Home » Not relying on the main business, relying on the sale of houses, China Cultural Tourism Group’s four IPO | Cultural Tourism | Property | Attractions_Sina Technology

Not relying on the main business, relying on the sale of houses, China Cultural Tourism Group’s four IPO | Cultural Tourism | Property | Attractions_Sina Technology

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Original title: Not relying on the main business, relying on the sale of houses, China Cultural Tourism Group’s four-war IPO

After three battles and three defeats, China Cultural Tourism Group still did not give up and submitted a prospectus to the Hong Kong Stock Exchange for the fourth time. On October 24, a reporter from Beijing Business Daily learned that China Cultural Tourism Group, a subsidiary of China Aoyuan, once again submitted a new prospectus and changed its name to Greater Bay Area Cultural Tourism Co., Ltd. (hereinafter referred to as “Greater Bay Area Cultural Tourism”). trip”). Prior to this, the China Cultural Tourism Group’s application for listing in Hong Kong has been smashed three times. It is worth mentioning that, according to its prospectus, in 2018, 2019, 2020 and the first five months of 2021, China Cultural Tourism Group’s revenue from cultural tourism business accounted for only 20.2%, 19.3%, and 12.3, respectively. % And 12.9%. The comparison shows that China Cultural Tourism Group’s dependence on the sales of the resort property sector is increasing. From the perspective of industry insiders, it is difficult to say whether China Cultural Tourism Group will succeed in listing for the fourth time.

Submit prospectus four times

After three halves, the China Cultural Tourism Group once again set a “War Book”. On October 22, China Cultural Tourism Group once again submitted a new prospectus, and changed its name to Greater Bay Area Cultural Tourism Kangju Co., Ltd.

According to the prospectus, Greater Bay Area Cultural Tourism is a cultural tourism property developer. At the same time, the Greater Bay Area Cultural Tourism is also engaged in a series of cultural tourism businesses, such as providing cultural tourist attractions related services (including hotel services, scenic spot consulting services and scenic spot management services), hotel consulting and management services, and travel agency services. According to Jones Lang LaSalle’s industry report, based on the total contracted sales of residential properties (including holiday properties) of Jiangmen and Guangdong real estate companies in 2020, the Greater Bay Area Cultural Tourism ranks 5th and 220th, respectively, in the relevant regional markets The market share is approximately 4.5% and 0.04%, respectively.

From a financial point of view, the prospectus shows that in 2018, 2019, and 2020, the revenue of the Greater Bay Area cultural tourism will be 335 million yuan, 736 million yuan, and 968 million yuan, respectively, and the corresponding net profit will be 72.605 million yuan. 104 million yuan and 153 million yuan. At the same time, the revenue of the Greater Bay Area Cultural Tourism in the first five months of 2021 is 319 million yuan.

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In fact, this is the fourth time the Greater Bay Area Cultural Tourism has submitted a prospectus on the Hong Kong Stock Exchange. Earlier, the Greater Bay Area Cultural Tourism submitted the prospectus to the Hong Kong Stock Exchange on April 17, 2020, October 23, 2020, and April 23, 2021, but failed to pass the hearing within 6 months. The status is displayed as “Invalid”.

“House selling” business accounted for more than 80% of total revenue

Cultural tourism in the Greater Bay Area, which accounts for the majority of holiday property sales, has to rely on cultural tourism business to create a world? According to the prospectus for cultural tourism in the Greater Bay Area, resort properties have developed into the core business segment of cultural tourism in the Greater Bay Area. As of August 31, 2021, Greater Bay Area Cultural Tourism has a portfolio of 18 resort property development projects in Enping, of which 11 projects are completed, 3 projects are under development and 4 future development projects.

From the perspective of cultural tourism business, the Greater Bay Area Cultural Tourism operates the Epernong Spring Resort located in the golden town of Quanlin. The resort is a hotel resort exclusively managed by Fosun Ebignone. It is composed of the Quanlin Hotel villa area and Shuihetian Spring World, part of the first phase of the Overseas Chinese Mansion, part of the second phase of Yuehu Bay, Najin Valley Scenic Area and Quanlin Golden Small The town’s supporting facilities are composed of income from leasing hotel rooms, providing catering and ticketing services. In addition, Greater Bay Area Cultural Tourism also provides one-stop scenic spot consulting services on the planning, design and development of the Yingde Chocolate Kingdom (a cultural tourist attraction owned by Aoyuan Group).

However, it is worth noting that, in the income of cultural tourism in the Greater Bay Area, the proportion of cultural tourism business is much smaller than that of holiday sales. According to its prospectus, in 2018, 2019, 2020, and the first five months of 2021, the ratio of revenue from the sales of holiday properties in the Greater Bay Area cultural tourism business to the total revenue was 79.8%, 80.7%, 87.7% and respectively. 87.1%. And its income from cultural tourism business accounted for 20.2%, 19.3%, 12.3% and 12.9% respectively.

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It can be seen that the sales of holiday properties in the Greater Bay Area’s cultural tourism account for far more revenue than the cultural tourism business. The Greater Bay Area’s cultural tourism still relies on selling houses in exchange for income. Then, why does the Greater Bay Area cultural tourism even Sprinting for IPO under the banner of cultural tourism IP? In response to this issue, a reporter from Beijing Business Daily contacted the Greater Bay Area Cultural Tourism, but as of press time, no response has been received.

Yan Yuejin, a well-known real estate analyst, believes that this is also something that business operators must go through, because companies currently engaged in cultural tourism projects sometimes have to end up with financial pressures, so they must be relieved through sales. . In terms of the creation of cultural tourism IP for cultural tourism in the Greater Bay Area, the market must truly recognize its cultural tourism business. In the future, it will definitely reduce the income from the sale of properties and form a better orientation in the cultural tourism industry as much as possible.

Whether it can achieve IPO is still hard to say

Whether the Greater Bay Area Cultural Tourism, which has been persistent in submitting its prospectus to the Hong Kong Stock Exchange, can achieve a successful listing this time has also become a topic of concern in the industry.

A reporter from Beijing Business Daily sees from its prospectus that the Greater Bay Area Cultural Tourism intends to continue to develop a property portfolio focusing on cultural tourism on the existing land reserves, while continuing to expand in the Greater Bay Area and other areas in the country where there is currently no business. In addition, the Greater Bay Area Cultural Tourism will also adopt appropriate strategies to acquire opportunities to expand the cultural tourism business and other strategies.

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At the same time, the Greater Bay Area Cultural Tourism also proposed to expand the scope of cultural tourism services and promote the diversified development of cultural tourism business, and to apply the successful experience of Quanlin Golden Town to other regions in the country to achieve sustainable development. The cultural tourism business strategy of the cultural tourism in the Bay Area. It is not difficult to see that this time the Greater Bay Area cultural tourism will also make more efforts in the cultural tourism business.

“From the perspective of China Aoyuan, the current cultural tourism sector is very clear, and seeking a specific sector listing is also a very good guide. So to some extent, although the Greater Bay Area cultural tourism market is currently facing great pressure, It is indeed continuing to advance this work. At the same time, the Greater Bay Area cultural tourism now really needs support from various industries. If this story can be told well, then there will actually be many opportunities for the Greater Bay Area cultural tourism. The Greater Bay Area Cultural Tourism publicizes some of the business philosophy and positioning of the company to investors, which will make investors have a clearer understanding of it, at least in terms of listing.” Yan Yuejin said frankly.

Zhao Huanyan, chief knowledge officer and senior economist of Huamei Hotel Consulting, pointed out that going public is an established goal, so the Greater Bay Area Cultural Tourism will not abandon the IPO, because listing not only can obtain development funds, but also can achieve mixed ownership. In the future, cultural tourism in the Greater Bay Area will also need to respond satisfactorily to the questions of the hearing.

From the perspective of industry insiders, it remains to be seen by the market whether or not the Greater Bay Area Cultural Tourism, which has been “lost” three times, can be successfully listed this time.

Beijing Commercial Daily reporter Guan Zichen Wu Qiyun


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