May 17，The China Securities Regulatory Commission website disclosed the IPO prospectus of Zhejiang Junting 188bet online sports betting Management Co., Ltd. (referred to as "Juting 188bet online sports betting")。According to the prospectus，Junting 188bet online sports betting plans to be listed on the Shenzhen Stock Exchange GEM，Planned to be issued no later than 2013.500,000 new shares (the final number shall be subject to the number approved by the China Securities Regulatory Commission)，Not less than 25% of the total share capital after issuance。Before release，The total share capital of Junting 188bet online sports betting is 6040.500,000 shares，The total share capital after issuance will not exceed 80.54 million shares。

Reporter found，There is a big difference between the performance data of the past three years previously disclosed by Junting 188bet online sports betting on the New OTC Market and the performance data of the past three years disclosed in this prospectus，Especially for the accounts receivable of the top five customers in 2016 and 2017，Increase to varying degrees。

Professionals pointed out，Strictly speaking，This is a subversion of the original disclosure on the New Third Board，It may indicate that the entire accounting work and auditing work of Junting 188bet online sports betting is inaccurate。

The critical moment of sprinting for A shares，Urgent correction of some performance data 188bet online sports betting New Third Board

Before this impact on A shares，Junting 188bet online sports betting has been listed on the Small and Medium Enterprises Share Transfer System (referred to as "New Third Board") in 2016，Starting A-share listing coaching in 2017，Currently planning to delist，The transfer of stocks on the New OTC Market has been suspended。Chief Knowledge Officer of Huamei Consulting Agency、Senior Economist Zhao Huanyan told reporters，Junting 188bet online sports betting has been working hard to get listed for several years，Now is the critical moment to strive for A-share listing。

On the same day as the prospectus was disclosed，Junting 188bet online sports betting announced at the same time，Correction has been made to the performance data of the past three years，Focus on cost classification and customer accounts receivable。Reporter found，There is a big difference between the performance data of the past three years previously disclosed by Junting 188bet online sports betting on the New OTC Market and the performance data of the past three years disclosed in this prospectus。Especially for the accounts receivable of the top five customers in 2016 and 2017，Increase to varying degrees。

Junting 188bet online sports betting will sublease income and costs in 2018 and 2016、Other income and costs are classified as other ancillary service income and costs。Junting 188bet online sports betting did not explain the reason for such adjustment，Only called "further sorting out the company's business model"；Operating costs decreased by 2,982,348 in 2017.09 yuan，Sales expenses increased by 2982348.09 yuan，Introduction to Junting 188bet online sports betting，This is due to the settlement of room booking income and costs between the parent and subsidiary companies，Consolidation offset should be offset by operating costs。

Junting 188bet online sports betting has made adjustments to the accounts receivable of some customers。2017 and 2016 two years，Among the top five customers’ accounts receivable，Consolidate the accounts receivable of Ctrip Computer Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Ctrip") and Shanghai Hecheng International Travel Service Co., Ltd. (hereinafter referred to as "Hecheng International Travel Service")，Add one customer into the report。For this，Accounts receivable for Hecheng International Travel Service in 2017 from 3061996.38 yuan modified to 4530501.32 yuan，Accounts receivable in 2016 from 2532265.08 yuan modified to 3678790.97 yuan。After the merger of accounts receivable of Ctrip and Hecheng International Travel Service，Hangzhou Yefeng Junting 188bet online sports betting Management Co., Ltd. and Hangzhou Fengtai 188bet online sports betting Management Co., Ltd. are filling the seats，The former contributed 395178 in 2017.Accounts receivable of 49 yuan，The latter contributed 436251 in 2016.10Accounts receivable。At the same time，Junting 188bet online sports betting corrects the revenue account of Shenzhen Huixing Tianxia International Travel Agency Co., Ltd.，Revised from 1103743 yuan to 1387763 yuan in 2017，2016，Changed from 755,200 yuan to 808,905 yuan。

Common investment consultant Chen Wei’s analysis pointed out，The changes in the above two years are mainly due to the increase in accounts receivable，The revised accounts receivable are placed in the profit and loss statement of Junting 188bet online sports betting’s prospectus，Improving its profitability based on data。But strictly speaking，This is a subversion of the original disclosure on the New Third Board，It may indicate that the entire accounting work and auditing work of Junting 188bet online sports betting is inaccurate。According to specifications，False financial reports will be punished。

The funds raised are mainly used for the construction of 9 mid-to-high-end self-operated hotels

Data display，Junting 188bet online sports betting is mainly engaged in the operation and management of mid-to-high-end select service 188bet online sports betting chains，Owns Junting 188bet online sports betting、Yujun Pavilion、Yebo Junting、Pagoda Junting and other mid-to-high-end brands。

In hotels already open，The self-operated rate of Junting 188bet online sports betting is nearly 45%，We will continue to expand the scale of self-operated hotels after the IPO。According to the prospectus，The funds raised will be used for mid-to-high-end 188bet online sports betting design and development and comprehensive management platform projects，Among them，The former is implemented by the newly established subsidiary，Planned to be a rental property，In Shanghai、Hangzhou、The three cities of Nanjing will build 9 more mid- to high-end hotels in three batches。The total investment is expected to be 32352.million yuan，All raised funds will be used；The latter is mainly implemented by Junting 188bet online sports betting，Planned to build an integrated information management platform，To improve the management efficiency of Junting 188bet online sports betting，Reduce operating costs, etc.。The project is expected to invest 2038.million yuan，All raised funds will be used。

Has local advantages in Zhejiang，National competitiveness is weaker than that of Quanji and other brands

March 1 this year，Kaiyuan 188bet online sports betting Management Co., Ltd., a subsidiary of Kaiyuan 188bet online sports betting Group, is listed on the Hong Kong Stock Exchange，Successful IPO。

Together in Hangzhou，Belong to the same industry，Junting 188bet online sports betting will inevitably be compared with Kaiyuan 188bet online sports betting, a high-end business 188bet online sports betting brand under Kaiyuan 188bet online sports betting。Kaiyuan 188bet online sports betting was launched in 1988，Mainly four-star hotels，Mostly located in two、Third-tier cities。According to Kaiyuan 188bet online sports betting prospectus，As of April 30, 2018，A total of 25 Kaiyuan Hotels in operation，Number of rooms 6339。

Except Kaiyuan 188bet online sports betting，In the field of mid-to-high-end selected services，The competitors of Junting 188bet online sports betting include Atour 188bet online sports betting、Crystal Orange 188bet online sports betting、Jinjiang Metropolo 188bet online sports betting、188bet online sports betting Yitel and All Seasons 188bet online sports betting, etc.。China 188bet online sports betting Association data display，Most of the above 188bet online sports betting brands have more stores than Junting 188bet online sports betting，As of January 1, 2018，Crystal Orange 188bet online sports betting has 42 stores nationwide，5629 rooms；Jinjiang Metropolo 188bet online sports betting has 62 stores nationwide，8246 rooms；JI 188bet online sports betting has opened a total of 390 stores nationwide，53054 rooms；119 Yitel Hotels opened，Number of rooms 14802；Atour 188bet online sports betting has 159 stores nationwide，18440 rooms。

As of May 8 (the day when Junting 188bet online sports betting submitted IPO application materials to the China Securities Regulatory Commission)，Junting 188bet online sports betting has 36 open hotels、19 hotels signed and waiting to be opened，Among them，16 directly operated hotels in operation、1 joint venture 188bet online sports betting、Entrusted to manage 19 hotels。

Zhao Huanyan’s analysis，Junting 188bet online sports betting takes the Yangtze River Delta urban agglomeration as its core development area，Positioning the mid-range and focusing on development，Has local advantages in Zhejiang，Form local competitiveness against Kaiyuan 188bet online sports betting, a strong local enterprise，But nationwide it is weaker than Huazhu’s All Seasons and other brand hotels，Facing considerable challenges in development across the country。

Online platforms such as Ctrip are the main sales channels

As of now，The hotels under Junting 188bet online sports betting provide services to more than 600,000 people per year on average，Customer acquisition channel is group agreement customer、Member customers and online travel agencies (OTA)。

OTA is still the main customer acquisition channel for Junting 188bet online sports betting。Among them，The main domestic OTA platform is Ctrip。Currently，Junting 188bet online sports betting and its subsidiaries cooperate with Ctrip Computer Technology (Shanghai) Co., Ltd. and its branches in various places、Hecheng International Travel Service signed 15 annual framework agreements。Industrial and commercial information display，Hecheng International Travel is a wholly-owned subsidiary of Ctrip Computer Technology (Shanghai) Co., Ltd.。Shanghai Zhongxing, a brand of Junting 188bet online sports betting and overseas OTA platform Expedia、Agoda each signed 1 agreement。

*Source of this article: Beijing News, author: Wang QingBin, original title: "Junting 188bet online sports betting has made corrections to its A-share performance in the past three years，Questioned data is inaccurate》.