Days ago，CITS jointly targets the mid- and long-term planning of Xiongan New Area，Inject 100 million yuan to establish Guohong Culture；Three sales of Tangshan Hot Spring assets from 3.9.1 billion yuan dropped to 2.9.9 billion，Tangshan Hot Spring, which has been repeatedly sold out, seems to have finally found its next home；Big Throw 4.9.5 billion acquisition of Dushi Sports, the transformation of entertainment direction is more determined，It seems that we also understand why 188bet app download is determined to sell off Tangshan Hot Spring repeatedly。

September 20, 2017，188bet app download jointly released an announcement on the progress of foreign investment in establishing a Hebei subsidiary，Recently，The company has completed the industrial and commercial registration matters for the newly established company "Hebei Guohong Culture Development Co., Ltd." (hereinafter referred to as: Guohong Culture)，And obtained the business license issued by Baoding Administration for Industry and Commerce。

September 12, 2017，CITS jointly issued a draft of major asset restructuring，The existing main asset Nanjing 188bet app download Tangshan Hot Spring Development Co., Ltd. (hereinafter referred to as: Tangshan Hot Spring) is planned to be 2.Sale of 100% equity at a price of 9.9 billion yuan。

Same day，188bet app download joint name，The company plans to issue cash and shares，Quotation 4.9.5 billion yuan acquisition of 100% equity of Shanghai Dushi Sports Culture Communication Co., Ltd. (hereinafter referred to as: Dushi Sports)，At the same time, Dushi Sports made a total of 1 from 2017 to 2019.Net profit performance commitment of 4 billion yuan。

On the one hand, there are repeated failures and sales of the Tangshan Hot Spring Hotel assets listed for transfer，On the one hand, they are aggressively acquiring entertainment assets，On the road of pursuing transformation of entertainment，188bet app download seems to be becoming more and more determined，Zhihui analyzes this change from the recent series of actions taken by CITS。

1.Aiming at the medium and long-term planning of Xiongan New Area，Inject 100 million 188bet app download to establish Guohong Culture

188bet app download jointly issued the "Announcement on the Progress of Foreign Investment in the Establishment of Hebei Subsidiary" saying: Recently，The company has completed the industrial and commercial registration of the new company，The name finally approved by the industrial and commercial department is "Hebei Guohong Cultural Development Co., Ltd." (hereinafter referred to as: Guohong Culture)，And obtained the business license issued by Baoding Administration for Industry and Commerce。

It is reported，Guohong Culture has a registered capital of 100 million 188bet app download，The United Nations Brigade contributed 60 million 188bet app download，Holding 60% of the shares，Thus having absolute controlling rights。The other 40% equity holder is Ebang Blackstone Baoding Investment Management Co., Ltd. (hereinafter referred to as: Ebang Blackstone Investment)，Displayed based on public information，Blackstone Investment was established on May 22, 2017，Mainly engaged in real estate related 188bet app download，Investment and management of accommodation and catering businesses at the same time；It can be seen from the 188bet app download scope of Guohong Culture，Mainly engaged in culture and art、Management services and other asset-light businesses that focus on entertainment。Both Yibang Blackstone Investment and Guohong Culture are registered in Baoding City，Belongs to the medium and long-term planning scope of Xiongan New Area。

April 1, 2017，Relevant departments established Xiongan New Area，The starting area of ​​the new district is about 100 square kilometers，The medium-term development zone covers an area of ​​about 200 square kilometers，The long-term control area is about 2,000 square kilometers。Dingxing County, where Guohong Culture is registered, is within the medium and long-term planning scope of Xiongan New Area，188bet app download can be seen that the League of Nations is targeting the medium and long-term planning of Xiongan New Area，Focus on the long-term layout of transformation in the entertainment direction。Also，Due to the short establishment time of Yibang Blackstone Investment，188bet app download is difficult to find relevant company and person-in-charge information。

2.Three sales of Tangshan Hot Spring assets from 3.9.1 billion 188bet app download dropped to 2.9.9 billion

In fact，188bet app download except this time is 2.9.9 billion yuan to sell off 100% of Tangshan Hot Spring’s assets。As early as July 1 this year，188bet app download is 3 for the first time.Sold 100% equity of Tangshan Hot Spring for 9.1 billion yuan，Within the first listing information release period，Failed to recruit qualified intended transferees；

Based on the 2016 financial data and transaction pricing of 188bet app download and Tangshan Hot Spring:

As shown in the table above，As of December 31, 2016，Total assets of Tangshan Hot Spring、Operating income、The corresponding ratio of net assets to 188bet app download is 58.16%、59.00%、47.98%。

July 27，188bet app download jointly lowers the price by about 0.5.9 billion yuan，3 again.3.2 billion yuan listed for transfer，Suffered another "Waterloo" and failed to recruit intended transferees within the second release period of listing information；

Due to a dramatic scene，188bet app download on August 10th，188bet app download transfers Tangshan Hot Spring for the third time，The price is 1 lower than the first listing price.0.5 billion to 2.Sold for 8.6 billion yuan，Until the announcement disclosed on August 18th，，One intended transferee (Sun Guiyun) who meets the transfer conditions was collected within the third listing information release period，And confirm its transfer qualification。As of September 11th，The current transaction price negotiated by both parties is 2.9.9 billion yuan。

According to the 188bet app download Nations Brigade，The intended transferee (Sun Guiyun) has been working at Kunming Jintai Hotel Co., Ltd. since July 2012。Displayed according to relevant information，Kunming Jintai Hotel Co., Ltd. was established in September 2004，Registered capital 6570.050,000 188bet app download，Yu Tangshan Hot Spring registered capital 1.compared to 4 billion 188bet app download，Almost twice as much as Kunming Jintai，It seems that the size of Kunming Jintai is difficult to "whale" down to Tangshan Hot Spring，But 100% of the shareholders behind Kunming Jintai are Li Guishan，In addition to Kunming Jintai, it also owns 8 real estate companies、Investment Management Company，Registered capital is about 11.8.9 billion 188bet app download。In fact, the transferee this time is the "buyer" behind the scenes headed by Li Guishan。

Tangshan Hot Spring is the core asset of 188bet app download，After completion of this transaction，188bet app download will exit the hot spring hotel business。Three sales of Tangshan Hot Spring assets，Repeated failures and sales，What makes 188bet app download so “obsessed”？

From the overall and regional environment，Yangtze River Delta region where Tangshan Hot Spring is located，The seasonality of products is obvious throughout hot spring hotels；While Tangshan Hot Spring has had a heavier debt burden in recent years，Both revenue and gross profit are on a downward trend，It is very detrimental to the long-term development of 188bet app download。2015、2016 and the first half of 2017，The operating income of Tangshan Hot Spring is 7863 respectively.450,000 yuan、6920.100,000 yuan and 3446.800,000 yuan，The net profit attributable to the company’s ordinary shareholders after deducting non-recurring gains and losses is -2816.330,000 yuan、-2583.680,000 yuan and-1868.050,000 yuan。Under the situation of internal and external troubles，188bet app download must face the pressure of regional traditional hot spring hotels，We have to face the challenges of upgraded user consumption。Decades of hot spring hotel business development，The internal accumulation is difficult to return，The optional consumption attribute of hot spring tourism is increasingly prominent，The only way to divest negative assets，Only then can it be possible to "move forward with a heavy load"。

3.4.9.5 billion purchase of 188bet app download 188bet app download，It seems to be getting closer to culture, 188bet app download and entertainment

Then，After the United Nations successfully sold off the core assets of Tangshan Hot Spring，Where will its core business turn？188bet app download stated: After the completion of this transaction，The listed company will withdraw from the hot spring hotel business，And continue to adhere to the development strategy of outdoor sports and entertainment。Of course, it does not mean that we will withdraw from all tourism business，As early as May 2017，Tangshan Hot Spring will transfer part of its hotel and travel agency business to 188bet app download，But it is obviously not enough to constitute the core business。

Business transformation of listed companies，It can be said that the almost commonly used "routine" is，Sell negative assets，M&A Transformation Assets，Extensive mergers and acquisitions have become mainstream。Other releases on the same day as the major asset restructuring，The United Nations plans to issue cash and shares，Quotation 4.9.5 billion acquisition of 100% equity of Dushi Sports，At the same time, Dushi Sports made a total of 1 from 2017 to 2019.Net profit performance commitment of 4 billion 188bet app download。

The specific method of cash plus issuance of shares is shown in the figure above，188bet app download paid cash for the acquisition of Dushi Sports1.9.8 billion yuan，simultaneously with 6.Issued at a price of 82 yuan/share 4354.840,000 shares，Recruitment 2.9.7 billion yuan to pay the remaining consideration。

Dushi Sports was established in June 2008，Registered capital 36.1 million 188bet app download，It has two wholly-owned subsidiaries，Tibet degree and Horgos degree potential respectively。The main business of Dushi Sports can be roughly classified as sports marketing services、Professional sports consulting services and sports copyright trading services and other sports-related businesses。

Dushi Sports achieved revenue of 1584 from 2015 to the first half of 2017.900,000 188bet app download、2697.990,000 188bet app download and 3227.540,000 188bet app download，Among them，The main business of Shi Sports in 2015 is mainly advertising business，Since 2016, the main business of Dushi Sports is mainly sports marketing services and sports professional consulting services and other sports-related businesses。Revenue less than 40 million，Net worth is only 6827.650,000 188bet app download，Estimated value reaches 4.3.2 billion 188bet app download，Value-added rate 674.12%，Dushi Sports has also made a performance commitment for the next three years. The net profit from 2017 to 2019 will not be less than 38.5 million 188bet app download respectively、47 million 188bet app download、54 million 188bet app download。But Du Shi Sports will eventually be 4.9.5 billion acquisition，Is this purchase price artificially high?？Obviously，The current size of Dushi Sports is not enough to support CITS’ ability to jointly integrate excellent domestic and foreign sports resources and realize commercial value for them，Complete a larger entertainment layout，So does 188bet app download have other acquisition plans in the entertainment field？

Actually,Back in April 2017，188bet app download acquired 51% of the equity of Beijing New Line Zhongshi Cultural Communication Co., Ltd. through transfer and capital increase，And then became a holding subsidiary of 188bet app download。Judging from the data published in the above chart，After CITS jointly withdraws from the hot spring hotel business，New Line CTV will become the core subsidiary of 188bet app download，The Internet advertising business operated by New Line China Television will become the core business of 188bet app download。Also，188bet app download has successively registered 188bet app download Sports and Suzhou 188bet app download Culture and Sports Investment as its platform to develop outdoor sports and entertainment business，Invested in companies such as Maoyan Vision and Xiamen Fengheshui Navigation Culture to participate in outdoor cultural tourism related industry segments；At the same time, Nantong Muhua Equity Investment Center (Limited Partnership) and other merger and acquisition funds were established、Taking sports and culture and entertainment as the main investment direction，To cooperate with CITS in joint mergers and acquisitions and industry integration。

Overall view，It seems that CITS’ joint transformation into entertainment direction is more determined，It seems to also verify why 188bet app download is determined to sell off Tangshan Hot Spring repeatedly。