As the popularity of tourism increases year by year，Prosperity and development of tourism，More and more geographical locations surround 188bet online live casino、Scenic area enterprises whose main business relies on 188bet online live casino have begun to enter the capital market。

1. The 188bet online live casino industry may usher in an IPO boom

Recently, it has been discovered that 188bet online live casino companies have begun to usher in an IPO boom...

Statistical findings，There are currently 16 A-share 188bet online live casino spot companies，Accounting for half of the A-share tourism sector。The business scope of 188bet online live casino spot companies generally covers ropeways、188bet online live casino Area、Delivery、Hotel、Catering and travel agency。

Currently，There are more and more IPOs in tourist attractions，This year，September 27，Jiangsu Tianmu Lake 188bet online live casino was successfully listed on the Shanghai Stock Exchange。

Jiangsu Tianmu Lake applied for IPO in February 2016，Tianmu Lake is mainly engaged in the development, management and operation of tourist attractions，The business projects involved mainly include 188bet online live casino spot management、Water World Theme Park、Hot spring、Hotel、Travel agencies, etc.。Its operating income from 2015 to 2013 was 4.2.3 billion yuan、4.0.9 billion yuan、3.1.8 billion yuan，Net profit is 54.03 million yuan respectively、56.93 million yuan、30.75 million yuan。Currently Tianmu Lake has high debt，The asset-liability ratio of Tianmu Lake in 2013-2015 was approximately 74.94%、75.57% and 68.67%，Interest expenses are as high as 3094 respectively.340,000 yuan、3901.780,000 yuan and 4106.790,000 yuan。Is high debt a stumbling block to its IPO，Unknown yet。

This time Tianmu Lake is listed on the A-share market，is the first 188bet online live casino company to have an IPO in the 188bet online live casino industry in the past three years，will further enhance the confidence and vitality of 188bet online live casino service companies entering the capital market。

Recently, Western Region 188bet online live casino Development and Zhejiang Foreign Affairs 188bet online live casino have also disclosed IPO prospectuses。

There are several 188bet online live casino industry IPOs currently in the IPO queue:

Compare the status of 188bet online live casino companies listed on the New OTC Market，It can explain some problems。

According to statistics，As of the end of 2016，The number of 188bet online live casino NEEQ companies reaches 107，57 of them were officially listed in 2016。The number of 188bet online live casino companies listed on the New OTC Market doubled in 2016，Travel companies are in urgent need of capital support。

2. Several major obstacles to IPO in the 188bet online live casino industry

But，Considering the IPO, we should focus on several aspects: compliance in resource acquisition、Operation Compliance、Sustainable profitability。There are more or less obstacles for 188bet online live casino enterprises in these aspects。

1. Business compliance

In the past ten years，Not every company has an IPO every year，2012、None for two consecutive years in 2013，But it has a lot to do with the year-long IPO suspension at that time。The IPO speed was obviously accelerated in 2016，The number of IPOs in the whole year is as high as 227，Set a new high in the past 5 years。Only two 188bet online live casino companies are knocking on the door of IPO in 2016，188bet online live casino planning company Dingfeng Intelligence and theme park equipment manufacturer Jinma Technology，But they were all rejected by the China Securities Regulatory Commission。

“There are many historical reasons for the difficulty of IPO of 188bet online live casino companies”，A broker who did not want to be named said，There are two main reasons:

First, the country’s historical and cultural relics above 5A level、Resource Heritage，Tickets cannot be transferred to listed companies，This is a guiding question，So it is difficult to list 188bet online live casino such as mountains and rivers。

Second, many 188bet online live casino companies are state-owned enterprises，In Financial Standardization、There are many historical issues in performance calculation and other aspects，It is difficult to solve at the moment，Some distance from the listing standard，So there are many difficulties。

Especially for upstream and downstream 188bet online live casino service companies，Industry scale is fragmented，Serious disorderly competition，Resulting in widespread problems in compliance management。

Dingfeng Zhiye 188bet online live casino was rejected

November 2016，Travel planning company Dingfeng Zhiye’s IPO was rejected。Dingfeng Zhiye is one of the earliest companies in China specializing in tourism planning and design business，The annual revenue of more than 200 million is almost the total revenue of the second to ninth place in this field，Since its establishment in 2001 to present，More than 50 188bet online live casino have been operated and managed in the country，Cooperates with 25 provincial tourism bureaus in China。2013-2015，Revenue is 200 million yuan respectively、2.100 million yuan、1.900 million yuan。

The China Securities Regulatory Commission raised 63 questions about Dingfeng Intelligent Industry，Profit decline、Part of the income is questioned、Failure to perform bidding procedures、Sign the contract beyond qualifications，A series of flaws became the main reason why Dingfeng Intelligent Industry was blocked from the 188bet online live casino this time。

Jinma Technology 188bet online live casino was rejected

Similar problems also happened to Jinma Technology。December 2016，Theme park equipment supplier Jinma Technology’s IPO was rejected。Jinma Technology Prospectus Display，The main products of Jinma Technology are large-scale amusement facilities，Mainly domestic sales，Songcheng 188bet online live casino、Wanda City、Happy Valley and other large theme parks are all customers of Jinma Technology。

From the financial situation of Jinma Technology，It seems to fully meet the relevant conditions for listing，Jinma Technology 2013、2014、The operating income in 2015 was 2.8.2 billion yuan、3.4.7 billion yuan、4.9.5 billion yuan，Net profit is 36.77 million yuan respectively、67.12 million yuan、100 million yuan，It is increasing year by year，The comprehensive gross profit margin during the reporting period was 39.21%、52.50%、51.25%，Continuously rising。

However, the issuance review committee believes that Jinma Technology and its related party Liyuan Paradise、Zhongshan Symphony、Tianlun Investment、Ancient Town Yunding Galaxy、Related transactions between Changsha Yunding Galaxy and others。And the related parties controlled by Jinma Technology and its actual controller are mostly upstream and downstream business relationships，And most 188bet online live casino related parties have small profits or losses。The Issuance Review Committee requires the issuer to further analyze and explain the fairness 188bet online live casino above-mentioned related-party transactions、Reasonability、Persistence，Further explanation 188bet online live casino committed rectification measures to regulate related party transactions，Explain the impact on operating performance after reducing related party transactions。

2. Resource acquisition compliance

For 188bet online live casino spot companies，High-quality tourism resources are core assets，But the operational independence of such assets、Issues such as ownership of property rights are intertwined，And the standardization in this area is the focus of the China Securities Regulatory Commission’s review。

Take Lushan Mountain as an example，Lushan’s tourism resources are not inferior to those of Huangshan、Changbai Mountain、Emeishan and other listed 188bet online live casino companies，Lushan Mountain’s move to seek listing was even earlier than any other scenic spot in China，But it has never been possible。Cui Feng, Chairman of Lushan Tourism Development Co., Ltd. once said，Listing is a dream they have been chasing for more than 20 years。But for a long time，There are up to 6 management entities in Lushan，Xingzi County、Jiujiang County、Lushan District and Lushan Nature Reserve each have a small area of ​​resources，Lushan is cut into large and small tofu pieces。This situation makes Lushan’s road to listing very bumpy，Multiple attempts at IPO failed。April 2016，The State Council agrees to establish Lushan City，The divided Lushan Mountain is expected to be unified。

Huashan also has similar problems。Huashan’s main source of income is the Xifeng Cableway、Beifeng Ropeway and Passenger Line，Xifeng Ropeway belongs to Shaanxi 188bet online live casino Group，Beifeng Ropeway belongs to Sante Ropeway，The passenger line belongs to Huashan 188bet online live casino Group。The main assets belong to different institutions，And ticket revenue cannot be included in listed companies，Leading performance scale、There are certain obstacles to operational independence。

For theme parks、Resort、188bet online live casino enterprises focusing on man-made resources such as cultural 188bet online live casino towns，If the project investment is less，Will face low threshold、Problems such as homogeneous competition，The problem of insufficient profitability。For example, Changzhou Dinosaur Park is currently lining up for IPO，The original project has reached its operating limit，Revenue growth stagnated，And more similar products on the market are being planned or under construction，If you cannot invest a lot of money in project upgrade and continued development，Sustained profitability may be difficult to guarantee。

Projects with large capital investment often require real estate business，To quickly recover cash flow，But it is very difficult for companies with real estate business to list in the A-share market。Even OCT Group, which started with "188bet online live casino + real estate", has split its real estate business，Moved to Hong Kong stock market listing。December 2016，Gudou Holdings, a hot spring resort development company, chooses to be listed on the GEM of the Hong Kong Stock Exchange，One of the main reasons may be that it is limited by its real estate business，Narrow range of capital markets to choose from。

3. Sustained profitability

Sustained profitability is also a problem for travel 188bet online live casino’ IPOs.

Emerging OTA 188bet online live casino are burning money in exchange for scale strategy，Almost the entire industry is losing money，Does not meet the red line of A-share profitability，None of them can be listed on the A-share market。June 2016，Tongcheng Travel will spin off its business into offline services、Two offline blocks，The purpose is to reduce the overall loss，Promote the listing of profitable sectors first。

In 2012, Xinjiang Great Western 188bet online live casino began preparations for listing，Receive listing counseling from securities firms， But the official declaration was not started until 2014，In 2015, its tutoring brokerage Haitong Securities issued an announcement，Due to the decline in the performance of 188bet online live casino operations in the Western Region and even losses，Does not meet listing conditions，The tutoring has been terminated。

A similar situation also happened in Kanas, a company listed on the New Third Board。According to industry insiders，Kanas has been preparing for 188bet online live casino for several years before，Later, performance declined due to violence and terrorism in Xinjiang，Had no choice but to give in to the New Third Board。

In addition，Many 188bet online live casino companies have voluntarily withdrawn their IPO applications due to various reasons。October 2016，Original NEEQ enterprise Changzhou Dinosaur Park announced，The IPO application was accepted by the China Securities Regulatory Commission，Stock transfer suspended on New Third Board。In fact，Dinosaur Park was rushing for an IPO as early as 2012，But it caught up with the China Securities Regulatory Commission launching a massive IPO self-examination campaign，Nearly 300 companies withdrew their application materials at one time，Dinosaur Park has also suspended its IPO。At the same time, another theme park company also withdrew its materials, Happy Water Cube。2013，Huaqiang Culture, the predecessor of Huaqiang Fantawild, also rushed for IPO，But the application was eventually withdrawn due to unknown reasons，Log in to the New Third Board instead。

Although 188bet online live casino is speeding up，But the threshold has not been relaxed，Travel companies still face big obstacles in their IPOs。

Overall，In recent years, capital plus industry has become the background of the 188bet online live casino industry，But one GDP contribution exceeds 10%，Big industries with growth rates leading the macroeconomy， No company successfully IPO'd in 2016，The various reasons here are worth pondering by all relevant parties in the industry。Compliance of resource acquisition、Operation Compliance、Sustained profitability and other issues have long plagued 188bet online live casino companies。

But 188bet online live casino is already a national strategic industry，In 2015, 188bet online live casino accounted for more than 10% of GDP，And the growth rate continues to lead the macro economy。Investment opportunities and capital needs in the 188bet online live casino industry are increasing day by day，It is urgent to solve the IPO dilemma of 188bet online live casino companies。This cannot be accomplished by 188bet online live casino companies alone，Start with top-level design，Gather the wisdom and efforts of all parties，In order to stimulate the deep integration of industry and capital。

3. Attached: Characteristics of the 188bet online live casino industry and relevant legal and regulatory requirements

Based on the characteristics of the 188bet online live casino tourism industry and the requirements of relevant national laws and regulations，In addition to meeting the general IPO conditions for IPOs of 188bet online live casino spot companies，Some special conditions related to it also need to be paid attention to。

1. Background overview

188bet online live casino refer to 188bet online live casino、Cultural or scientific value，Natural landscape、The cultural landscape is relatively concentrated，Beautiful environment，Available for people to visit or conduct science、Area for cultural activities。

The geographical location is surrounded by 188bet online live casino、In addition to complying with the general regulations，It should also comply with the relevant laws and regulations with the "Regulations on the Management of Scenic and Historic Areas" as the core。

The "Regulations on the Management of 188bet online live casino and Historic Areas" was adopted at the 149th executive meeting of the State Council on September 6, 2006，Effective from December 1, 2006。Divided by Huangshan Tourism (16.230,-0.05,-0.31%) (code: 600054)，Because its listing time was earlier than the implementation of the "Regulations on the Management of 188bet online live casino and Historic Areas", there is no clear reference to the specific provisions of the regulations，Other 188bet online live casino spot companies listed after the implementation of this regulation have basically passed the comparison and reference of each clause，To ensure the legal compliance of its listing。

It can be seen from this，The "Regulations on the Management of 188bet online live casino Areas" are special provisions that should be focused on for the IPO of 188bet online live casino area companies。

2. Key provisions of the “Regulations on the Management of 188bet online live casino and Historic Areas”

The "Regulations on the Management of Scenic and Historic Areas" was formulated to strengthen the management of scenic and historic areas，And the effective protection and rational utilization of 188bet online live casino resources。Overview of its contents，The key terms related to the special conditions for the IPO of scenic spot companies are as follows:

“Article 4 The scenic spot management agency set up by the local people's government at or above the county level where the scenic spot is located，Responsible for the protection of 188bet online live casino、Utilization and unified management work。

Article 12 The planning of 188bet online live casino is divided into overall planning and detailed planning.

Article 27 It is prohibited to violate the planning of 188bet online live casino，Establish various development zones in 188bet online live casino and build hotels in core 188bet online live casino、Guest House、Training Center、Sanatoriums and other buildings not related to the protection of scenic and historic resources；Already constructed，Should be planned in accordance with 188bet online live casino，Gradually move out。

Article 28 Article 26 of these Regulations when engaged in 188bet online live casino、Construction activities outside the scope prohibited by Article 27，Should be reviewed by the scenic area management agency，In accordance with relevant laws、Go through the approval procedures in accordance with the regulations。

Building a cable car in a national 188bet online live casino spot、Major construction projects such as ropeways，The project site selection plan shall be submitted to the construction department of the State Council for approval。

Article 29 Carry out the following activities in 188bet online live casino，Should be reviewed by the scenic area management agency，In accordance with relevant laws、The provisions of regulations shall be submitted to the relevant competent authorities for approval:

(1) Set up and post commercial advertisements;

(2) Organizing large-scale recreation and other activities;

(3) Activities that change the natural state of water resources and water environment;

(4) Other activities that affect ecology and landscape.

Article 37 Tickets to enter the 188bet online live casino area，Sold by the 188bet online live casino area management agency。Ticket prices are subject to laws regarding prices、Enforcement of regulations。

Transportation in 188bet online live casino、Services and other items，Should be managed by the scenic area management agency in accordance with relevant laws、Regulations and Scenic Area Planning，Use bidding and other fair competition methods to determine operators。

The 188bet online live casino area management agency should sign a contract with the operator，Determine respective rights and obligations in accordance with the law。Operators shall pay paid usage fees for 188bet online live casino and historic resources。

Article 38 Ticket revenue from 188bet online live casino and paid usage fees for 188bet online live casino，Implement two-line management of revenue and expenditure。

Ticket revenue from 188bet online live casino and paid usage fees for scenic resources should be used exclusively for the protection and management of scenic resources and the owners of properties within 188bet online live casino、Compensation for the loss of the right holder。Specific management measures，By the Finance Department of the State Council、Developed by the price department in conjunction with the construction department of the State Council and other relevant departments。

Article 39 188bet online live casino area management agencies are not allowed to engage in business activities for profit，Planning shall not be changed、Administrative functions such as management and supervision are entrusted to enterprises or individuals。

Staff of the scenic area management agency，Not allowed to work part-time in companies within 188bet online live casino。”

According to the key provisions of the "Scenic and Historic Area Management Regulations"，Combined with specific cases of listed companies in 188bet online live casino，It’s not hard to see，The special conditions for the IPO of 188bet online live casino enterprises that should be paid attention to can be briefly summarized as franchising (Article 37 of the "Regulations on the Management of 188bet online live casino") and ticket splitting (Article 38 of the "Regulations on the Management of 188bet online live casino") parts。

3. About franchising

1. Definition of the nature of concessions in 188bet online live casino and applicable laws

Franchising in a broad sense includes commercial franchising and government

*thisText source: Looking forward to 188bet online live casino, original title: "The 188bet online live casino industry may usher in an IPO boom?(A brief discussion on the special conditions for IPO in the 188bet online live casino industry)》.