Introduction: May 23rd，188bet app download issued an announcement clarifying that it has no plans or intentions to sell Ingram Micro，Confident in Ingram Micro’s growth prospects。

After the acquisition of Ingram Micro，188bet app download (600751.SH) has become an important listed company under HNA Group。

This acquisition cost approximately US billion，Experienced lengthy negotiations between multiple parties and strict scrutiny by regulatory agencies，Final completion at the end of 2016，Becomes an iconic footnote on 188bet app download’s technological transformation journey。

This is a typical "She Tun Xiang" M&A transaction，At the time of acquisition，The net profit of 188bet app download (then called "Tianhai Investment") was only 1/6 of Ingram Micro，And the transaction amount exceeds what the listed company can afford。

Although after the consolidated report，188bet app download’s revenue and net profit and other indicators have all seen amazing growth，And Ingram Micro itself is a "Fortune 500" company，Further expanding the scale of HNA Group。But，188bet app download is now facing huge debt repayment pressure due to leveraged transactions，And create "significant uncertainty that casts significant doubt on our ability to continue as a going concern"。

Meanwhile，188bet app download has continued to stage a similar acquisition "drama" this year: the acquisition of Dangdang for RMB 7.5 billion。Currently，188bet app download’s debt ratio has reached as high as 85.12%，The acquisition of Dangdang, which has a higher debt ratio, will obviously only increase this number further。

May 23，188bet app download issued an announcement clarifying that it has no plans or intentions to sell Ingram Micro，Confident in Ingram Micro’s growth prospects。Just，Facing greater debt repayment pressure，How 188bet app download will achieve business synergy with Ingram Micro is still unclear。

Huge debt repayment pressure

May 22，A GF Securities continuous supervision report on the company’s major asset purchases and related transactions issued by 188bet app download further pointed out，188bet app download is currently facing “major uncertainty”。

Previously when releasing the 2017 annual report，188bet app download admitted that there were delays in loan payments。December 5, 2017，188bet app download subsidiary GCL should repay the first loan principal of US0 million to the syndicate，But the loan was finally paid on March 2, 2018。

GCL is the main overseas company acquired by Tianhai Investment in 2016。Source of acquisition funds at that time，In addition to Tianhai Investment’s own funds，There are also capital contributions from joint investors and bank loans，where，Owned funds are 8.7 188bet app download，Co-investor Guohua Life Insurance’s investment amount is 4 188bet app download。

Calculated based on the central parity rate of the US dollar against the RMB when Tianhai Investment signed the "Merger Agreement and Plan" with effective conditions on February 17, 2016，The total acquisition of Ingram Micro is approximately 39.2 188bet app download。In other words，When acquiring Ingram Micro，The scale of bank borrowings is about 26.5 188bet app download。

Although the "late payment incident" was finally resolved，But it has constituted a substantial breach of contract。According to agreement，As of December 31, 2017，The syndicate and a certain bank each have the right to require GCL to "repay the entire loan principal at any time in total 42.USD 700 million”。

188bet app download has listed the principal balance of these two loans as non-current liabilities due within one year in its financial statements。Last year’s annual report shows，188bet app download’s short-term borrowings and non-current liabilities due within one year reached 19 respectively.800 million yuan and 290.200 million yuan。

Although 188bet app download’s overall debt ratio has declined slightly，But the pressure to repay short-term debt has risen sharply。Currently，188bet app download’s monetary fund balance is only 75.200 million yuan。188bet app download frankly，The above matters indicate，There is “significant uncertainty that may cast significant doubt on 188bet app download’s ability to continue as a going concern”。

However，GF Securities stated in the report，GCL does not yet need to repay the syndicated loan in one lump sum，According to the syndicated repayment notice received by 188bet app download，GCL should repay 3 in 2018.USD 500 million，USD 400 million should be repaid in 2019，2020、USD 600 million should be repaid respectively in 2021，2022、USD 800 million should be repaid respectively in 2023。

Currently，The situation of GCL is not optimistic，The cost of financing is also getting higher。End of March 188bet app download year，GCL issued convertible notes of no more than US0 million to foreign-funded institution Kelley Asset Holding Ltd，The annual interest rate is 7.5%，Interest must be paid every six months，The note term is five years，110% of the principal must be repaid upon maturity。

Affected by the increase in bank borrowings，188bet app download’s borrowing interest expense in 2017 has reached 21.700 million yuan，2 than 2016.2.6 billion yuan increased by 856.35%。Previous predictions，188bet app download’s annual interest expense is 1.USD 2.8 billion to 1.between US.1 billion，In order to repay the debt，Interest payments may be higher this year。

Currently，188bet app download’s asset-liability ratio has reached 85.44%，It is at a relatively high level even among HNA listed companies。With high debts，188bet app download has also advanced the acquisition of Dangdang。

Evening of April 11th，The company issued an announcement，Acquired 100% equity of Dangdang Kewen and 100% equity of Beijing Dangdang for 7.5 188bet app download。The acquisition funds come from two aspects: issuing shares and paying cash。where，Cash payment 34.400 million yuan，simultaneously with 6.Issue 6 at a price of 23 yuan/share.5.2 billion shares，No more than 40 collected in total.600 million yuan in matching funds。

It should be pointed out that，The appraisal agency uses the income method appraisal results as the pre-assessment value，Dangdang’s book value is only 3178.930,000 yuan，The estimated value is 7.5 billion yuan，Value-added rate as high as 23492.84%。This transaction did not bring performance commitments to 188bet app download。

The road to transformation is tortuous

Now 188bet app download，Declaring to the outside world “transforming into a technology enterprise”，Actively deploy the cloud market、Cloud Technology，Even expanding artificial intelligence、Big data、Cloud computing and other services。Compared with when I first took over the "Hainan Airlines Department" ten years ago，The company has undergone earth-shaking changes。

2008，Grand China Logistics Holdings successfully acquired the transfer from Tianhai Group1.4.8 188bet app download shares of Tianjin Shipping，The proportion of the company’s total share capital is 29.98%，Became the largest shareholder of Tianjin Shipping。

At that time，Tianjin Shipping’s operating income has declined for four consecutive years，2006、The company’s net profit reached a historical low in 2007。From the perspective of 188bet app download conditions，Tianjin Shipping is not a good investment target，However，The shipping industry around the world was at the bottom at that time，From this perspective，Hainan Airlines is buying at the bottom。

The shipping market experienced a slight rebound in 2013。August of the same year，Tianjin Shipping released an almost crazy financing plan，Planned to issue 34 more.4.8 billion shares、Raised 12 188bet app download，Used to purchase 10 very large oil tankers and 4 LNG carriers。

Data display，At that time, the total share capital of Tianjin Shipping was only 8.9.3 billion shares、The total market value does not exceed 4 188bet app download，This private placement is equivalent to “rebuilding three Tianjin shipping companies”。

It should be pointed out that，188bet app download Logistics, a subsidiary of 188bet app download Group, subscribed for 3.6 billion yuan of shares，Through this operation, a refinancing plan of up to 12 billion yuan was leveraged，Successfully introduced 8.4 billion yuan of external “blood transfusion” funds。

But the money was not ultimately used on VLCCs and natural gas carriers。2015，Listed companies have begun the road to 188bet app download upgrade。

The company then called "Tianjin Shipping" said frankly in its annual report，Since 2008，The overall prosperity of the shipping industry in which the company is engaged has plummeted，In order to obtain the right to speak in the market and long-term stable operating performance，The company is upgrading its 188bet app download。July 8, 2015，The abbreviation of the company's A-share securities was changed from "Tianjin Shipping" to "Tianhai Investment"。

The upgrade logic of Tianhai Investment is: shipping 188bet app download is only a part of logistics 188bet app download，And logistics 188bet app download is only a part of supply chain management，Resources must be integrated in the future，Extend to the upstream and downstream logistics industries and related supporting financial industries，Build a basic credit platform for logistics finance and a logistics and transportation resources and 188bet app download trading platform、Gradually build a logistics full supply chain financial service industry system。

In order to build such a platform and system，Tianhai Investment invested in Zhonghe Small and Medium Enterprise Financing Guarantee Co., Ltd. in 2015、Shenzhen Qianhai Aviation Shipping Trading Center Co., Ltd.、188bet app download Supply Chain Management (Shenzhen) Co., Ltd. will increase capital in three subsidiaries，A total cost of about 2.3 billion yuan。

However，Although the "tentacles" extend to the Internet、Finance and other fields，However, the newly invested or controlled companies have not fundamentally improved the operating performance of Tianhai 188bet app download。Afterwards，With the new executive taking office，Tianhai 188bet app download is brewing a bolder plan。

August 2015，Liu Xiaoyong becomes chairman of 188bet app download Investment，Takes office at the same time，Also become a member of the Audit Committee of the Board of Directors、Liu Liang, member of the Internal Control Committee of the Board of Directors。Both of them have rich capital and investment-related experience，where，Liu Xiaoyong once served as president of several financial leasing companies，Later became the chairman of 188bet app download Capital Group。

February 18 of the following year，188bet app download announces acquisition of Ingram Micro，The self-owned funds used came from the fixed increase of 12 billion yuan in total in 2013。

In response to the exchange’s inquiry letter，Tianhai Investment Express，When the funds were raised in the early stage, there was no plan to use them to acquire IMI，It is just that the partial boom in the VLCC transportation market due to the sharp drop in crude oil prices is unsustainable，Continuing to invest in VLCC tanker and LNG ship transportation 188bet app download increases the risk，It is not illegal to change the investment direction of raised funds。

Currently，188bet app download is trying to transform into a new technology enterprise，Qianhai Shipping Exchange, which has made additional investment、Tianhai Financial Services is also slowly being stripped out，The latest acquisition of Dangdang，is expected to be deeply integrated with the current business，Complete the traffic diversion from terminal C to terminal B。

Previously，Relevant persons from 188bet app download pointed out in an analysis by 21st Century Business Herald，The acquisition of Dangdang is mainly based on its customer operation experience accumulated in the e-commerce field、Big data and brand，They also said that “ABCD” (A Artificial Intelligence) has now been clarified，B Blockchain，C Cloud Computing，D big data) strategic layout。

However，An IT industry insider told a reporter from the 21st Century 188bet app download Herald，From the perspective of main 188bet app download type，Dangdang mainly sells self-operated books and products，Ingram Micro is a traditional distributor of IT products，There is no direct contact between the two parties，Limited collaboration space。

In terms of strategic layout，188bet app download’s “understanding” is slightly insufficient。For example, in the field of cloud computing，188bet app download currently cooperates with mainstream cloud manufacturers，such as Baidu、Ali、Tencent and other companies are more cooperative relationships，Mainstream manufacturers focus more on IaaS-level technologies，188bet app download’s product SaaS pays more attention to application scenarios in the industrial field。

*Source of 188bet app download article: 21st Century Economic Report, Author:Peng Suping, original title：《188bet app download denies the sale of Ingram Micro, the future of business synergy is unclear》.