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1、WIP+1 310 696 Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1

2、 310 696 SALE TOMobile/Online GamingVideo Game/Content StreamingSALE TOAAA Game DeveloperPower RangersMobile/Console GamesMobile GamesGame Review and AdvertisingSALE TO*-transactions executed by current Drake Star Partners employees while employed at other firms2*$11.0B$2.9B$4.3B120 594 33 3Note:Pub

3、lic Markets include IPOs,SPACs,and Public FinancingsSource:CapIQ,Pitchbook&DSP ResearchNote:Deal count includes announced and/or closed M&A,private placement,IPOs,SPACs,and public financing dealsDrake Star did not act as financial advisor on transactions listed on this pageQ4 started on a great note

4、 with the closing of the era defining Microsoft Activision deal.We expect M&A activity to steadily increase in 2024.Tencent,Sony,Take-Two,Savvy/Scopely are expected to be the most active buyers while Embracer will likely complete the divestiture of some of its studios.Several other strategics also s

5、tarted to participate in M&A discussions again after a pause for several quartersInvestors have been largely cautious this year on mid/late-stage financings.We expect a continued healthy amount of investment in early-stage companies and an increase in mid/late-stage deals next year.AI and tools cont

6、inue to be hot segments We saw the first successful tech IPO this quarter and several IPO ready gaming companies are exploring the listing in 2024.PE firms interest in the gaming sector has increased given the attractive public company valuations and we except several large acquisitions to be led by

7、 PE firms in the coming quartersQ3 saw some of the biggest strategics restarting their M&A consolidation,after an extended quiet period.Tencent and subsidiaries lead the way with five deals during the quarter,most notable the majority acquisition of Techland which is among the top 3 largest deals of

8、 the year.Playtika continued its casual gaming expansion with two acquisitions(Innplay Labs and Youda Game)Goldman Sachs alongside a group of investors(General Atlantic and LEGO)made an offer to acquire Kahoot for$1.72B!Take Two/Rockstar Games(Cfx.re),Behavior Interactive(Codeglue),Capcom(Swordcanes

9、 Studio)and Roblox(Speechly)were some of the other active strategics during the quarter.40%of M&A deals were in the PC/console segment,followed by mobile with 21%With approximately$1B raised through 185 deals,private financing value increased over Q2.Some of the notable raises were Candivore($100M),

10、Second Dinner($90M),Story Protocol($54M),Futureverse($54M),Inworld AI($50M)and Veloce Media Group($50M).85%of the financings were for early-stage companies and 15%for mid/late-stage companies.BITKRAFT led the VC league table for the first nine months of the year,followed by Andreessen Horowitz,Play

11、Ventures,Griffin Gaming and Vgames Gaming continues to experience fresh flow of capital with Blockchain Capital closing a$580M fund to deploy in crypto gaming.Play Ventures raised$78M and Alpha Protocol Ventures raised$20MPublic MarketsPPM&A4M&APublic MarketsEmbracer,amidst the launch of restructuri

12、ng program,raised$182M to help revise its net debt target to$729M at the end of FY2023-24Nazara,India-based gaming media platform,received over$61M from SBI Mutual Fund,Kamath Associates and NKSquared.Funding will be used towards further investments-particularly acquiring games,esports and sports me

13、dia companiesAppLovin,mobile monetization platform,announced that lenders agreed to refinance term loan in an aggregate amount of$1.5BFundraisingCandivore,the maker of the hit multiplayer match-3 puzzle game Match Masters,raised$100M through a minority acquisition by Haveli Investments.The capital w

14、ill be used to further grow Match Masters in US and bring additional games to market over time Second Dinner,developer of social and casual mobile games,received$90M financing at$400M pre-money valuation from Griffin Gaming Partners and NetEase Games.Funds will be used to further pursue growth and b

15、ring new games to the market over timeStory Protocol,an IP-collaboration platform,raised$54M in a round led by A16Z to create the infrastructure revolutionizing IP ownershipFutureverse,a metaverse platform for creators,received$54M financing by 10T Holdings and Ripple to introduce AI into metaverseI

16、nworld AI,a gaming character engine,secured$50M from Lightspeed Venture Partners,pushing its valuation past$500M.The funds will be used to boost R&D,recruitment,infrastructure,and launch an open-source version of its engine Veloce Media Group,media platform for racing community in gaming,raised$50M

17、from GEM Digital to support launch of its web3 techNote:Drake Star did not act as financial advisor on transactions listed on this pageGoldman Sachs Private Equity,General Atlantic and LEGO made a$1.72B all-cash offer to acquire gamified e-learning platform Kahoot!Playtika acquired Youda Games mobil

18、e card game portfolio($165M)and Innplay Labs,a mobile game studio in Israel($300M)to further strengthen its market position and expanding in the Luck Battle genreTencent acquired Techlands,developer of Dying Light,and Visual Arts,Japanese game studio,further expanding its global presenceSumo Group a

19、cquired Midoki,a mobile game development studio,expanding its presence in live service and mobile gamingSupercell acquired majority stake in Ultimate Studio,a PC/console game developer,starting a new chapter of expansion beyond mobileBehavior Interactive acquired Codeglue,a Netherlands-based co-deve

20、lopment studio,to establish its presence in continental EuropeCapcom acquired Swordcanes Studio,a support studio that worked on Street Fighter 6,to bolster development and tech capabilitiesTake2/Rockstar Games acquired GTA 5 and RDR 2 modding team Cfx.re to support the community and improve the prov

21、ided servicesRoblox acquired Speechly,a voice moderation startup,to further expand into voice chat-based interactions by adding AI moderation tools89 76 61 69 83 71 84 77 43 44 33 -20 40 60 80 100 120 140 160 180 200$0$5$10$15$20$25$30Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Q323Value($B)Deal Count11

22、 9 13 North AmericaEuropeAsia and others13 7 5 3 1 4 PC/ConsoleMobilePlatform/ToolsHardwareEsportsBlockchainOthers5$20$856Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageSupercell,Tencent subsidiary and Clash of Clans developer,a

23、cquired majority stake in Melbourn-based Ultimate StudioUltimate Studio is focused on PC and console titles.Supercell is placing a studio at a central position of their new initiative to expand beyond mobileAn expansion beyond mobile is a new milestone for Supercell that means new revenue streams fu

24、rther improving its earning potentialSumo Digital,Tencent subsidiary,acquired a British mobile developer MidokiThe acquisition will strengthen Sumos presence on mobile platforms as well as improve its capabilities in original,free to play live services and games-as-service developmentAs part of the

25、acquisition Midoki will join the Sumo Digital family of studios,largest operating business of Sumo GroupPlaytika,a social casino and casual mobile games pioneer,acquired Youda Games and Innplay Labs for a combined total of up to$465MThe acquisition of Youda Games card portfolio will allow Playtika t

26、o strengthen its market position by leveraging its unrivaled expertise to scale the gamesThe acquisition of Innplay Labs is an opportunity to expand Playtikas presence in the Luck Battle genre with promising and growing franchise Goldman Sachs Asset Management,along with existing backers General Atl

27、antic(current largest shareholder)and LEGO Groups KIRKBI Invest,placed an all-cash offer to take Kahoot privateThe acquisition will allow Kahoot to expand a mission-critical learning and engagement platform and contribute to its further growth and innovationGroup of investors is committed to support

28、 and accelerate Kahoots long-term growthCapcom,one of the leading game developers,acquired Japan-based Swordcanes StudioSwordcanes Studio was a support studio for Capcom that worked on such titles as Street Fighter 6,Final Fantasy XVI,and Hi-Fi RUSHThe acquisition will allow Capcom to bolster its de

29、velopment and technological capabilities.Going forward,Capcom will continue to explore the acquisition of necessary tech capabilitiesTencent,gaming IP and publishing behemoth,acquired Techland and Visual Arts further pursuing a strategy to become a global gaming powerhouseTencent will assist Techlan

30、d,developer of Dying Light,to enter Chinese market and make sure that new fantasy-action game lives up to expectationsThe acquisition allows Visual Arts,publisher for titles created by Key,to reach wider audience global presence and to explore new growth opportunities196 195 130 202 310 183 233 212

31、211 198 185$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Q323Value($B)Deal Count$107M$316M$133M$20M$79M$11M$294M$40M30 42 32 6 15 6 39 15$502M$346M$151M157 24 4 HardwareOthersPlatform/Tools7Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor

32、on transactions listed on this pageLateMidEarlyVR/AREsportsMobilePC/ConsoleBlockchaineSportsFeb-23$265.0-Savvy Games GroupMobileAug-23$100.0-Haveli InvestmentsMobileSep-23$90.0$400.0Griffin Gaming Partners,NetEase GamesPC/ConsoleMar-23$55.0-Lightspeed Venture Partners,Riot Games,Bitkraft Ventures,An

33、dreessen HorowitzBlockchainSep-23$54.0-Andreessen Horowitz,Endeavor,11:11 Media,Hashed,Samsung NEXT,Mirana Ventures,Foresight VenturesBlockchainJul-23$54.0-10T Holdings,RipplePlatform/ToolsAug-23$50.0$500.0Lightspeed Venture Partners,Samsung NEXT,M12 fund,First Spark Ventures,LG Technology Venturese

34、SportsJul-23$50.0-GEM DigitalMobileJul-23$50.0-UndisclosedPC/ConsoleMar-23$50.0$180.0Lightspeed Venture Partners,Riot Games,Bitkraft Ventures,Andreessen HorowitzPlatform/ToolsJun-23$48.0-Sony Innovation Fund,HBSE Ventures,NBCUniversal,PayPal Ventures,021fund,BITKRAFT,Samsung NEXT PC/ConsoleMar-23$40

35、.0-Andreessen Horowitz,Nexon,Makers Fund,BITKRAFT,Kingsway Capital,HashedBlockchainJun-23$37.0-Animoca Brands,ARK Invest,Proof VC,Andreessen Horowitz,WestCap,Gaingels,Signum Growth,MoonPayBlockchainSep-23$33.0$100.0Andreessen Horowitz,Greenoaks Capital PartnersBlockchainFeb-23$32.0-Andreessen Horowi

36、tzSource:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this page89Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageInvestors Griffin Gaming Partners,NetEaseThe new funding r

37、ound values Second Dinner at around$400M.The company will use the capital raised to further pursue growth,bring new games to the market and expand into new marketsInvestors Andreessen Horowitz,Endeavor,11:11 Media,Insignia Venture Partners,Samsung NEXT Ventures,Two Small Fish Ventures,Hashed,Foresig

38、ht Ventures,Mirana Ventures,Alliance DAO and othersThe funding will enable Story Protocol to create the infrastructure for a new are of creativity and IP ownership(manage IP on the blockchain)Investors Haveli InvestmentsThe funding gives Candivore access to capital and top-tier operating partners an

39、d investors,it will be used to further grow Match Masters in United States as well as expand globally and bring additional games to market over timeInvestors Lightspeed Venture Partners,Stanford University,Samsung Next,M12 fund,First Spark Ventures,LG Technology VenturesThe funding will enable Inwor

40、ld AI to accelerate research and development,hire top talent,invest in infrastructure,and launch an open-source version of its character engineInvestors GEM DigitalThe funding comes shortly after announcement of VEXT,blockchain utility and governance token,and allows Veloce Media Group to focus on g

41、rowth and expansion through acquisition of more gaming and real-life racing properties Investors 10T Holdings,RippleThe company is developing proprietary AI content generation tools designed to amplify various aspects of the metaverseThe funding will be used to continue developing the companys compr

42、ehensive technology,including its Futureverse PlatformVCDEALSSELECT INVESTMENTSSTAGE LOCATION7Seed to Early7Seed to Early7Seed to Early6Seed to Early6Seed to Early6Seed to Early6Seed5Seed to Early5Seed to Early4Seed to Early10VCDEALSSELECT INVESTMENTSSTAGE LOCATION20Seed to Late13Seed to Late10Seed

43、to Late8Seed to Late8Seed to Late7Seed to Late5Seed to Late4Seed to Late4Early to Late3Seed to LateSource:CapIQ,Pitchbook&DSP ResearchZakazane11COMPANYDISCLOSED DEAL VALUE($M)#OF DEALSSELECT DEALS$45.05$4,900.03-3-3$115.03$465.02-2$775.01-1-1Source:CapIQ,Pitchbook&DSP ResearchNote:Deal value only in

44、cludes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page12COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV North America/Europe-Mobile FocusedLTMLTMLTMNTMLTMNT

45、MLTMNTMLTMNTMLTMNTMLTMPlaytikaPLTKIL30-Jun-23$9.63$3,529.4$5,075.4$2,578.0$682.42.0 x1.9x7.2x6.2x11.5x12.1x-2%1%12%21%26.5%Modern Times GroupMTG BSE30-Jun-23$6.78$842.7$532.6$515.8$111.31.0 x1.0 x4.7x4.1x33.4x20.8x9%5%-4%17%21.6%RovioROVIOFI30-Jun-23$9.72$740.2$583.5$330.8$39.81.8x1.7x11.4x9.6x25.0

46、x21.3x-3%8%-19%57%12.0%Stillfront GroupSFSE30-Jun-23$1.47$713.2$1,148.5$721.6$167.11.6x1.7x6.7x4.2x10.7x4.9x15%-4%8%64%23.2%GDEVGDEVCY30-Jun-23$2.82$556.4$417.4$461.0$38.30.9xNA13.7xNANMNA-6%NA-51%NA8.3%SciPlaySCPLUS30-Jun-23$22.77$484.3$660.9$729.2$193.00.9x0.9x3.4x3.2x23.0 x21.7x18%3%13%8%26.5%Huu

47、ugeHUGUS30-Jun-23$5.92$473.0$243.0$296.1$96.00.9x0.9x2.6x2.8x8.6x8.6x-14%-9%77%11%32.4%Media and Games InvestM8GSE30-Jun-23$1.14$182.0$593.0$387.4$101.71.6x1.7x5.8x6.1xNM24.3x14%-9%54%2%26.2%Ten Square GamesTENPL30-Jun-23$19.44$141.2$118.7$119.7$24.91.1x1.0 x5.2x4.8x9.5x11.6x-15%3%-39%7%20.8%G5 Ente

48、rtainmentG5ENSE30-Jun-23$14.50$116.9$99.2$129.8$17.10.8x0.8x5.8x3.3x12.0 x7.7x5%-2%15%77%13.2%Flexion MobileFLEXMGB30-Jun-23$1.06$59.8$44.1$91.5$5.70.5x0.4x7.8x4.7xNM8.3x48%26%NA70%6.3%PopreachPOPRCA30-Jun-23$0.15$41.7$98.4$149.7$22.60.7x0.5x4.3x5.0 xNM14.8xNA20%NA12%15.1%MAG InteractiveMAGISE31-May

49、-23$1.41$37.5$30.3$37.1$3.90.8x0.8x7.7x7.0 xNMNM19%3%NANM-2.2%East Side GamesEAGRCA30-Jun-23$0.35$28.3$27.3$72.9$4.40.4x0.4x6.3x2.6x32.7x18.8x-15%-1%16%NM6.0%Average1.1x1.1x6.6x4.9x18.5x14.6x6%3%7%31%16.8%Median0.9x0.9x6.0 x4.7x12.0 x13.5x5%3%12%17%17.9%North America/Europe PC/console FocusedActivis

50、ion BlizzardATVIUS30-Jun-23$93.63$73,667.9$64,133.9$8,706.0$2,322.07.4x6.9x26.4x17.3x34.3x22.8x14%6%-7%59%26.7%Electronic ArtsEAUS30-Jun-23$120.40$32,617.8$32,232.8$7,583.0$1,986.04.3x4.4x14.9x13.1x37.3x18.2x5%-2%14%24%26.2%Take-Two InteractiveTTWOUS30-Jun-23$140.39$23,842.6$26,449.7$5,532.2$1,158.9

51、4.8x4.7x20.7x26.5xNM38.8x46%2%NM14%20.9%UbisoftUBIFR31-Mar-23$32.56$4,111.9$5,143.8$1,971.2$889.92.6x2.2x5.8x4.5xNM17.0 x-15%20%NANM-23.0%CD ProjektCDRPL30-Jun-23$28.66$2,863.6$2,705.8$221.4$94.313.1x13.0 x30.7x24.9x38.9x40.6x13%1%30%24%42.6%Embracer GroupEMBRAC BSE30-Jun-23$2.01$2,693.0$4,390.0$3,8

52、03.6$632.51.2x1.1x6.4x4.6x3.5x4.9xNA4%NA53%16.6%Paradox InteractivePDXSE30-Jun-23$21.07$2,225.3$2,159.4$209.3$101.210.4x8.5x20.6x12.8x33.2x28.4x40%23%25%68%48.4%Keyword StudiosKWSIE30-Jun-23$18.88$1,492.3$1,556.4$822.2$128.42.0 x1.7x11.3x8.7x43.6x14.9x27%13%14%44%15.6%PlayWayPLWPL30-Jun-23$97.29$642

53、.1$599.2$67.4$43.29.7x8.0 x15.2x12.1x25.6xNA4%19%-3%23%64.2%Team17 GroupTM17GB30-Jun-23$3.23$465.5$416.0$195.6$47.12.2x2.3x9.0 x6.8x19.2x9.9x48%-5%8%36%24.1%Remedy EntertainmentREMEDYFI30-Jun-23$25.35$342.0$316.0$40.8-$10.58.0 x6.5xNMNMNMNM-24%24%NA91%-25.8%People Can FlyPCFPL30-Jun-23$8.68$311.8$28

54、4.7$33.4$0.38.5x6.0 xNMNMNMNM15%-9%NANANMCI GamesCIGPL30-Jun-23$1.39$253.4$264.3$11.9-$1.823.8x4.3xNM5.6xNM10.6x-44%NMNANM-15.4%Focus InteractiveALFOCFR31-Mar-23$29.64$183.1$200.7$210.9$64.41.0 x0.8x3.2x2.4x24.6x8.6x36%20%38%35%30.5%Digital BrosDIBIT30-Jun-23$12.74$181.8$236.1$128.7$47.41.9x1.6x5.1x

55、4.0 x18.2x8.1x-11%21%-20%29%36.8%EG7EG7SE30-Jun-23$1.93$170.7$133.3$192.7$51.10.7xNA2.5xNA66.1xNA20%NANMNA26.5%Devolver DigitalDEVOUS30-Jun-23$0.31$135.7$73.4$125.4$12.60.6x0.8x5.6x9.1xNMNM20%-25%NANM-24.8%NaconNACONFR31-Mar-23$1.48$128.6$207.3$169.5$15.51.3x1.0 x11.8x2.8x10.0 x5.7x0.04%25%-4%NM9.1%

56、Bloober TeamBLOPL30-Jun-23$5.52$106.5$101.9$20.9$6.95.2xNA15.9xNA30.5xNA27%NA5%NA32.9%Frontier DevelopmentsFDEVGB31-May-23$2.70$104.3$93.3$129.5-$6.00.7x0.7xNM3.3xNMNM-8%2%NANM-4.6%Starbreeze ABSTAR BSE30-Jun-23$0.05$81.3$70.2$13.2$0.95.4x1.7x78.6x2.2xNM3.4x17%NMNANM-3.2%Skonec EntertainmentA276040K

57、R30-Jun-23$5.71$71.6$53.8$3.6-$3.615.2x10.5xNMNANMNM-16%45%NANANMThunderful GroupTHUNDRSE30-Jun-23$0.69$48.7$94.7$306.2$31.50.3x0.3x2.8x2.5x5.6x2.4x1%-1%0.03%22%10.3%Snail GamesSNALUS30-Jun-23$1.14$41.8$48.7$54.3-$10.20.9x0.4xNM1.6xNM2.1x-41%NMNANM-18.8%ZordixMAXENT BSE30-Jun-23$0.51$22.0$54.2$106.5

58、$7.20.5x0.5x7.5x4.4xNMNM35%-2%-86%NM1.1%tinyBuildTBLDUS30-Jun-23$0.10$20.5$7.3$57.8-$21.60.1x0.1xNM1.6xNM8.9x-7%-16%NA121%-37.4%Average5.1x3.7x15.5x8.1x27.9x14.4x8%8%1%46%11.7%Median2.4x2.0 x11.3x4.6x28.0 x9.9x13%4%5%36%16.1%Source:CapIQ,As of September 30,2023,in$M except share price,EV/EBITDA and

59、P/E multiples less than 0 and greater than 100 are denoted as NM13COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP30-Jun-23$81.95$101,062.8$124,580.5$84,889.4$9,563.5

60、1.5x1.6x12.5x9.0 x17.0 x16.7x24%-4%-9%49%11.3%Nintendo7974JP30-Jun-23$41.71$48,560.9$35,499.8$12,142.0$4,145.23.0 x3.6x8.5x10.3x14.7x22.1x4%-17%2%14%34.1%NEXON3659JP30-Jun-23$17.90$15,288.0$11,412.4$2,746.3$955.74.3x3.8x13.1x11.1x20.6x18.9x30%12%29%11%34.8%Capcom9697JP30-Jun-23$36.05$7,539.3$6,864.5

61、$999.8$459.07.1x6.7x15.4x14.9x24.5x25.2x66%5%90%3%45.9%Konami Holdings9766JP30-Jun-23$52.80$7,158.1$6,098.0$2,179.0$491.52.9x2.6x12.8x9.2x29.0 x19.8x4%12%-19%39%22.6%KraftonA259960KR30-Jun-23$111.87$5,165.3$2,939.8$1,391.9$611.82.2x2.3x5.1x5.3x15.2x16.6x-4%-4%-0.1%7%44.0%Square Enix9684JP30-Jun-23$3

62、4.31$4,115.2$2,912.1$2,448.8$274.91.2x1.2x10.9x7.4x16.5x15.8x1%-0.5%-38%47%11.2%Sega Sammy6460JP30-Jun-23$18.47$4,077.6$3,276.6$2,984.9$547.81.1x1.1x6.1x6.2x10.2x12.6x32%2%80%0.2%18.4%NcsoftA036570KR30-Jun-23$165.28$3,356.5$2,229.7$1,572.6$317.91.4x1.5x7.2x9.5x15.5x18.4x-23%-0.3%-37%24%20.2%NetMarbl

63、eA251270KR30-Jun-23$31.27$2,562.4$3,923.0$1,964.4$45.32.0 x1.8x37.3x14.4xNM70.4x-2%15%-72%NM2.3%Pearl AbyssA263750KR30-Jun-23$34.62$2,121.6$1,979.2$276.6$21.57.3x4.7xNM21.8xNM21.8x-9%54%-54%NM7.8%Kakao GamesA293490KR30-Jun-23$18.91$1,543.6$2,164.0$806.9$140.52.7x2.2x72.6x10.0 xNM17.3x-22%27%-36%57%1

64、7.4%DeNA2432JP30-Jun-23$10.06$1,120.1$898.5$942.6$57.11.0 x0.9x11.6x9.2x26.9x16.9x4%15%-49%76%6.1%GungHo Online3765JP30-Jun-23$15.80$946.6$167.9$875.2$224.80.2x0.2x0.8x0.8x7.1x8.0 x26%-0.3%9%1%25.7%WeMade EntertainmentA112040KR30-Jun-23$27.41$917.0$1,043.5$361.9-$85.92.9x1.9xNMNMNMNM11%56%NA90%-23.7

65、%Gree3632JP30-Jun-23$3.98$679.8$448.6$521.8$88.70.9x1.0 x5.2x7.6x11.1x21.0 x1%-13%6%32%17.0%NHN EntertainmentA181710KR30-Jun-23$16.90$569.6$411.6$1,657.3$104.20.3x0.2x4.5x3.2x44.7x18.2x6%15%-6%27%6.3%DOUBLEUGAMESA192080KR30-Jun-23$29.71$491.0$399.1$460.9$154.70.9x0.9x2.6x2.6xNM5.5x1%4%6%0.2%33.6%Dou

66、bleDown InteractiveDDIKR30-Jun-23$8.48$420.2$216.2$307.8$174.20.7x0.7x1.2x2.0 xNM4.7x-9%3%NM38%56.6%Com2uSA078340KR30-Jun-23$33.21$387.7$550.1$616.1-$4.20.9x0.8xNM14.9x10.6x10.1x32%9%NANM-0.7%JOYCITYA067000KR30-Jun-23$1.97$135.1$195.0$116.5$13.01.7x1.7x15.3x9.9x36.0 x12.5x-13%4%21%55%11.2%GAMEVIL In

67、c.A063080KR30-Jun-23$19.80$130.3$241.0$101.8$1.32.4x1.7xNM16.1xNMNA1%45%-94%NM1.3%T3 Entertainment Inc.A204610KR30-Jun-23$0.96$64.3$16.2$52.3$8.30.3xNA2.2xNA8.4xNA-5%NA-10%NA15.9%Me2onA201490KR30-Jun-23$2.03$63.4$76.0$84.4$22.60.9xNA3.4xNA11.1xNA1%NA-8%NA26.8%VespaA299910KR30-Jun-23$2.35$18.3$26.3$0

68、.9-$1.330.1xNANMNANMNA-95%NANANANMAverage3.2x2.0 x12.4x9.3x18.8x18.6x3%11%-9%32%18.6%Median1.5x1.6x7.8x9.2x15.5x17.1x1%4%-8%29%17.2%EsportsSkillzSKLZUS30-Jun-23$5.10$108.0-$112.7$190.6-$90.4NMNMNMNMNMNM-49%-7%NA40%-47.4%Enthusiast Gaming Holdings Inc.EGLXCA30-Jun-23$0.34$53.2$63.9$143.5-$29.70.5x0.4

69、xNMNMNMNM-4%9%NA97%-20.7%Wellplayed Rizest Inc.9565JP31-Jul-23$12.44$33.9$33.4$15.9$2.02.2xNA16.8xNANMNANANANANANAEsports TechnologiesEBETUS30-Jun-23$0.95$14.2$52.7$48.2-$3.21.1xNANMNANMNANMNANANA-6.6%FaZe Holdings Inc.FAZEUS30-Jun-23$0.17$12.7-$6.7$59.7-$59.5NMNANMNANMNA-4%NANANANMSuper League Ente

70、rprise,Inc.SLEUS30-Jun-23$1.74$6.0$3.4$20.0-$21.10.2x0.1xNMNMNMNMNM50%NA34%NMEsports Entertainment GroupGMBLMT31-Mar-23$0.11$5.9$30.1$31.9-$18.90.9x2.0 xNMNMNMNMNM-53%NA18%-59.4%Guild Esports PlcGILDGB31-Mar-23$0.01$4.4$7.2$8.7-$6.80.8xNANMNANMNANMNANANANMAverage0.9x0.8x16.8xNMNMNM-16%NMNA47%-27.9%M

71、edian0.8x0.4xNMNMNMNM-6%1%NA37%-20.7%Source:CapIQ,As of September 30,2023,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM14COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV

72、China,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTencent Holdings700CN30-Jun-23$39.10$367,943.8$380,689.6$80,559.4$20,407.64.7x4.2x18.3x12.3x13.9x15.7x5%12%17%52%25.3%NetEaseNTESCN30-Jun-23$100.16$62,642.2$50,236.3$13,628.6$3,541.63.7x3.3x13.9x11.5x18.5x16.7x6%13%

73、18%24%26.0%Sea LimitedSESG30-Jun-23$43.95$24,909.1$23,879.9$12,744.3$1,041.21.9x1.7x17.1x14.1x92.1x27.7x8%7%NA62%8.2%G-bits Network603444CN30-Jun-23$50.11$3,609.9$3,225.8$690.3$294.54.7x4.2x11.0 x9.9x18.2x16.4x6%13%10%11%42.7%YYYYCN30-Jun-23$38.11$2,362.5-$341.3$2,322.6$167.4NMNMNMNM10.0 x18.8x-8%1%

74、-41%15%7.2%NetDragon777CN30-Jun-23$1.85$982.4$692.3$1,007.5$192.20.7x0.6x3.4x4.1x9.4x8.5x-8%8%-26%11%19.1%XD Inc.2400CN30-Jun-23$1.81$855.9$634.5$495.0$10.21.3x1.1x62.1x7.7xNM20.8x23%20%NANM-0.1%NazaraNazaraIN30-Jun-23$10.05$737.7$696.0$136.8$17.25.2x4.0 x35.0 x32.8xNMNM57%27%28%48%10.6%HUYAHUYACN30

75、-Jun-23$2.84$683.6-$557.6$1,137.8-$70.8NMNMNMNMNMNM-22%-16%NA12%-6.2%iDreamSky1119CN30-Jun-23$0.39$607.9$812.5$341.1-$148.22.4x2.3xNMNANM24.9x-7%6%NANA-43.5%Archosaur Games Inc.9990CN30-Jun-23$0.34$271.5$8.8$90.5-$86.50.1x0.1xNMNANM12.4x-6%111%NANA-95.6%Ourgame6899KY30-Jun-23$0.03$31.4$4.7$44.2-$6.7

76、0.3xNANMNANMNA95%NANANA-15.8%FingerTango6860CN30-Jun-23$0.01$19.4-$66.7$103.7-$2.5NMNANMNANMNA4%NANANA-2.4%Digital Hollywood2022CN30-Jun-23$0.00$7.8-$13.7$9.8-$6.7NMNANMNANMNA-24%NANANA-69.1%Average2.5x2.4x23.0 x13.2x27.0 x18.0 x9%18%1%30%-6.7%Median2.1x2.3x17.1x11.5x16.0 x16.7x5%12%13%20%3.5%China(

77、Shenzhen listed)Quihoo 360601360CN30-Jun-23$1.35$9,429.8$6,248.1$1,268.6-$94.45.0 x4.2xNMNANMNM-9%NMNANA-7.4%37Games002555CN30-Jun-23$2.97$6,581.1$5,512.8$2,216.5$368.12.5x2.1x15.0 x10.2x19.4x14.5x-4%19%-35%48%16.6%Beijing Kunlun300418CN30-Jun-23$5.25$6,384.3$6,479.2$677.3$118.69.6x9.4x50.7x40.6x53.

78、4x45.0 x2%2%-4%35%17.5%Kingnet Network002517CN30-Jun-23$1.73$3,679.1$3,337.3$509.1$186.26.6x5.2x17.8x13.8x23.4x17.9x9%27%1%31%36.6%Perfect World002624CN30-Jun-23$1.81$3,579.0$3,496.5$1,131.6$102.63.1x2.7x28.5x13.6x40.8x18.3x-0.3%13%-24%NM9.1%Giant Network002558CN30-Jun-23$1.77$3,370.5$3,146.3$333.3$

79、71.49.5x6.8x43.4x17.3x23.5x19.7x12%39%-30%NM21.4%Ourpalm300315CN30-Jun-23$0.66$1,800.8$1,399.5$141.1$10.510.0 x9.9xNM28.0 x65.8x53.3x-21%1%59%NA7.4%Youzu Interactive002174CN30-Jun-23$1.61$1,451.6$1,378.1$248.5-$17.45.6x4.4xNM18.7xNM34.0 x-27%26%NANM-7.0%Dalian Zeus002354CN30-Jun-23$0.73$1,201.8$1,14

80、4.2$261.0-$6.14.4xNANMNANMNA-5%NANANA-2.3%ZQ Games300052CN30-Jun-23$2.36$618.0$625.4$33.4-$3.318.8x15.3xNMNMNMNM-27%23%NANM-9.9%Average7.5x6.7x31.1x20.3x37.7x29.0 x-7%19%-5%38%8.2%Median6.1x5.2x28.5x17.3x32.2x19.7x-5%21%-14%35%8.3%Hardware,Platforms,Advertising&ToolsNVIDIANVDAUS30-Jul-23$434.99$1,07

81、4,425.3$1,069,356.3$32,681.0$12,379.032.7x15.0 x84.8x31.8xNM29.2x10%8%16%NM37.9%DellDELLUS4-Aug-23$68.90$49,844.1$69,585.1$93,616.0$8,194.00.7x0.7x8.1x7.3x26.7x10.8x-12%-1%-6%17%8.8%Hewlett PackardHPEUS31-Jul-23$17.37$22,283.4$33,628.4$29,655.0$5,236.01.1x1.2x5.9x6.1x21.0 x8.4x6%-1%13%5%17.7%RobloxR

82、BLXUS30-Jun-23$28.96$17,861.7$17,476.3$2,432.8-$1,029.17.2x4.7xNM50.4xNMNM10%51%NA134%-42.3%ApplovinAPPUS30-Jun-23$39.96$13,897.9$16,281.4$2,881.0$798.05.7x4.9x20.2x10.9xNM36.4x-1%16%41%87%27.7%UnityUUS30-Jun-23$31.39$12,036.7$13,489.4$1,807.7-$569.77.5x5.7xNM27.8xNM36.6x48%32%NA185%-31.5%LogitechLO

83、GNCH30-Jun-23$69.20$10,943.3$9,790.5$4,353.5$564.52.3x2.4x17.1x16.9x35.2x27.0 x-18%-8%-31%3%13.0%ASUS2357TW30-Jun-23$11.40$8,470.9$7,463.8$16,007.8-$4.90.5x0.5xNM12.2x83.9x13.9x-10%7%NANM-0.03%MSI2377TW30-Jun-23$5.10$4,305.7$3,446.1$5,269.6$263.50.7x0.6x13.0 x8.6x21.2x12.9x-21%11%-58%58%5.0%Acer2353

84、TW30-Jun-23$1.13$3,385.3$2,460.8$7,553.7$123.40.3x0.3x17.2x12.3x37.4x21.8x-26%10%-71%68%1.6%Corsair GamingCRSRUS30-Jun-23$14.53$1,493.4$1,619.7$1,389.9$51.11.2x1.0 x22.1x13.9xNM21.2x-11%12%64%NM3.7%Flexion MobileFLEXMGB30-Jun-23$1.06$59.8$44.1$91.5$5.70.5x0.4x7.8x4.7xNM8.3x48%26%NA70%6%BidstackBIDSG

85、B30-Jun-23$0.004$4.6$2.1$6.6-$13.10.3xNANMNANMNA35%NANANANMVersus SystemsVSCA30-Jun-23$0.21$2.2-$5.7$0.7-$10.8NMNMNMNMNMNM-41%76%NA21%NMAverage4.7x3.1x21.8x16.9x37.5x20.6x1%18%-4%65%4.0%Median1.1x1.1x17.1x12.3x30.9x21.2x-6%11%3%63%5.6%Source:CapIQ,As of September 30,2023,in$M except share price,EV/E

86、BITDA and P/E multiples less than 0 and greater than 100 are denoted as NM-5%0%5%10%15%20%25%30%35%40%Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23VanEck Video Game Tech ETF,20.3%S&P 500,11.7%Drake Star Gaming Index,6.6%Wedbush ETFMG Video Game Tech,-3.4%15Source:CapIQ,Pitchbook&DSP R

87、esearch,as of September 30,2023Note:Drake Star Gaming Index is a custom index(not a fund)that represents top 25 select gaming companies(listed on the next page)with 1B or higher market cap and is an equal weighted index Jan 1,2023-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%Dec-22Jan-23Feb-

88、23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Applovin,279.5%Sega,38.2%Netease,37.9%Take2,34.8%Konami,32.1%Capcom,27.9%Activision,22.3%Ubisoft,16.5%Playtika,13.2%S&P 500,11.7%Pearl Abyss,11.1%Unity,9.8%Paradox,8.2%Drake Star Gaming Index,6.6%Roblox,1.8%EA,-1.5%CD Projekt,-3.4%Tencent,-8.3%Stillfront,-

89、8.7%NEXON,-9.7%Krafton,-10.4%Square Enix,-16.4%Netmarble,-30.3%Kakao Games,-43%Keyword Studios,-43.2%Ncsoft,-50.3%Embracer,-53.7%16Source:CapIQ,Pitchbook&DSP Research,as of September 30,2023Jan 1,2023330.0%17New YorkLos AngelesLondonDubaiBerlinParisSan FranciscoMunichDrake Star is an award-winning g

90、lobal tech investment bank that has completed over 400 transactions since 2013.Drake Star team of over 100 senior professionals across offices in New York,London,Paris,Munich,San Francisco,Los Angeles,Berlin,and Dubai*focuses on mergers&acquisitions and corporate finance services worldwide in Consum

91、er&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.The endorsement shown was given by a former client.The endorsement is no guarantee of future performance or success.This is not a paid endorsement and no material conflicts o

92、f interest exist between the endorser and Drake Star.Past performance does not guarantee future results.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein in based on sou

93、rces we believe to be reliable but is not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.All product and company names are trademarks or registered trademarks of their respecti

94、ve holders.Use of them does not imply any affiliation with or endorsement by them.Drake Star did not act as a financial advisor for the transactions in this report if not stated otherwise.Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries

95、 and affiliates.In the USA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Kession Capital Ltd(FRN582160),which is authorized and regulated by the Financial Conduct Authority.2023 Drake Star Partners Limited.For more information,visit .*Partner OfficeFor Institutional Use Only.Copyright 2023 Drake Star