Shanghai Jinjiang International Hotel Development Co., Ltd. (hereinafter referred to as "Jinjiang Shares") issued an announcement on October 21，Proposal to acquire the holding subsidiary Keystone (Plateno Hotel 188bet sports betting) in cash，Keystone12 held by minority shareholder Prototal Enterprises Limited.0001% equity，The transaction price is RMB 12.0.5 billion yuan。After this transaction is completed，Jinjiang Co., Ltd.’s shareholding ratio in Plateno Hotel 188bet sports betting increased from 81.0034% increased to 93.0035%。

Zhihui learned，Plateno 188bet sports betting is led by Zheng Nanyan, founder of the hotel chain "7 Days Inn"、Jointly established by angel investor He Boquan and several other investment institutions。The acquisition of 188bet sports betting 12 by Jinjiang Holdings.The shareholder of Prototal Enterprises Limited, which owns 0001% of the shares, is He Boquan, one of the founders of 188bet sports betting。

188bet sports betting’s equity has been sold out

September 18, 2015，Jinjiang International and Plateno 188bet sports betting formally signed a strategic cooperation agreement，Jinjiang Co., Ltd., a listed company under Jinjiang International, also announced the "Major Asset Purchase Report (Draft)"。According to agreement，Jinjiang Shares will be the investment entity，Spent 8.3 billion yuan to strategically invest 81% of the shares of Plateno 188bet sports betting。February 26, 2016，Jinjiang Co., Ltd. announced the completion of the delivery of 81% equity of Plateno 188bet sports betting，Become the largest hotel 188bet sports betting in China。

Zhihui checked previous announcements and found，In the cooperation agreement signed by both parties on September 18, 2015，Jinjiang 188bet sports betting retains the remaining 19% of the equity held by shareholders Prototal Enterprises Limited (the actual controller is He Boquan) and Fortune News International Limited and Ever Felicitous Limited (both the actual controllers are Zheng Nanyan)。This time Jinjiang acquires the last 12 shares held by Prototal Enterprises Limited.0001% equity，It can be seen that all the shares held by He Boquan in Plateno 188bet sports betting may have been sold out，Zheng Nanyan still holds less than 7% of Plateno shares。

Two equity transfers，How much profit did He Boquan make？Check out previous announcements，As of June 30, 2015，Prototal Enterprises Limited (wholly owned by He Boquan), the major shareholder of Plateno 188bet sports betting, holds 31.87 million shares of Plateno 188bet sports betting，The shareholding ratio is 23.01%.

With June 30, 2015 as the base date，The estimated enterprise value of Plateno 188bet sports betting is RMB 122.7.4 billion yuan，The estimated value of 100% of the company’s equity (minus minority shareholders’ interests) is RMB 103.1.4 billion yuan。From the acquisition of Plateno 188bet sports betting held by He Boquan from Jinjiang Shares12.0001% equity can be found，In the last round of acquisition，He Boquan only sold 11% of the shares，Value 11.3.5 billion yuan。The two transfers totaled RMB 2.34 188bet sports betting.

November 20, 2009，7Days Inn is listed on the New York Stock Exchange，Financing 1.USD 11.1 billion。Before IPO，He Boquan owns 35.3% shares，188bet sports betting 13.4%，Warburg Pincus 13.4%，Actis Investment 16.6%。According to the opening price of 7 Days Inn 13.5 USD calculation，188bet sports betting, who serves as CEO, is worth .81 million，About RMB 3.700 million yuan，He Boquan, chairman of 7 Days, has book assets of nearly 1 billion yuan。

July 2013，7 Days Inn officially completed its delisting in the United States，By Zheng Nanyan、He Boquan、Original shareholders of 7 days including Actis Investment，Add Carlyle 188bet sports betting、Sequoia Capital jointly established Plateno Hotel 188bet sports betting。

From delisting in 7 days to 188bet sports betting being acquired by Jinjiang,188bet sports betting’s premium income has almost entered the billion level.

188bet sports betting is restricted

Zhi Hui noticed，In the major asset purchase report published by Jinjiang 188bet sports betting on September 18, 2015，The share transfer item clearly stipulates the lock-up period and forced sale rights of the shares held by He Boquan and Zheng Nanyan。According to the announcement at the time，Within 1 year (including 1 year) after the delivery date，Zheng Nanyan、He Boquan shall not sell all or part of his equity to anyone。

Within three years after the lock-in period，188bet sports betting has the right to sell all or part of his equity to Jin Jiang once or twice.。

188bet sports betting’s side，Report title，"In the first year after Mr. Zheng's lock-in period expires (including the original number)，Mr. Zheng has the right to exercise his right to sell twenty percent (20%) of all the equity he holds on the delivery date to the company in one go；In the 2nd year after Mr. Zheng’s lock-in period expires (including the original number)，Mr. Zheng has the right to exercise his right to sell thirty percent (30%) of all the equity he holds on the delivery date to the company in one go；Within the 4th year (including the original amount) after the expiration of Mr. Zheng’s lock-in period and within ten working days after the issuance of the fourth-year fiscal year audit report，Mr. Zheng has the right to exercise the right to sell no more than fifty percent (50%) of all Keystone equity he holds on the delivery date to the company at one time。”

Plateno 188bet sports betting’s equity structure display，Evaluation as of June 30, 2015，Zheng Nanyan’s shareholding ratio is 11.17% (the actual controller of FortuneNewsInternationalLimited and EverFelicitousLimited is Zheng Nanyan)，Compared to less than 7% of the shares currently reserved，The proportion of equity sold in the last round was only about 4%，worth about 4.1.3 billion yuan，From one aspect, we can see that Jinjiang is cautious about 188bet sports betting’s withdrawal。

Jinjiang’s caution doesn’t stop there，As early as the acquisition announcement in 2015，Jinjiang also asked Zheng Nanyan to clear 188bet sports betting shares for the last time，The proceeds will also require the purchase of all Jinjiang 188bet sports betting，And locked for two years。

He Boquan can withdraw from 188bet sports betting，But Zheng Nanyan is obviously not that easy。For less than 7% of the shares currently remaining，When will Zheng Nanyan come out，The favor is unknown，But according to the provisions of Jinjiang Shares’ previous purchase report，Zheng Nanyan after the lock-in period expires，Can sell its equity in batches within 4 years，This gives you a lot of freedom of choice。

Jinjiang’s ambition

Jinjiang 188bet sports betting’s acquisition of 81% of the equity of Plateno Hotel at a high premium has attracted doubts in the industry，The acquisition price of 8.3 billion yuan is the same as the 42 when the privatization of Seven Days Hotel was completed on February 28, 2013.compared to 4.4 billion yuan，Value added 241.45%。

After completing the strategic investment in Louvre Hotel 188bet sports betting in 2015，Under certain financial pressure，What is the reason why Jinjiang 188bet sports betting acquired Plateno 188bet sports betting again？

Yu Minliang, chairman of Jinjiang Co., Ltd., once said in public，The strategic goal of the cooperation between Jinjiang and Plateno is to jointly build a multinational 188bet sports betting with international competitiveness and brand influence。By joining forces，Not only makes both parties more motivated to achieve strategic goals，We will also integrate the upstream and downstream industry chains、More advantages in global services。The acquisition of Plateno 188bet sports betting is a step towards becoming bigger and stronger。

Before, BTG fully acquired Home Inns，The integration of BTG Homeinn is now underway，Especially in mid-range hotels。After Jinjiang completed its strategic investment in Louvre 188bet sports betting，Start to turn its development attention to the domestic mid-range hotel market，Plateno owns “Lifeng”、"James Coffet" and other mid-range hotel brands，Jinjiang’s increase in holdings is obviously a further boost to Plateno’s business。

In recent years，The domestic budget hotel market is beginning to pick up。By the end of August this year，The number of newly opened hotels of Plateno 188bet sports betting has reached 3,298，Net profit in the first half of 2017 increased by 127% year-on-year.55%，August RevPAR (referring to the average actual operating revenue generated per available room) increased by more than 10% year-on-year。Jinjiang Shares disclosed in the 2016 annual report，2017 will be the year of integration for the company，The company management also disclosed，In the integration of IT and supply chain sectors，All have absorbed Plateno’s original more mature system，This greatly reduces the company’s integration costs。

After this transaction is completed，will further reduce the management costs of Jinjiang Shares。At the same time，188bet sports betting 12 involved in the transaction.Profits from 0001% equity will also be incorporated into Jinjiang Shares’ statements，These will further enhance the performance of Jinjiang Shares。