6M (+29.6% Y/Y) misses by $0.96M.
    • Shares -0.04% AH.
    | Aug. 18, 2014, 5:06 PM | 1 Comment
Company Description
Perfect World Co Ltd is an online game developer and operator in China. The Company develops online games based on proprietary game engines and game development platforms.
Sector: Technology
Industry: Multimedia & Graphics Software
Country: China