This afternoon, domestic outbound travel operator 188bet online casino games Travel Group announced that it has completed nearly7100 million yuanCround of financing，This investment，The lead investor is CITIC Capital Holdings Co., Ltd.、Haier Capital、Legend Holdings and Legend Capital，Following investors include Juyuan Capital、Yonghua Investment、Silk Road Huachuang etc.。Allegedly，This is the largest single financing transaction in the domestic 188bet online casino games industry this year。

Although Phoenix 188bet online casino games did not disclose the financing proportion and overall valuation at today’s press conference，But Zhihui found it，The shareholder structure of Phoenix 188bet online casino games’s main company was changed last month，The investors announced this time are all on the list of new shareholders。If this round of financing7One hundred million come true，Roughly calculated, the overall valuation of Phoenix 188bet online casino games should be30100 million fluctuates, this trip to 188bet online casino games is ​​expected to cost about20%-30%'s shares, the specific number cannot be further clarified.

Also worth noting，Previously estimated Phoenix 188bet online casino games obtained by the concession2017Comprehensive calculation of financial data found，In fact, this financing is not cheap，Simple comparison based on price-earnings ratio multiples，Phoenix Travel may have been similar to the current multiple of listed company Uxin Travel。Without a doubt，The prerequisite for attracting various investors to invest heavily is Phoenix 188bet online casino gamesIPOPlan.

188bet online casino games Financing

Although no specific financing details were announced at this conference，However, the shareholder structure of Beijing 188bet online casino games Holidays International Travel Service Co., Ltd., the main company of 188bet online casino games Travel, has been changed this year10month17The day has changed，The leading and following investors are all on the shareholder list。Zhi Hui Discovery，Information display of related industrial and commercial platforms，The shareholding ratio of CITIC Capital Culture and 188bet online casino games (Chengdu) Co., Ltd. that directly displays the name of the shareholder is8.86%, the shareholding ratio of Qingdao Haier Venture Capital Co., Ltd. is6.65%, the shareholding ratio of Beijing Silk Road Yunhe Investment Center is1.33%，Legend Holdings may be partially held through Tibet Daze Lianke Investment Co., Ltd.1.33%. Specific details can be seen in the picture below:

Without a doubt，Among the investors of this Phoenix 188bet online casino games，CITIC and Haier are the absolute “major shareholders”。Overall，I may have taken it out during this trip to Phoenix20%-30%shares, as per7Calculation of financing amount per billion，The overall valuation of this 188bet online casino games tour will be30Around 100 million (this is an estimate，The exact exact valuation has not been announced)。

At the same time, Phoenix 188bet online casino games in this round of financing is not cheap.

For the "ecosystem" of backdoor third-board companies5”,2016Mid year，Phoenix 188bet online casino games once disclosed some financial data，Involved performance commitment display，This company promises2016Year,2017Year sum2018The net profits realized in the year are2016Not less than yearly7,384.9810,000 yuan,2016Year sum2017The annual total is not less than19,776.5010,000 yuan,2016Year,2017Year sum2018The annual total is not less than36,129.79Ten thousand yuan.

If we look at Phoenix 188bet online casino games’s commitment,2017The net profit of Phoenix 188bet online casino games must reach at least0.8billion, which is equivalent to the price-earnings ratio multiple of this company may be37times，This is roughly equal to the current price-to-earnings ratio of listed company Uxin Travel。

188bet online casino games Financing M&A Road

Earlier, 188bet online casino games Travel was in2012Received 100 million yuan investment from Legend Capital in 2016,2015Year2month，Obtained by Zhengyuan Strategy、Legend Capital，Joint investment by three investment institutions of Cornerstone Capital in the form of a combination of stocks and bonds。

Xie Lixin, Chairman of Phoenix 188bet online casino games Group said，“After the completion of this financing，Phoenix 188bet online casino games Group will continue to consolidate its control of upstream resources、Actively expand downstream channels，Form horizontally、Stereo、Multi-dimensional layout and balanced development。”

According to Zhihui’s understanding, Phoenix 188bet online casino games was established in1996Year，Is the earliest domestic enterprise engaged in outbound 188bet online casino games wholesale，Long time，Phoenix 188bet online casino games is positioned as an outbound 188bet online casino games operator，Mainly engaged in 188bet online casino games wholesale business，Accumulated a large number of offline resources in major outbound 188bet online casino games destinations over the years。

To2015It has successfully developed into an annual reception of more than 100 outbound tourists30Ten people, business scale is nearly50100 million yuan，Established branches in more than a dozen regions across the country、A large outbound 188bet online casino games resource integration organization of a subsidiary，Its business scope covers Europe、美、Australia、Not、All outbound destinations including Asia Pacific，Involving more than a thousand unique line products。Ranked in the national outbound 188bet online casino games market position，Phoenix Travel Europe、Japanese and Korean business ranks among the top three，Australia、America、Africa、The business in Southeast Asia ranks among the top five。

Since2012Since receiving 100 million yuan in financing from Legend Capital，Phoenix 188bet online casino games has completed multiple investments and mergers and acquisitions，Further strengthen the upstream and downstream industry chain layout。The upstream side mainly invests in overseas destination resources，Consolidate control of upstream overseas destination resources；Downstream, the channel end layout will be strengthened。

Xie Lixin said when being questioned by Zhihui at the scene，“Long outbound 188bet online casino games industry chain，Resources are dispersed，Around the industrial chain，Phoenix 188bet online casino games has successfully invested and acquired more than a dozen domestic and foreign 188bet online casino games companies in the past few years，Phoenix 188bet online casino games hopes to become a chain that connects all elements of the 188bet online casino games chain，Won’t focus on one point，Upstream will open up upstream resources，Control upstream resources，Downstream will open up downstream channels，Make the channels shorter and shorter。”

This year3month，188bet online casino games Travel has invested in an Italian travel service companyA.Z.TURISMO S.R.L.，This company is a large 188bet online casino games service provider in Western Europe。Public information display，A.Z.TURISMO S.R.L.It owns a tourist vehicle operation license and a local travel agency license，Annual income exceeds 10 million euros。Currently，A.Z.TURISMO S.R.L.Joined forces with 188bet online casino games Travel’s Mesitu to launch Italian loop products。

4Month，Strategic investment in overseas destination 188bet online casino games resource supplier Australia Hongcheng Holdings Group，The company was founded in1994Year，Headquartered in Melbourne，is one of the Asian travel companies with its own strong bus fleet and driver team in Sydney and Melbourne，Serving more tourists per year2010,000 people。Business market involving Australia、New Zealand、Fiji and other South Pacific regions，and China、Japan and other Asian countries and Europe and the United States。Mainly engaged in short-term travel products、Inbound and outbound 188bet online casino games、Hotel reservation、Ticket booking、Conference and Exhibition、Business inspection、Independent travel vacation customization, etc.。These collaborations，Helps Phoenix 188bet online casino games improve its fragmented market layout in overseas destinations，Enhance control of upstream resources。

Downstream channel investment in Shaanxi Express International Travel Agency Co., Ltd. (hereinafter referred to as "Shaanxi Express")，This company is a large outbound travel agency in the northwest region of China。It’s worth noting，188bet online casino games Travel’s previous business focus was on inter-industry wholesale，I emphasized not to do itB2CBusiness，Traveling with Zhongxin、Comparison of Caesar’s 188bet online casino games wholesale and retail integrated model，The retail side is also considered to be a shortcoming in the competition of Phoenix 188bet online casino games。Phoenix 188bet online casino games invests in Shaanxi Express，Meaning that it is beginning to make up for the shortcomings of the retail end。

Investing in two major enterprises has a significant positive impact on the industrial chain layout of Phoenix 188bet online casino games，Also worth noting，Phoenix Travel last year5Announced backdoor listing，But no new progress has been announced since then。Some opinions pointed out，Phoenix 188bet online casino games may be expanding its territory in preparation for listing。

Xie Lixin: Discuss the appropriate time to market

At the press conference, Xie Lixin expressed his views on the backdoor ecology5Responded on matters related to listing，He said, “As one of the three major domestic outbound 188bet online casino games wholesalers，The other two (Zhongxin Travel、Caesar 188bet online casino games) has landed in the capital market，Phoenix 188bet online casino games Backdoor Ecology5has only one purpose，Based on the opportunities and policies at the time，Borrowing a company from the third board，If reorganization is completed，Can resume listing relatively quickly，This operation can open up capital channels as soon as possible for Phoenix 188bet online casino games，Implementing the idea of ​​​​consolidation in this industry、Integration ideas。The amount of financing this time is very huge，We are very happy that the investment institution this time is not a financial investor，More of long-term strategic investors。”

As for the choice of time to market，“There is only one purpose for a company to go public，It’s financing、Development，Our financing amount this time has exceeded the listing financing scale of most listed companies in China，We now have sufficient capital to realize some of our wishes。The road to listing in the future，188bet online casino games Travel will discuss with all investors，Determine the most appropriate time，Continue to deepen our cooperation，" he said。

In this financing, gathered7capital institutions，Among them CITIC Capital、Haier Capital、It is extremely rare for three large industrial capitals, Legend Holdings and Legend Capital, to gather together。

Liu Zehui, Managing Director of Legend Capital, who has invested in Phoenix 188bet online casino games three times in a row said，“First of all, we believe that the outbound 188bet online casino games industry is a big trend，Secondly，We are optimistic about Phoenix 188bet online casino games’s intensive cultivation and team fighting ability in the outbound 188bet online casino games market，The competitive landscape of this industry has not yet completely stabilized，There are still great opportunities in the industry。”

Data display released by China Venture Capital on site，The current total market share of my country’s four major outbound agencies (CR4Industry concentration) in10.9%around, while2014YearCR4only7%left and right，In recent years, industry concentration has increased slightly，In the future, we will integrate product operators in the same industry through mergers，Rich characteristic line categories，will be able to enhance the market share of outbound destinations。

As a follower of this investment，Huang Tao, founding partner of Juyuan Capital, said，Air tickets、Opportunities in the hotel field are already very small，Hotel assets are too heavy，The pattern of air tickets has been basically stable，Therefore, the core of this investment in Phoenix 188bet online casino games is to lay out the Chinese overseas travel group tour business through Phoenix 188bet online casino games。

*The author of this article: Wang Yanchao, analyst at Zhihui.