The evening of May 17th，Shenzhen Stock Exchange made a decision to terminate the listing of *188bet login，Shenzhen Stock Exchange announced，*188bet login (000033) will enter the delisting period from May 24, 2017，Trade for 30 trading days，Last transaction date is July 6, 2017，The securities abbreviation of the 188bet login will be changed to "Xinduhui"，The daily increase or decrease of 188bet login price is limited to 10%。The next trading day after the delisting consolidation period expires，188bet login will delist the company’s shares。Within forty-five trading days after the expiration of the delisting consolidation period，Enter the National Equities Exchange and Quotations for listing and transfer。

This time *188bet login has been terminated from listing，Aroused widespread market attention on the A-share delisting mechanism and the fulfillment of performance commitments，Authoritative statistical data display，Only 8 companies have delisted in the domestic securities market in the past 8 years，Judging from the number of delistings，Compared with the average annual 188bet login rate of 6%-8% in mature capital markets such as the United States，The average annual 188bet login rate of my country’s securities market is about 0.35%，The annual 188bet login rate in mature capital markets is generally above 6%，The average 188bet login rate of Nasdaq in the United States is about 8%，my country’s A-share market has always lacked an equity culture of rational investment，Also because of “difficulty in 188bet login”、The phenomenon of “phoenix” is deeply criticized。

188bet login’s delisting，It is the purification of the capital market，Since 2016，National regulatory authorities continue to increase their efforts to promote the delisting system，Introduce better measures to improve delisting efficiency，Make "in and out" the norm。Dong Dengxin, Director of the Institute of Financial Securities at Wuhan University of Science and Technology said，Delisting may cause pain to the market and some investors in the short term，But in the long run，"The best will go first、Weeding out the inferior will be a benefit to all parties。Stated by the relevant person in charge of Shenzhen Stock Exchange，The delisting system of listed companies is an important and basic system of the capital market，For optimizing resource configuration、Promote survival of the fittest、Improving the quality of listed companies、Playing an important role in protecting the legitimate rights and interests of investors。For companies that meet delisting conditions，Resolutely strive to "appear as a family"、Delisting a company”。

188bet login became famous in the "shell"

188bet login is the only listed company in Shenzhen hotel industry，During the reporting period，The company is mainly engaged in hotel management、Hotel Management Consulting、Internet advertising、Game development and alcohol sales business。During the reporting period，Achieved operating income in 2016 1.1.4 billion 188bet login，Decreased by 2 compared with the previous year.07%，112 completed sales budget.24%，Realized net profit of 5.58 million 188bet login，Net profit attributable to the parent company 5.6 million 188bet login。Among them，Hotel operating income 45.47 million 188bet login，Lease income 1.63 million 188bet login，Trade income 14.86 million 188bet login，Internet income 35.13 million 188bet login，Hotel consulting management income 1.58 million 188bet login，Real estate agency income 1.1 million 188bet login，Other income 250,000 188bet login。

For a long-established Shenzhen hotel that has been on the market for 23 years，*188bet login has been changing its strategic direction frequently，It even became a competition for shell resources，After eight months of trading suspension，188bet login disclosed a major asset restructuring plan announcement in April 2015，Proposed to sell major assets、Methods of issuing shares to purchase assets and raising supporting funds，Acquisition of 100% equity of Huatu Education, a company listed on the New OTC Market，Thus realizing the backdoor listing of Huatu Education，And apply for resumption of trading from the opening of the market on April 9, 2015，After successful resumption，With the innovative reorganization of "hotel + education and training + Internet", the company's stock price has reached 15 consecutive daily limits，The stock price increased from 4 before the suspension.99 yuan soared to 10.38 yuan。

The lead behind 188bet login’s delisting

However, on April 30, 2015, *188bet login was suspended again for providing guarantees to related parties in violation of regulations，Company 2013、The financial accounting reports for two consecutive fiscal years in 2014 were issued audit reports with disclaimer of opinion，*188bet login announced that it will be suspended from listing starting from May 21, 2015。June，Huatu Education unilaterally terminated the restructuring agreement on the grounds that "* 188bet login has undergone major adverse changes during the transition period"，Yi Dinghong, chairman of Huatu Education, said in an interview that “*188bet login’s annual report was issued as “non-standard” by the auditor，This is a big risk for the company，There are major uncertainties for Huatu Education。”September 15th，*188bet login officially applies for bankruptcy reorganization，Plan to introduce reorganization investors to improve operating conditions，Based on 2015 Annual Report，*188bet login, which completed the reorganization, achieved revenue of 1 in the year.1.7 billion yuan，Net profit attributable to parent company 69.71 million yuan，Net worth is 961.590,000 yuan，Realize loss to profit。

May 3, 2016，*188bet login once again submitted an application to the Shenzhen Stock Exchange for resumption of listing，Officially accepted by Shenzhen Stock Exchange on May 9。April 25，Shenzhen Stock Exchange received relevant instructions from the audit agency of *188bet login’s 2015 annual report，Indicates that the company’s adjusted net profit after deducting non-recurring gains and losses in 2015 was negative。April 28, 2017，The company’s sponsor for listing resumption withdrew the sponsorship documents related to its listing resumption application。According to the "Stock Listing Rules" of Shenzhen Stock Exchange，The first annual report after the stock is suspended from listing shows that the company’s net profit or net profit after deducting non-recurring gains and losses is negative，The company will not meet the conditions for resumption of stock listing。At the same time，Enterprises whose listing has been suspended want to resume listing，Must have a sponsorship document for listing resumption issued by the sponsor。May 15, 2017，Shenzhen Stock Exchange Listing Committee reviews the company’s application for resumption of listing，Due to not meeting the conditions for listing resumption，The final application was not reviewed and approved by the Shenzhen Stock Exchange Listing Committee。From this，Shenzhen Stock Exchange made the decision to terminate the listing of the company’s shares on May 16, 2017，*188bet login immediately became the first delisted stock in 2017。

The transfer agreement brings out the dilemma of 188bet login

The fierce competition among 188bet login’s major shareholders for dominance has made the road to resumption of listing more difficult，The original controlling shareholder Hanming Investment is the actual controller of the company，The shareholding ratio is 10.6%。After Huatu Education terminated the backdoor *188bet login in June 2015，The largest shareholder, Great Wall Huili, once united with Guijiang Enterprises、Guizhou Economic and Trade、Shandong Trust implements "alliance"，That is, jointly selling the shares，To “empty” Hanming Investment，Realize the leadership in the reorganization of *188bet login。Shanghai Securities News previously reported，Song Xiaoming, the head of Great Wall Huili, told reporters in September 2015，There are many differences and disagreements with the major shareholder Hanming Investment，Great Wall Hui Ideal takes the lead in bankruptcy and reorganization *188bet login Reorganization takes the lead。

September 2015，The company’s reorganization plan has been ruled by the court，Reorganization investors led by Guangzhou Hongrui Investment Management Co., Ltd. (hereinafter referred to as "Hongrui Investment") will take over the assets and shares transferred by *188bet login，And be responsible for the company’s future operations and development。According to the reorganization and settlement arrangement，*188bet login Company plans to convert 3 shares for every 10 existing shares.05 shares，A total of 100 million shares transferred，Hanming Investment, the company’s largest shareholder, transfers 50% of its current shares and the corresponding converted shares for free，Total transfer 3664.790,000 shares，The transferred shares will be conditionally transferred by the restructuring investors。The most important transfer conditions include: according to the assessed net value 5.7.1 billion to purchase Xindu Hotel Building and all ancillary equipment and facilities of the hotel、24 houses in Xindu Hotel located in Wenjin Garden, Shenzhen、Accounts receivable and other receivables，And in accordance with no less than 1.Purchased Xindu Hotel’s property located in Huizhou Golf Club, Daling Town, Huidong County for 400 million yuan；In addition, it is necessary to promise to use donations or other legal means to ensure that the net assets of Xindu Hotel after reorganization are positive，Bear all employee placement costs, etc.。

Hongrui Investment, the leader in the restructuring investor consortium, was established in January 2015，Business involves Internet mobile technology、Health and Medical、Ecological agriculture and other high-tech fields，It has many subsidiaries including Wangjin Holdings，According to the plan of restructuring investors，The inefficient assets of *188bet login will be divested first，Improve asset structure，Hongrui investment team will be involved in the company’s hotel management and operation，The Internet industry may transform in the future，And meet all requirements for resumption of listing in 2016，Application for resumption of stock listing。Hongrui Investment also promises performance，Resumption of production and operation after reorganization、Various methods such as injecting high-quality assets from restructuring investors and their related parties，make company 2016、The net profit achieved in 2017 is not less than 200 million yuan and 300 million yuan。But obviously，Such a performance promise is far from the actual situation，2016*188bet login is still negative。March 20, 2017，*188bet login announces major asset purchase draft，To be paid in cash 2.RMB 0.4 billion capital increase to acquire 51% equity of Mingcheng Computer，The funds come from loans from Hongrui Investment，But the plan was automatically terminated due to the termination of listing of the stock。

3.4 billion 188bet login value evaporated, 23,000 small shareholders suffered losses

According to the latest disclosed shareholder structure，*188bet login’s largest shareholder holds 11 shares.48% of Great Wall Alipay，The company’s two private equity products—Great Wall Huili No. 6 Special Investment Enterprise (Limited Partnership) and Rongtong Capital Great Wall Huili Merger and Acquisition No. 1 Special Asset Management Plan, hold a total of more than 49.3 million shares，According to the current top 10 suspensions.38 yuan/share calculation，Market value is about 500 million yuan。Securities market analysis believes，After delisting，Waiting for *188bet login may be more than 15 lower limits，Great Wall AMC may face huge losses as a result。As the last link in the liquidation chain of delisted companies，2.30,000 small shareholders，will also suffer heavy losses。Some media evaluated the ST delisting phenomenon as “the most brutal strangulation of A-shares in 2017”。

188bet login has the same risk points, two A-share travel companies should be more vigilant

Analysis by many market participants，Current IPO speedup，Refinancing restricted，Reorganization and backdoor supervision tightens，*188bet login’s delisting once again releases an important signal，Delisting may become the next focus of regulatory work。The supervisory authorities intend to build a system with entry and exit，The A-share market of value investing。Therefore，ST shares、The living space of shell stocks and problem stocks will be greatly reduced。For the delisting of *188bet login，Expressions from relevant analysts and investors interviewed by Zhihui，*188bet login Company’s shareholders and management are not good at industrial operations，There has always been a suspicion of speculation and selling，In addition, in 2016, the China Securities Regulatory Commission increased the supervision of such "shell resources"，Delisting is a matter of time。According to the delisting system of A shares，Loss for two consecutive years will be capped，Listed companies that have suffered losses for three consecutive years are suspended or terminated from listing。Reporters sorted out and observed my country’s A-share tourism companies in accordance with the rules，Two travel companies have suffered losses after deducting non-net profits for 10 consecutive years，May face the possibility of being ST or delisted。

1.188bet login Donghai A:February 15, 2017，188bet login Donghai A issued the "Hainan Dadonghai Tourism Center Co., Ltd.'s Trading Suspension Announcement on the Company's largest shareholder's plan to fulfill its commitments",Disclosed that the company received a notice from the largest shareholder Luoniushan Co., Ltd. (hereinafter referred to as "Luoniushan") on February 14, 2017， Luoniushan Co., Ltd. is planning to fulfill its commitments，In view of the significant uncertainty in this matter，Apply to Shenzhen Stock Exchange，Trading has been suspended since the market opened on February 15, 2017。Before press time，188bet login Donghai A/188bet login Donghai B has not yet resumed trading。It can be seen from the relevant financial data of 188bet login Donghai，The company’s main business is hotel accommodation、Catering Services。During the reporting period，Realize main business income 2,170.890,000 yuan，An increase of 582 compared with the same period last year.300,000 yuan，Increase of 36.66%；Operating profit loss 268.180,000 yuan，Loss reduced by 637 compared with the same period last year.020,000 yuan，Reduced by 70.37%；Net profit loss 266.110,000 yuan，Loss reduced by 481 compared with the same period last year.680,000 yuan，Reduced by 64.41%。It’s worth noting，The company has been losing money for 10 consecutive years (excluding non-net profit in 2014 - 3 million yuan，2015 non-net profit deduction-9 million，2016 non-net profit deduction - 4.07 million)。Shenzhen Stock Exchange announced，188bet login Donghai A/Donghai B due to 2014、2015、The audited net profit for three consecutive fiscal years in 2016 was negative，According to Article 13 of the "Shenzhen Stock Exchange Stock Listing Rules".2.The relevant provisions of Article 1 implement delisting risk warning。

2. CITS 188bet login:February 13, 2017，CITS jointly issued an announcement，Due to planning of major asset restructuring，The company’s stocks will be suspended from trading on February 13, 2017 upon application。March 24，The company received the "Inquiry Letter Regarding Information Disclosure of the Major Asset Purchase Report (Draft) of CITS United Co., Ltd." issued by the Shanghai Stock Exchange，April 6，The company submitted the full text of the "Inquiry Letter" reply to the Shanghai Stock Exchange、Revised Reorganization Report (Draft) and its Summary。According to the relevant regulations of Shanghai Stock Exchange，The company’s stocks will resume trading on April 7, 2017。Known by checking the relevant data information of CITS，The company’s main business includes the management and operation of hot spring resort hotels、Sports、Entertainment、Development and operation of water sports and marine leisure tourism, etc.，During the reporting period，The company achieved operating income in 2016 1.1.7 billion yuan，An increase of 32 compared with the same period last year.78%；Achieve net profit attributable to the company’s shareholders-1.6.3 billion yuan，This is the company’s 10th consecutive year of losses。According to A-share delisting rules，CITS United may face the possibility of 188bet login。

Thinking of benefits，*188bet login is a well-established listed company in my country’s hotel industry，After 20 years of difficult development，After the company’s management team and shareholders did not understand industrial value investment, it gradually became a “shell resource”，This provides a certain reference value for the entire tourism market and A-share investors，Currently, nearly 80 tourism companies in my country’s A-share market should take this opportunity to be more vigilant。

*The author of this article: 188bet login senior reporter_Chen Ju (WeChat: cham_chan)，Welcome to communicate！

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