August 2, 2017，Shandong Longgang Tourism Co., Ltd. (hereinafter referred to as securities abbreviation: Longgang Tourism，Stock code: 870257.OC) issued an announcement saying，The company plans to issue no more than 5.7 million shares at a price of 10 yuan/share，Raised funds shall not exceed RMB 57 million。

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It is reported，Longgang Tourism (Note: This refers to the time when there is a restriction on converting into a joint-stock company) was established in March 2004，Currently it has 3 wholly-owned subsidiaries，Respectively, Daxin Longgang Tourism Development Co., Ltd. (hereinafter referred to as: Daxin Longgang)、Yishui Underground Fluorescent Lake Tourism Development Co., Ltd.、五六人 Tourism Information Technology (Beijing) Co., Ltd.。Longgang Tourism was officially listed on the New Third Board through agreement transfer on January 5, 2017，Become the first company in cave tourism in the country。Disclosed according to the "Public Transfer Statement"，Longgang Tourism since its establishment，Mainly developing and operating tourist attractions，Successfully built the country's first cave tourist area with a single revenue of over 100 million - Shandong Underground Grand Canyon (4A Scenic Area) and the only tourist area in Asia where you can watch fireflies all year round - Firefly Water Cave (4A Scenic Area)，Created the "Yishui Tourism Phenomenon" that suddenly emerged in areas with weak tourism resources，Become the leader of private tourism enterprises in Shandong，is the winner of the first "Pegasus Award" of the National Tourism Administration in 2015。

According to the analysis of the "2016 Annual Report" released by Longgang Tourism，During the reporting period，Among the 10 business products of Longgang Tourism，Except for the increase in ticket and rental fee income and proportion，The revenue and proportion of other business products decreased slightly year-on-year。Revenue 14072 in 2016.120,000 yuan，Decreased by 3 compared with the same period.11%，Mainly due to starting from May 1, 2016，The tourist attraction industry, as the main business income of life services, pays business tax instead of paying value-added tax，Due to the separation of price and tax；Realized net profit 6699.480,000 yuan，An increase of 6 compared with the same period last year.32%，The main reason is that the management and operation level of the scenic spot and the service and reception capabilities are gradually maturing，Proper control of costs。

1.Good growth and profitability are favored and sought after by investors

Traveling from Longgang for nearly 3 years，Looking at the net profit situation，Average near profit is 5977.630,000 yuan，Net profit increase is about 17.04%，The average gross profit margin reaches 85.15%，Showing good profitability and regional product competitiveness。

A total of 5 targets for this stock issuance，Including 1 registered shareholder、4 qualified investors who meet the requirements of the "National Small and Medium Enterprises Share Transfer System Investor Suitability Management Rules"，The total number of targets for this issuance shall not exceed 35。See 188bet online sports betting the figure below for details:

Among them，Verify from relevant channels，Qingdao Wenzi Cultural Industry Investment Co., Ltd. is controlled by Shandong Cultural Industry Investment Co., Ltd. (52.50%) subsidiary，Shandong Cultural Industry Investment Co., Ltd. is a state-owned holding company jointly established by Shandong Dazhong Newspaper (Group) Co., Ltd. (50%) and Shandong State-owned Assets Investment Holding Co., Ltd. (50%)，This is the first time that state-owned enterprise funds have entered Longgang Tourism。

Pingtan Daqian Aijiu Investment Management Partnership (Limited Partnership) is a holding subsidiary of Beijing Weiding Daqian Investment Development Co., Ltd.，Beijing Weiding Daqian Investment Management Group is a financial platform initiated and established in 2013 by a number of doctors from the Chinese Academy of Fiscal Sciences。At present, an investment section has been formed、Three major business sectors: insurance sector and industrial sector，Investment management includes New Era Securities、Delis、Shandong Luba、Many companies including Longgang Tourism。

Before raising funds from this issuance of shares，All financing of Longgang Tourism is indirect fundraising with banks (short-term borrowings)，A total of 6 indirect bank fund raising activities occurred from the beginning of 2015 to the beginning of 2017，A total of 76 million yuan raised。

2.Planning Guangxi Cave Tourism，Realizing the extensional development of the cave industry

57 million funds raised this time，Mainly used to increase the registered capital of the subsidiary Daxin Longgang and the construction and development of the first phase of the Guangxi Daxin Dengtianyan Tourism Project，This project is developed and operated by Dah Sing Longgang。As understood，Daxin Longgang was established on July 3, 2015，The business scope is tourism development、Service；Travel crafts sales。As of December 31, 2016, the company only applied for a business license，No actual investment has been made yet。Phase 1 of this project，The estimated use of funds is as follows:

Guangxi Daxin Dengtian Rock Tourism Project passed the Daxin County Project Review Meeting on March 16, 2017，Project construction period 1.5 years，The estimated total construction investment of this project is 190 million yuan，It is expected to complete the first phase of project development and start operation in April 2018。This project is located in Naling Township, Daxin County, Chongzuo City, Guangxi Zhuang Autonomous Region，The planned project area is more than 1,600 acres，The planned area has good natural landscape resources such as karst landforms。According to plan，The project will be built with the pastoral landscape of Naling as the background，With cave、Hot Springs、Black Zhuang culture as the carrier，Tour the caves、Butterfly science、Ice Cave Experience、Leisure and vacation are the main products，A national characteristic tourist area integrating sightseeing, leisure and vacation。

After decades of operation，Shandong Underground Grand Canyon operated by Longgang Tourism、The Firefly Water Cave Scenic Area currently receives more than one million tourists per year，Has a high reputation in the tourism market of Shandong Province。2017，Since Longgang Tourism was listed on the New OTC Market，Realized standardized operation，Increased the brand awareness of "Longgang Tourism"。In the context of rapid development of the tourism industry，Longgang Tourism expands its business scale by developing new cave tourism projects，Improve the company’s competitiveness and brand image，Achieve the goal of taking Shandong as the development base and core and radiating to other regions in the country。The construction of Guangxi Daxin Dengtianyan tourism project can expand the scale of Longgang tourism operation，Enhance its profitability，It is also an important strategic move for the expansion of Longgang’s tourism business。

3.Casual、The experience-integrated karst cave scenic spot business model has been recognized by the market

In the process of rapid development of the tourism industry，Tourist attractions are the core areas and main carriers of tourism consumption，Also facing important development opportunities。my country is the country with the richest karst cave resources in the world。According to data from the Cave Research Society of the Geological Society of China，There are hundreds of thousands of karst caves in our country distributed over a vast territory，In Guangxi、Chongqing、Guizhou、Yunnan and other provinces and regions are particularly widely distributed，Many of these caves have high tourism value。As one of the earliest domestic tourism companies to professionally develop and operate cave scenic spots，Longgang Tourism has accumulated rich experience in differentiated development and operation of caves during more than ten years of development and operation。Shandong Underground Grand Canyon, the main operation of Longgang Tourism、Firefly Water Cave Scenic Area，By introducing unique fireflies、Butterflies and other biological elements，Develop the first cave rafting in China，Constructing small flying dragon tube rails for both sightseeing and transportation purposes，Enables tourists to enjoy sightseeing、Casual、Popular science、A tourist experience integrating cave rafting，This leisure、The experience-integrated cave scenic spot management model has also been widely recognized by tourists。This time，The Daxin Dengtianyan tourism project in Guangxi built with funds raised is a demonstration of Longgang Tourism’s promotion of mature cave operation experience and strength。

*The author of this article: Zhihui analyst_Liang Guoqing (WeChat: liangzi2015)，Welcome to communicate！