On the final stage，The finale guest Ashura Band lit up the night sky of Dujiangyan 188bet online sports betting rain with their song "Eternal Happiness"，This is a scene from the 2018 Chengdu Rock ‘n’ Roll Marathon。

February 13, 2019，There are still ten days left before the Guangzhou Huadu Rock ‘n’ Roll Marathon，188bet online sports betting Sports Group is intensively preparing for the upcoming events。

Meanwhile，188bet online sports betting Sports Group has also embarked on the journey to IPO in the United States。

According to Reuters news on February 12，188bet online sports betting Sports has submitted application documents to the U.S. Securities and Exchange Commission for listing matters，It is expected to be launched in the first half of this year，Raised funds ranging from US0 million to US0 million。

Citigroup、Deutsche Bank and Morgan Stanley participated 188bet online sports betting listing，But the message indicates，The three organizations have not responded to the above matters。

actually，Wang Jianlin revealed at 188bet online sports betting’s annual meeting a month ago: “188bet online sports betting Sports and Legendary Pictures both need to carry out capital operations，We will get results this year。”

Guandian Real Estate New Media subsequently sought confirmation from 188bet online sports betting，According to people close to 188bet online sports betting，Since it was mentioned at the annual meeting，That should be the case，But I don’t know much about the specific operation progress。

Listed on the Hong Kong Stock Exchange since 2014，Exited after a short period of 637 days，And then to 188bet online sports betting Commercial Management’s “Road A Back to the Wind and Rain”，And now the sports group’s IPO in the United States，For Wang Jianlin，The word "listing" may be the most difficult hurdle to overcome in the past three years。

188bet online sports betting Listed Ironman Competition

“Triathlon is a high-intensity endurance competition，It is a test of athletes’ physical strength and willpower。”

188bet online sports betting Sports founded in 2015，The most famous type of event hosted is "triathlon"，The so-called "three items" include swimming、Cycling and long-distance running。

Overview of 188bet online sports betting’s capital road，Endurance required by triathletes、Physical strength and willpower are exactly what Wang Jianlin and 188bet online sports betting need。After all, in the three years since the completion of privatization and delisting in 2016，188bet online sports betting has experienced the “darkest moment” in the shopping mall，There is still a long way to go towards the end of the race。

December 23, 2014，188bet online sports betting Commercial (later renamed "188bet online sports betting Commercial Management") was listed on the Hong Kong Stock Exchange，But the market value performance is far inferior to that of mainland A-share listed real estate companies。

At that time，Wang Jianlin, who aspires to be the richest man in China, cannot tolerate the business empire he created being underestimated by the capital market，September 20, 2016，188bet online sports betting Commercial delisted from Hong Kong stock market，Turn on the journey back to A。

When delisting from Hong Kong stock privatization，188bet online sports betting Commercial once introduced investors，And signed a gambling agreement，Commitment to return to A for listing before August 31, 2018，Otherwise, 188bet online sports betting Group will repurchase all equity from overseas investors at an annual interest rate of 12% and from domestic investors at an annual interest rate of 10%，The total principal and interest exceeds 30 billion yuan。

Obviously，The two-year agreement to return to A has long expired，But Wang Jianlin already asked Ma Huateng in early 2018、Zhang Jindong、Liu Qiangdong、Sun Hongbin borrowed 34 billion yuan，The gambling crisis has been temporarily resolved。

January 29, 2018，188bet online sports betting Group announced，Tencent Holdings as the main sponsor、United with Suning Cloud Commerce、Sunac China and JD.com invest 34 billion yuan in 188bet online sports betting Commercial，Acquired approximately 14% of the shares held by investors introduced when 188bet online sports betting Commercial Hong Kong H shares were delisted。

But while Wang Jianlin introduced 34 billion yuan of strategic investment into 188bet online sports betting Commercial，Also signed a new gambling agreement with these four giants，Commitment to 188bet online sports betting Commercial to complete listing before October 31, 2023。

According to Guandian Real Estate New Media, check the latest news released by the China Securities Regulatory Commission，As ​​of now，188bet online sports betting Commercial ranks 67th in A-share IPO，The review status is "Feedback"。

No doubt，188bet online sports betting Commercial’s road back to A is still long and difficult，But the news of 188bet online sports betting Sports’ IPO in the United States is one step closer。

February 12，There are media reports，188bet online sports betting Sports has submitted application documents to the U.S. Securities and Exchange Commission for listing matters，It is expected to be launched in the first half of this year。

News revealed，188bet online sports betting’s sports assets listed this time will include Infront Sports & Media AG (Switzerland Infront Sports Media)，and World Triathlon Corp，These two companies were established by 188bet online sports betting in 2015 as 10.500 million euros and 6.Acquisition price of US0 million，Now it has become the core asset package of 188bet online sports betting Sports Group。

Although there is a heavyweight asset package blessing，188bet online sports betting Sports’ listing is still a difficult rally。

Data display，Full year 2018，188bet online sports betting Culture Group’s income 692.400 million yuan，Complete 101 of the annual plan.3%，9 year-on-year increase.2%。Among them，Sports company income 88.300 million yuan，Year-on-year growth of 22.9%。And 2019，188bet online sports betting Culture Group’s planned income is 743.100 million yuan，The sports company plans to earn 85.100 million yuan。

actually，188bet online sports betting Sports’ size is not large compared with other businesses，But Wang Jianlin does not take the usual path，Choose to list overseas where issuance and maintenance costs are higher。To this，An analyst said，It will be relatively easy for domestic companies to list in the United States，Lower threshold for listing，And it is easier to connect with the international capital market。

The analyst also mentioned，If the company is not big enough，Listing in other places will also face difficulties in development。

Follow-up before IPO

At this year’s annual meeting，Wang Jianlin once emphatically mentioned: “188bet online sports betting Sports and Legendary Pictures both need to carry out capital operations，We will get results this year。”

February 11，188bet online sports betting Film Announces Another Adjustment of Reorganization Plan，The pace of Legendary Pictures’ asset operations has also been put on hold as the reorganization has been adjusted again and again，The sports group is another "small target" of 188bet online sports betting's asset-light model，is put on the agenda。

Since the end of 2017，News about 188bet online sports betting Sports’ listing keeps coming。Previous media reports stated，188bet online sports betting Sports intends to be listed on the Hong Kong Stock Exchange，And this time there is news about an IPO in the United States。

actually，Continuously adjusting and pursuing listing，188bet online sports betting is also constantly selling its assets。

July 2017，188bet online sports betting with 438.Transfer 91% equity of 188bet online sports betting Cultural Tourism Project to Sunac for 4.4 billion yuan，Convert 77 hotels to 199.Transferred to R&F Real Estate for a price of 0.6 billion yuan。

Subsequently，Movie、Sports、Cultural Tourism、Insurance、Finance...a large number of assets were abandoned，188bet online sports betting has completely embarked on the path of asset light。

Data source: Compilation of opinion index

After a series of asset disposal actions，There are reports of “cash flow crisis” from time to time、Question about “too drastic transformation of asset-light”。

In recent years，Short-term loans and long-term investments encounter capital controls，Coupled with changes in the environment，188bet online sports betting has begun this package of asset disposal plans。On the other hand，This is also the “de-realization” that Wang Jianlin has always emphasized。

As early as 2017, when 188bet online sports betting Commercial chose to return to A，Wang Jianlin has seen that few real estate companies can successfully list on A-shares，At that time，He said: “188bet online sports betting does not want to be included in the real estate sector，The listing of real estate companies is almost at a standstill。”

At this year’s annual meeting，Wang Jianlin made it clear，The real estate industry has two major flaws，First, real estate is a highly cyclical industry，Several years to several years，Many companies die during cyclical changes；Second, real estate cash flow is not long-term，Houses are not fast-moving items，Many people buy a house to live in for a lifetime，Even passed down through generations。

In the context of “de-realization”，Cultural Group has become 188bet online sports betting’s “number one target”。Data display，2018，188bet online sports betting’s cultural industry revenue accounts for 32% of the group’s total revenue.31%，Become the largest source of income，And the film and television group and the sports group are the "highlights" of the cultural group，Naturally it has become a key industry that needs to make achievements。

Full year 2018，188bet online sports betting, which “de-realized”, recorded revenue of 2142.800 million yuan，Complete 101 of the annual plan.6%，Compared to 2017，Decreased by 5 year-on-year.7%。

188bet online sports betting started out as a real estate company，On the road to “de-realization”，I’m afraid we will still face the problem of balance between “heavy” and “light”，188bet online sports betting’s successful transformation and listing still has a long way to go。

*Source of this article: Guandian Real Estate Network，Author: Gong Lixin，original labelTitle: "188bet online sports betting Sports’ IPO in the United States and the follow-up to Wang Jianlin’s IPO》.