1、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 appointed representative of Razlin Ltd(FRN 730805),which is authorized and regulated by the FCASALE TOMobile/Online GamingVideo Game/C

2、ontent 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 *PrincipalLos ALinkedin-Free social media iconsPartnerBLinkedin-Free social media ico

3、ns*Managing PartnerLos ALinkedin-Free social media icons3Note:Public 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 advi

4、sor on transactions listed on this pageWe anticipate that M&A activity will continue to strengthen throughout the remainder of this year and into 2025,buoyed by the broader recovery of the public gaming company market.While we expect big players such as Tencent,Take-Two and Playtika to be active buy

5、ers,volume of mid to small sized deals will likely continue to increase.As predicted,PE firms have been the top buyers so far in 2024(CVC/Jagex,EQT/Keywords),and we will likely see more acquisitions/take-private deal by PE firms.With limited mid/later stage financings available,we expect some gaming

6、 companies to opt for earlier exits.Following the Voodoo/BeReal deal,other gaming companies are likely to diversify in adjacent segments by acquiring mobile app companies.For financings,AI,mixed reality,platform and tools continue to be hot segments.Following the highly successful IPO of Shift Up in

7、 Korea,we anticipate that several IPO ready companies such as Appsflyer,Discord and EPIC starting to plan for a listing in the quarter to come.Gaming M&A and public market deals continued to gain momentum in Q224.With 52 announced M&A deals and$3.5B in disclosed deal value,Q2 is the 3rd straight qua

8、rter of continued increase in deal activity that bottomed out in Q323(33 deals).Private equity firm EQT announced the acquisition of Keywords for$2.8B,the largest gaming deal of the year so far.Notable strategic buyers were Infinite Reality,Miniclip/Tencent,Nintendo and Tripledot.Private financings

9、seem to be stabilizing with 181 deals in Q224,staying flat compared to Q1(193 deals).Most capital went into blockchain gaming,accounting for 40%of total deals and 45%of disclosed deal value.Zentry raised the largest round($140M)in the quarter,followed by Spyke($50M)and k-ID($50M).Investment dollars

10、continue to be mostly focused on early-stage companies(94%of total deals).Asia led with five of the largest financings,followed by three in Europe/UK,and one each in Turkey and the U.S.Very little VC money went to gaming studios.Bitkraft was the most active VC,followed by A16Z,Play Ventures and vgam

11、es.While Konami,Logitech and Krafton are the top performers over the last 18 months in the Drake Star Gaming Index,the broader market of gaming stocks has not recovered yet.The leading listed indie/AA game developers/publishers have seen a significant rebound this year.Embracer announced its plan to

12、 restructure its business into 3 separate listed public companies.GameStop raised$3.1B in equity and Embracer,Take Two and MTG raised$1.7B in debt.Public MarketsPPM&A$3.5B$0.8B$4.8B52181154M&APublic MarketsEmbracer Group announced a transformation plan to unlock the full potential of each business s

13、egment via split into three standalone public listed companies in“Asmodee Group,”“Coffee Stain&Friends,”and“Middle-earth Enterprises&Friends,”and raised$980M in debt financing Take-Two Interactive raised$600M in debt refinancing in June through the sale of senior notesModern Times Group raised$95.5M

14、 in a PIPE transaction that sold 9.1%of the company to Lannebo Fonder,Evermore Investments,Atairos,Swedbank Robur and Active Ownership CapitalGameStop raised$3.1B through two follow-on offerings that involved the sale of 120,000,000 sharesFundraisingGuildFi,rebranding as Zentry,raised$140M in a roun

15、d that included new investors Spartan Capital,Synergis,LongHash Ventures DWF Labs and existing investors Animoca,Binance Labs,Coinbase Ventures and Pantera Capitalk-ID,a digital login system to protect children from age-inappropriate content,raised$50M lead by Andreesen Horowitz and Lightspeed Ventu

16、re Partners with participation from Okta,Z Venture Capital and existing backers Konvoy Ventures and TIRTA VenturesThe Turkish mobile games studio Spyke raised$50M from Moon Active,known for the popular mobile game Coin MasterSpanish video game studio Bespoke Pixel founded by Ubisoft veteran David Po

17、lfeldt raised$25M with the long-term goal of creating a game based on original IPThe Sandbox,a metaverse gaming platform,raised$20M in a round that included Kingsway Capital and LG Technology Ventures*Transaction not included overall deal volume or value for Q2 24Note:Drake Star did not act as finan

18、cial advisor on transactions listed on this pageSwedish private equity firm EQT and the game development services provider Keywords reached an agreement on an acquisition valued at$2.8B with the goal of accelerating Keywords growth through both organic as well as accretive M&A strategy French mobile

19、 game developer Voodoo furthered its diversification into consumer apps by acquiring the social media app BeReal for$542M*with the aim of investing additional resources and capitalizing on synergies to help the app growInfinite Reality acquired Drone Racing League for$250M and Action Face,a digital

20、avatar creation tool,for an undisclosed sum to bolster its portfolio of brands aimed at facilitating immersive experiencesNintendo acquired Shiver Entertainment,the studio responsible for the Switch ports of Hogwarts Legacy and Mortal Kombat 1,from Embracer,strengthening its development resourcesMin

21、iclip,a subsidiary of Tencent,acquired the game developer Futurlab,known for the PC and console game PowerWash SimulatorCyberAgent acquired the content producer NitroPlus,known for the popular card video game Touken Ranbu,for$106M with the goal of growing its IP-based business5Note:Voodoos acquisiti

22、on of BeReal is excluded from deal volume and deal value in Q224Source:CapIQ,Pitchbook&DSP Research1281124411PC/ConsoleMobilePlatform/ToolsHardwareEsportsBlockchainOthers142414North AmericaEuropeAsia and Others84 77 43 44 33 44 48 52 -10 20 30 40 50 60 70 80 90$0$1$2$3$4$5$6$7Q322Q422Q123Q223Q323Q42

23、3Q124Q224Value($B)Deal Count6Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageThe media company CyberAgent acquired the content producer NitroPlus behind the popular IP Touken Ranbu for$106MNitroPlus is active in a variety of form

24、ats including games,animation,and novelsThe deal aligns with CyberAgents goal of growing its IP-related businessMiniclip,subsidiary of Tencent,acquired the game developer Futurlab for an undisclosed sumFuturlab is the UK-based developer behind the popular PC and console game PowerWash SimulatorThe d

25、eal will strengthen Miniclips position on PC and Console,an area that historically has not been its focusInfinite Reality acquired Drone Racing League for$250M and Action Face for an undisclosed sumThe acquisition of Drone Racing League bolsters Infinite Realitys portfolio of sports-related brandsTh

26、e acquisition of Action Face,a platform for the creation of digital avatars,enhances Infinite Realitys capabilities in providing immersive digital experiencesEQT and Keywords reached an agreement on an acquisition valued at$2.8BKeywords provides services to support game development projectsBertrand

27、Bodson,CEO of Keywords CEO,expects the acquisition to accelerate the companys growth both organically and through M&AThe UK mobile games company Tripledot acquired Zephyr Mobile for an undisclosed sumZephyr Mobile develops casual mobile games that have been played by more than 100M peopleThe deal br

28、oadens Tripledots portfolio of mobile games and strengthens its position in the casual mobile games marketNintendo acquired Shiver Entertainment from EmbracerShiver was responsible for the Nintendo Switch ports of the hit titles Hogwarts Legacy and Mortal Kombat 1The deal bolsters Nintendos developm

29、ent resources with a team that is very familiar with their console platform2327275128727HardwareOthersPlatform/Tools7Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarlyVR/AREsportsMobilePC/ConsoleBlockchain1709$0.5B$0.2B

30、$0.0B$0.1B$0.1B$0.2B$0.3B130 202 310 183 233 212 212 199 190 167 193 181$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224Value($B)Deal CountBlockchainApr-24140.0-Animoca Brands,Binance Labs,Coinbase VenturesMobileMay-2450.0315.0Moon ActivePlatform/ToolsJun-2

31、450.0-Andreesen Horowitz,Konvoy Ventures,Lightspeed Venture PartnersPC/ConsoleJun-2425.0-UndislcosedBlockchainJun-2420.01,000.0Animoca Brands,Gaingels,LG Technology VenturesVR/ARMay-2419.9-Japan Finance Corporation,Niigata Venture CapitalPC/ConsoleMay-2418.8-London Venture Partners,Novator PartnersP

32、latform/ToolsMay-2415.5-Sega Sammy Holdings,Nomura SPARX InvestmentPC/ConsoleApr-2415.0-Krafton,Tirta Ventures,OverwolfPlatform/ToolsJun-2412.0-AME Cloud Ventures,Eric SchmidtSource:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this page89Sour

33、ce:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageInvestors UndisclosedThe funding will help the young video game developer led by Ubisoft veteran David Polfeldt initially create playable prototypes before pursuing its long-term goal o

34、f creating a game based on original IP Investors Moon ActiveMoon Active purchased 15.9%of Spyke at a valuation of$315M The funding will help Spyke,a developer of casual mobile games,to develop and grow its mobile games offeringsInvestors Animoca Brands,Arche Fund,Binance Labs,Coinbase Ventures,Dappe

35、r Labs,DeFiance Capital,LongHash Ventures,The Spartan Group,and othersThe funding will help Zentry build digital infrastructure utilizing blockchain that connects player progression across many games and platformsInvestors Andreessen Horowitz,Konvoy Ventures,Lightspeed Venture Partners,Okta,Tirta Ma

36、nagement,Z Venture CapitalThe funding will help kID develop a cross-platform sign-in system that will help children access age-appropriate video game experiencesInvestors Animoca Brands,Ash Park Capital,Gaingels,LG Technology Ventures,Sunwah Kingsway Capital Holdings,True Global VenturesThe funding

37、will help The Sandbox,a subsidiary of Animoca Brands,continue pursuing its goal of building a metaverse platform based on user-generated content and digital property rights Investors Sega Sammy Holdings,Nomura SPARX Investment,Accord Ventures,Pegasus Tech Ventures,and othersThe funding will help OPE

38、NREC,a game streaming platform,to grow its offline events as well as develop original IPVCDEALSSELECT INVESTMENTSLOCATION15131311109877610VCDEALSSELECT INVESTMENTSLOCATION171598666433Source:CapIQ,Pitchbook&DSP ResearchNote:The league tables above do not include accelerator investments11COMPANYDISCLO

39、SED DEAL VALUE($M)#OF DEALSSELECT DEALS$1,580.07$542.21$465.02$460.02$250.03$112.12$110.02$42.63$45.01$27.06Source:CapIQ,Pitchbook&DSP ResearchNote:Deal value only includes publicly disclosed transaction valuesDrake Star acted as the financial advisor to Game Circus12COMPANY NAMETICKERCOUNTRYLTMPRIC

40、EMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV North America/Europe-Mobile FocusedLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMLight&WonderLNWUS31-Mar-24$104.88$9,367.1$12,844.1$2,988.0$988.04.3x4.0 x12.7x10.1x43.8x23.9x14%8%13%28%33.1%PlaytikaPLTKIL31-Mar-24$7.

41、87$2,920.8$4,392.3$2,562.0$644.51.7x1.7x6.6x5.8x14.3x11.4x-1%1%-7%18%25.2%Modern Times GroupMTG BSE31-Mar-24$8.06$973.7$724.0$558.4$146.51.3x1.2x4.8x4.6x98.4x18.9x9%3%33%6%26.2%GDEVGDEVCY31-Mar-24$2.86$517.8$361.0$454.4$43.20.8x0.8x8.2x22.6x12.4x67.3x-3%-6%-50%63%9.5%Stillfront GroupSFSE31-Mar-24$0.

42、94$466.4$849.8$703.3$125.31.2x1.3x6.5x3.4xNM4.0 x-3%-5%-25%95%17.8%HuuugeHUGUS31-Mar-24$5.88$329.3$177.6$278.7$90.90.6x0.7x1.9x2.1x5.3xNA-9%-6%9%8%32.6%Ten Square GamesTENPL31-Mar-24$20.38$129.3$112.6$106.4$27.41.1x1.1x4.1x4.6x62.7x11.5x-17%-7%-28%14%25.8%G5 EntertainmentG5ENSE31-Mar-24$10.85$84.6$6

43、0.8$119.0$10.40.5x0.5x5.8x2.4x7.8x7.5x-10%-5%-11%146%8.7%Flexion MobileFLEXMGB31-Mar-24$0.85$47.8$30.5$92.0$3.90.3x0.3x7.7x3.6xNM33.6x-2%18%-27%118%4.3%East Side GamesEAGRCA31-Mar-24$0.56$45.9$40.6$61.7$10.20.7x0.6x4.0 x2.6x20.3x9.2x-20%12%245%56%16.6%Average1.1x1.2x6.5x6.1x33.1x20.8x-2%4%17%56%17.7

44、%Median0.8x0.8x6.5x4.6x17.3x11.5x-3%1%-7%56%17.2%North America/Europe PC/Console FocusedElectronic ArtsEAUS31-Mar-24$139.33$37,024.9$35,958.9$7,562.0$1,982.04.8x4.8x17.2x13.7x29.8x18.8x2%-1%1%33%26.2%Take-Two InteractiveTTWOUS31-Mar-24$155.49$27,211.3$29,969.3$5,349.6$507.55.6x5.3x50.5x37.3xNM62.1x0

45、%5%-13%58%9.5%CD ProjektCDRPL31-Mar-24$34.56$3,452.9$3,198.1$322.1$124.210.0 x17.3x25.9x50.8x27.2x72.6x41%-42%27%49%38.5%Embracer GroupEMBRAC BSE31-Mar-24$2.20$2,966.4$4,655.6$3,960.3-$378.71.2x1.2xNM4.5xNM6.8xNA-3%NANA-9.6%UbisoftUBIFR31-Mar-24$21.90$2,791.3$4,191.9$2,482.4$402.61.7x1.6x9.3x3.4x16.

46、5x12.7x27%7%-46%NA16.2%Keywords StudiosKWSGB31-Dec-23$29.22$2,335.8$2,461.4$862.7$142.52.9x2.6x15.7x12.7xNM22.0 x13%15%13%41%16.5%Paradox InteractivePDXSE31-Mar-24$13.40$1,415.0$1,305.9$247.0$87.55.2x5.9x14.2x9.2x28.2x21.4x33%-11%2%60%35.4%PlayWayPLWPL31-Mar-24$83.82$553.2$505.0$71.2$42.07.2x7.0 x12

47、.4x13.7x19.5xNA6%2%-6%11%59.0%Team17 GroupTM17GB31-Dec-23$3.48$500.3$450.7$202.7$46.22.2x2.2x9.7x8.6xNM12.7x12%2%-12%14%22.8%Remedy EntertainmentREMEDYFI31-Dec-23$18.81$255.0$229.5$37.5-$21.96.3x3.7xNM21.2xNMNM-22%70%NA151%-58.3%Devolver DigitalDEVOUS31-Dec-23$0.38$168.7$127.3$92.4-$6.51.4x1.2xNM16.

48、7xNM36.6x-31%16%NA217%-7.0%People Can FlyPCFPL31-Mar-24$4.69$168.4$143.7$43.2$1.43.4x3.1x54.5xNMNMNA10%8%-82%NA3.2%Digital BrosDIBIT31-Mar-24$9.66$137.9$183.6$112.8$35.81.6x1.4x5.2x3.8xNM11.4x-24%19%-37%36%31.8%Frontier DevelopmentsFDEVGB30-Nov-23$3.05$117.8$120.2$120.4-$32.01.0 x1.1xNM3.7xNMNA-22%-

49、6%NA202%-26.6%EG7EG7SE31-Mar-24$1.30$115.0$78.9$180.4$33.00.4x0.5x2.2x2.2x14.7x10.7x-6%-9%-36%6%18.3%NaconNACONFR31-Mar-24$1.25$109.7$211.8$180.9$7.51.2x1.0 x19.8x2.7x6.1x6.7x8%15%-51%NA4.1%Bloober TeamBLOPL31-Mar-24$5.52$106.5$102.5$26.6$8.93.9xNA11.2xNA30.8xNA42%NANANA33.3%PulluP EntertainmentALPU

50、LFR31-Mar-24$9.92$81.6$236.9$202.1$67.81.2x1.0 x3.5x2.4x0.0 x4.8x-4%18%6%48%33.5%CI GamesCIGPL31-Mar-24$0.43$78.4$82.6$64.6$11.21.3x2.4x7.3x4.1x23.2x17.2x379%-45%NA79%17.4%Starbreeze ABSTAR BSE31-Mar-24$0.03$47.6$22.0$62.1$24.10.4x1.3x0.9x3.5x2.1xNM407%-73%NA74%38.8%Skonec EntertainmentA276040KR31-M

51、ar-24$2.91$36.5$21.8$4.1-$4.55.5xNANMNANMNA53%NANANA-109.8%Snail GamesSNALUS31-Mar-24$0.86$31.6$19.1$61.6-$7.90.3x0.2xNM0.9xNM2.2x3%64%NANA-12.8%tinyBuildTBLDUS31-Dec-23$0.07$28.7$26.2$44.7-$32.50.6x0.6xNMNMNMNM-29%-4%NA97%-72.7%Thunderful GroupTHUNDRSE31-Mar-24$0.21$14.8$75.9$263.1$12.50.3x0.3x5.8x

52、2.6xNM0.9x-10%-8%-59%132%4.8%ZordixMAXENT BSE31-Mar-24$0.11$5.8$47.2$119.6-$2.20.4x0.4xNM2.6xNM0.3x10%NANANA-1.8%Average2.8x2.9x15.6x10.5x18.0 x18.8x37%2%-21%77%4.4%Median1.6x1.4x11.2x4.1x19.5x12.7x7%2%-12%58%16.2%Source:CapIQ,As of June 30,2024,in$M except share price,EV/EBITDA and P/E multiples le

53、ss than 0 and greater than 100 are denoted as NM13COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP31-Mar-24$84.79$103,472.3$124,136.3$86,084.9$10,231.81.5x1.6x12.1x9.

54、3x17.4x16.7x19%-4%-3%39%11.9%Nintendo7974JP31-Mar-24$53.19$61,922.5$47,926.6$11,053.3$3,615.14.6x5.3x13.4x17.9x20.3x27.8x4%-13%6%21%32.7%NEXON3659JP31-Mar-24$18.49$15,463.6$11,774.7$2,695.4$755.84.6x4.0 x17.1x12.7x47.2x21.3x5%17%-14%30%28.0%Konami Holdings9766JP31-Mar-24$71.99$9,758.2$8,412.7$2,382.

55、2$684.53.8x3.4x13.0 x12.0 x26.5x23.9x15%9%48%9%28.7%KraftonA259960KR31-Mar-24$204.28$9,181.1$6,839.2$1,516.3$672.24.6x3.8x11.0 x9.3x19.3x17.9x9%20%8%12%44.3%Capcom9697JP31-Mar-24$18.85$7,885.6$7,182.9$1,007.6$405.37.6x6.8x18.8x15.3x29.2x25.1x21%12%13%23%40.2%Square Enix9684JP31-Mar-24$30.04$3,603.5$

56、2,200.8$2,355.9$265.21.0 x1.1x8.8x6.0 x38.9x16.2x4%-7%-22%47%11.3%Sega Sammy6460JP31-Mar-24$14.85$3,207.3$2,847.2$3,093.4$481.61.0 x1.0 x6.1x6.6x15.9x12.1x20%-2%22%4%15.6%NetMarbleA251270KR31-Mar-24$38.97$3,192.9$4,230.2$1,848.9$83.72.3x1.9x11.0 x18.9xNM42.6x-6%21%23%175%4.5%NCSoftA036570KR31-Mar-24

57、$130.55$2,651.2$1,633.7$1,264.2$140.21.3x1.3x11.8x8.5x23.5x18.8x-25%6%-63%40%11.1%Pearl AbyssA263750KR31-Mar-24$32.04$1,967.8$1,776.4$247.9$6.97.3x4.8xNM50.2xNMNM-12%52%-76%NA2.8%Kakao GamesA293490KR31-Mar-24$14.88$1,216.8$1,719.7$760.6$121.72.3x2.1x13.6x14.2xNM25.6x-10%12%-32%2%16.0%DeNA2432JP31-Ma

58、r-24$9.92$1,104.1$1,001.6$904.0$47.61.2x1.2x38.3x13.4xNM23.4x1%1%-31%66%5.3%WeMade EntertainmentA112040KR31-Mar-24$30.95$1,040.3$1,197.5$500.5-$60.12.5x1.6xNM13.9xNM14.1x58%50%NA247%-12.0%GungHo Online3765JP31-Mar-24$16.86$891.5$161.0$795.5$178.00.2x0.2x1.0 x1.0 x10.7x11.5x7%-5%-9%4%22.4%DOUBLEUGAME

59、SA192080KR31-Mar-24$33.45$652.3$513.5$444.6$177.81.2x1.0 x3.0 x2.8x5.8x6.1x-2%13%21%5%40.0%DoubleDown InteractiveDDIKR31-Mar-24$13.06$646.9$381.2$319.4$125.41.2x1.1x3.0 x3.2x6.0 x6.5x2%6%25%5%39.2%Gree3632JP31-Mar-24$3.31$566.6$240.9$445.1$63.70.6x0.6x4.0 x7.2x11.1x21.3x-12%-9%-19%44%14.3%NHN Entert

60、ainmentA181710KR31-Mar-24$15.06$495.7$406.1$1,730.5$107.60.2x0.2x3.8x2.6xNM9.8x9%13%21%52%6.2%VespaA299910KR31-Mar-24$68.90$324.3$332.1$0.4-$1.965.2xNANMNANMNA-80%NANANA-473.6%Com2uSA078340KR31-Mar-24$27.76$317.0$363.3$531.7$0.30.7x0.7xNM10.8xNM12.2x-2%6%-94%NA0.1%GAMEVIL Inc.A063080KR31-Mar-24$18.1

61、4$119.4$215.7$120.9$1.01.8xNANMNANMNA26%NA-85%NA0.8%JOYCITYA067000KR31-Mar-24$1.56$108.8$157.4$112.8$22.31.4x1.3x7.3x9.3x20.6x11.1x-5%13%144%22%19.7%Me2onA201490KR31-Mar-24$1.71$53.5$85.7$80.5$20.71.1xNA4.2xNA10.6xNA-1%NA-10%NA25.7%T3 Entertainment Inc.A204610KR31-Mar-24$0.82$51.0$1.9$36.6$6.70.1xNA

62、0.3xNA14.3xNA-34%NA-27%NA18.4%Average4.8x2.1x10.1x11.7x19.8x18.2x0%10%-7%45%-1.9%Median1.4x1.3x9.9x9.3x18.3x17.3x2%9%-9%23%15.6%China(Shenzhen listed)Quihoo 360601360CN31-Mar-24$1.06$7,397.5$3,888.3$1,220.0-$31.43.2x2.7xNM29.2xNMNM-2%NANANA-2.6%Beijing Kunlun300418CN31-Mar-24$4.44$5,434.8$5,697.1$67

63、9.4$38.38.4x7.5xNM32.8x46.9x42.0 x3%13%-72%NA5.6%37Games002555CN31-Mar-24$1.80$3,950.2$2,962.4$2,428.1$379.21.2x1.1x7.8x5.8x11.5x8.5x9%8%-15%35%15.6%Kingnet Network002517CN31-Mar-24$1.31$2,778.8$2,415.8$643.7$224.53.8x3.1x10.7x7.4x12.8x9.4x27%23%20%46%34.9%Giant Network002558CN31-Mar-24$1.30$2,464.8

64、$2,249.4$431.1$141.15.3x5.0 x16.7x10.3x14.5x12.4x58%6%114%56%32.7%Perfect World002624CN31-Mar-24$1.05$2,065.4$1,828.3$999.4$16.61.8x1.6x50.7x8.9x62.0 x13.7x-3%18%-89%NA1.7%Ourpalm300315CN31-Mar-24$0.57$1,559.8$1,205.0$137.3$4.68.8x8.4xNM22.9x69.0 x40.1x-12%5%-74%NA3.4%Youzu Interactive002174CN31-Mar

65、-24$1.04$942.3$857.5$205.9$0.04.2x3.0 x40.7x23.4xNM22.7x-22%40%0%NA0.0%Dalian Zeus002354CN31-Mar-24$0.41$680.8$642.6$229.5$5.92.8xNA79.1xNANMNA-4%NANANA2.6%ZQ Games300052CN31-Mar-24$1.65$432.8$448.5$37.5-$2.112.0 x11.1xNMNMNMNM1%8%NA63%-5.7%Average5.2x4.8x34.3x17.6x36.1x21.3x6%15%-17%50%8.8%Median4.

66、0 x3.1x28.7x16.6x30.7x13.7x0%11%-15%51%3.0%Source:CapIQ,As of June 30,2024,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/RE

67、VChina,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTencent Holdings700CN31-Mar-24$47.69$439,178.1$442,391.1$85,663.0$27,484.25.2x4.8x15.0 x12.7x25.2x15.9x9%9%34%27%32.1%NetEaseNTESCN31-Mar-24$95.58$61,600.7$46,925.6$14,579.8$4,245.23.2x2.9x10.9x11.2x14.8x12.9x7%11%

68、25%0%29.1%Sea LimitedSESG31-Mar-24$71.42$41,019.4$39,878.4$13,756.8$593.62.9x2.5x43.6x20.9xNM27.4x9%16%NA222%4.3%International Games System3293TW31-Mar-24$41.71$5,877.0$5,478.7$470.1$253.811.8x9.3x21.9xNA27.8x21.5x22%27%27%NA54.0%YYYYCN31-Mar-24$30.09$1,785.0-$713.2$2,248.8$148.8NMNMNMNM5.8x12.7x-5%

69、2%-27%40%6.6%G-bits Network603444CN31-Mar-24$24.50$1,764.7$1,369.1$549.5$203.52.5x2.6x6.7x6.4x12.0 x14.8x-22%-3%-30%6%37.0%XD Inc.2400CN31-Dec-23$2.41$1,138.1$935.2$478.0$8.12.0 x1.5x53.9x10.3xNM19.6x-1%37%NANA1.7%HUYAHUYACN31-Mar-24$3.95$899.4-$84.3$905.2-$40.2NMNMNMNMNM12.3x-25%4%NA147%-4.4%NetDra

70、gon777CN31-Dec-23$1.51$802.9$723.7$1,001.4$158.50.7x0.7x4.3x3.0 x10.4x6.0 x-10%4%-29%55%15.8%Nazara543280IN31-Mar-24$10.42$798.0$669.6$136.6$15.44.9x4.2x44.3x30.9x0.0 xNA4%15%42%41%11.2%iDreamSky1119CN31-Dec-23$0.38$591.5$741.1$270.3-$3.02.7x1.6xNMNANM8.0 x-26%71%NANA-1.1%Gamania Digital Entertainme

71、nt6180IN31-Mar-24$2.56$449.5$347.7$315.5$39.41.1x0.8x8.8x5.0 x22.9x10.6x-8%32%-37%81%12.5%Zengames Technology2660IN31-Dec-23$0.37$374.2$101.0$290.4$116.20.3xNA0.9xNA3.7xNA17%NA14%NA40.0%CMGE Technology Group302IN31-Dec-23$0.12$320.7$361.1$367.5$16.91.0 x0.9x18.7x3.9xNM4.8x-4%18%-19%NA4.6%FriendTimes

72、6820IN31-Dec-23$0.11$228.1$115.1$148.9-$10.40.8x0.6xNM4.9xNM10.8x-31%35%NANA-7.0%Archosaur Games Inc.9990CN31-Dec-23$0.17$134.0-$139.2$128.1-$42.6NMNMNMNMNM40.6x56%32%NA117%-33.3%Ourgame6899KY30-Jun-23$0.02$26.2-$0.6$42.4-$6.7NMNANMNANMNA95%NANANA-15.8%FingerTango6860CN31-Dec-23$0.01$19.7-$73.1$91.1

73、$0.5NMNANMNA20.4xNA-22%NANANA0.5%Average3.0 x2.7x20.8x10.9x14.3x15.6x4%21%0%74%10.4%Median2.5x2.1x15.0 x8.3x13.4x12.8x-3%16%-2%48%5.6%Hardware,Platforms,Advertising&ToolsNVIDIANVDAUS28-Apr-24$123.54$3,036,037.7$3,015,836.7$79,774.0$49,275.037.8x23.2x60.8x35.4x72.2x42.5x208%63%709%73%61.8%DellDELLUS3

74、-May-24$137.91$97,820.1$118,147.1$89,747.0$8,632.01.3x1.2x13.1x10.4x28.2x16.5x-8%10%-2%32%9.6%Hewlett PackardHPEUS30-Apr-24$21.17$27,514.1$36,820.1$28,312.0$4,893.01.3x1.2x7.0 x6.3x15.5x10.6x-4%9%-4%19%17.3%ApplovinAPPUS31-Mar-24$83.22$27,380.5$30,469.6$3,625.8$1,401.18.4x6.8x21.7x12.7x50.0 x25.7x25

75、%24%100%71%38.6%RobloxRBLXUS31-Mar-24$37.21$23,813.6$23,216.3$2,945.2-$1,050.17.9x5.5xNM38.9xNMNM26%43%NA157%-35.7%LogitechLOGNCH31-Mar-24$96.73$14,842.4$13,393.0$4,298.5$682.13.1x3.1x19.0 x17.6x24.9x27.5x-5%2%14%12%15.9%ASUS2357TW31-Mar-24$15.33$11,386.3$10,285.8$15,407.2$654.40.7x0.6x14.6x13.0 x16

76、.1x14.7x-3%18%NA23%4.2%UnityUUS31-Mar-24$16.26$6,355.4$7,778.6$2,147.3-$221.13.6x4.2xNM17.7xNM20.1x37%-13%NA299%-10.3%MSI2377TW31-Mar-24$5.48$4,629.2$3,970.8$5,848.4$290.10.7x0.6x13.4x9.7x20.0 x13.4x9%11%-5%44%5.0%Acer2353TW31-Mar-24$1.44$4,335.4$3,447.3$7,746.6$175.20.5x0.4x17.4x14.1x25.0 x22.7x-1%

77、6%13%41%2.3%Corsair GamingCRSRUS31-Mar-24$11.04$1,147.1$1,275.1$1,443.2$49.10.9x0.8x18.5x11.0 xNM15.6x7%7%NA137%3.4%Verve GroupM8GSE31-Mar-24$2.12$395.4$742.7$389.7$106.81.9x1.7x7.0 x5.5x7.6x14.1x1%14%-20%164%27.4%AtariALATAFR30-Sep-23$0.12$52.5$76.3$12.9-$10.55.8xNANMNANMNA-8%NANANA-81%Flexion Mobi

78、leFLEXMGB31-Mar-24$0.85$47.8$30.5$92.0$3.90.3x0.3x7.7x3.6xNM33.6x-2%18%-27%118%4.3%GLOE9565JP31-Oct-23$13.57$37.1$36.7$14.9$0.42.6xNANMNANMNA0%NA0%NA2.5%Enthusiast Gaming EGLXCA31-Mar-24$0.09$14.2$30.0$117.1-$21.00.3x0.4xNM11.7xNMNM-20%-31%NA112%-17.9%Average4.6x3.4x17.4x14.2x28.8x21.4x17%14%74%91%3

79、.3%Median1.3x1.2x14.0 x11.7x24.9x18.3x0%11%0%71%4.3%Source:CapIQ,As of June 30,2024,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM15Source:CapIQ,Pitchbook&DSP Research,as of June 30,2024*Drake Star Gaming index is not a fund and is an equal wei

80、ghted index of top 30 gaming companies(listed on the chart above)on native exchange with market cap of over$1B69.4%46.2%45.3%35.1%34.4%24.3%24.1%15.1%SeaKeywordsKonamiCD ProjektKRAFTONTencentCapcomS&P50092.40%67.17%18.30%Devolver DigitalTeam17tinyBuildSource:CapIQ,YTD performance as of July 19,2024S

81、ource:CapIQ,YTD performance as of July 19,2024 Drake Star is an award-winning global tech investment bank that has completed over 500 transactionssince 2013.Drake Star team of senior professionals across offices in New York,London,Paris,Munich,San Francisco,Los Angeles,Berlin,and Dubai*focuses on me

82、rgers&acquisitions and corporatefinance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.This report is published solely for informational purposes and is not to be construed as an offer to sell

83、or the solicitation of an offer to buy any security.The information herein in based on sources 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 noti

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