Ubisoft's financial crisis has reached a critical point. Tencent's "life-saving agreement" has become a driving force for collapse?

　　Foreign media thatparkplace reported that Ubisoft is currently facing an extremely severe financial crisis and has come to the brink of danger. On April 5, 2025, Ubisoft's share price fell below the important threshold of 10 euros per share.

　　Generally, when a company's stock price falls into the single-digit range, it often indicates that the company is accelerating its sliding towards the abyss. As of press time, Ubisoft's share price on the Europa League has further fallen to 8.83 euros, a five-day decline of more than 21%, and a plunge of 58% compared with the same period last year. What's even more amazing is that Ubisoft has a market value of 1.57 billion euros (approximately RMB 12.2 billion), and it is not even as large as its debt. Data disclosed in September 2024 showed that its non-international financial reporting standards net debt reached 1.1 billion euros, while the actual net debt reached 1.4 billion euros.

　　The "life-saving agreement" reached by Ubisoft and Tencent unexpectedly accelerated its collapse. According to the agreement, Tencent acquired 25% of the equity of Ubisoft's new subsidiary for 1.16 billion euros, which holds the operating rights of the three well-known IPs, "Assassin's Creed", "Far Cry" and "Rainbow Six". However, after the news was announced, Ubisoft's stock price plummeted 24% in a single day, fully revealing the fatal flaws of the transaction design - the purpose of circumventing forced tendered acquisitions through a complex structure, which is simply to maintain control of the Guillermot family (its current shareholding ratio is less than 10%).

　　Not only that, Ubisoft's shareholders also launched legal lawsuits. Investment institution AJ Investments, together with multiple forces, issued an open letter requesting the forced convening of a special shareholders' meeting. The open letter directly accused the management of arbitrary behavior, saying that "the shareholders are completely unable to understand how the transaction creates value. The structure of the transaction is obviously evading supervision, and its sole purpose is to consolidate the control of the Guillermot family."