The house leaks and it rains continuously，Sluggish performance、The stock price plummeted、The leader surrendered、Selling shares of subsidiaries one after another，188bet app City Investment is in a dilemma。

May 27，On the Secretary of the Party Committee of 188bet app Group、Chairman Xu Lei is suspected of serious violations of discipline and law，Under disciplinary review and supervisory investigation，188bet app issued an announcement announcing the removal of Xu Lei as chairman。When 188bet app held a party committee meeting before, it publicly stated that it would strictly distinguish between personal issues and corporate development issues，Completely understand that personal problems are not problems of corporate development，Xu Lei is under investigation for personal reasons，It will not affect the overall development of the group at all。This statement has also been interpreted by the outside world as that the company’s established strategies and goals have not been significantly adjusted for the time being。

Meanwhile，188bet app posted a 29% equity transaction announcement on the website of Yunnan Equity Exchange。Yunnan Chengtou’s frequent moves to sell shares of its companies are still continuing。Some outsiders pointed out this，The poor performance of Yunnan Chengtou's "selling children for blood transfusion" is not a new thing，It has even become the most important means of profit in recent years。The company still faces many difficulties in transforming the health care, culture and tourism industry，Situated at the crossroads of development, Yunnan City Investment looks up，But found four red lights。

Before and 188bet app the leader surrendered

May 24，News released on the website of the 188bet app Provincial Commission for Discipline Inspection and Supervision，Xu Lei is suspected of serious violations of discipline and law，Volunteer yourself，Currently under disciplinary review and supervisory investigation。Today，188bet app City Investment stated in the announcement，This matter will not affect the company’s normal production and operations。According to the proposal of the controlling shareholder，Immediately start the decision-making process for replacing the company’s directors and chairman。Recommended by more than half of the directors of 188bet app City Investment，Du Sheng, the company’s director and general manager, will temporarily perform the duties of chairman on his behalf，Until the new chairman is elected。

May 27，188bet app released board of directors resolution announcement display，Because Xu Lei cannot perform his duties，Removed from the position of chairman。

There is no doubt that the sudden change in leadership will have an impact on the company，Not to mention that Xu Lei has been in charge of 188bet app for 14 years。In fact，The capital market has been warned in advance。Yunnan Chengtou stocks on April 29、April 30、May 6、Abnormal stock price fluctuations occurred for several consecutive trading days on May 17。As of May 29，The company’s stock price has dropped to about 3 yuan，Compared to stock price one month ago，Decrease of nearly 40%。

Financial commentator Yan Yuejin said，The impact of the chairman’s violation of discipline on the enterprise is inevitable。Previously, 188bet app was a relatively aggressive expansion enterprise among urban investment companies in the country，especially in the real estate business，This incident will definitely have a certain impact or even limit the company’s high-speed investment and expansion。

actually，Not only 188bet app Enterprises themselves，As the largest shareholder of Topland International，The performance of 188bet app has affected the share price of Topland International。May 27，Lemon International with 1.Price closing at 81 yuan，Down 5.73%。

Data display，2015，188bet app acquires Topline International 27.62% shares，Become the largest shareholder of Topland International。Xu Lei has been serving as non-executive director and vice chairman of Topline International since October 2015。

"There is a problem with the major shareholder，Nature has an impact on Lemon International，Especially the 188bet app strategy and external evaluation that will affect the future。" Yan Yuejin said。

Sell your son to survive?

At a time when the controversy over the chairman’s disciplinary violations is becoming increasingly fierce，An 188bet app transfer announcement attracted the market’s attention。

May 24，188bet app posted a 29% equity transaction announcement on the website of Yunnan Equity Exchange，Listed transfer price 79.39 million yuan。

As understood，Yunnan Shangbo is a project company jointly established by 188bet app’s Future City Company and Juhe Real Estate，Specially responsible for the development of the Bailong Temple shantytown reconstruction project、Construction，Project development is led by Future City Company。Data display，Back in 2009，Yunnan Juhe Real Estate Development Co., Ltd. has obtained the qualification of a social investor in the first-level land development of Bailongsi Village and Yunshan Village，But the project has not made progress。

actually，Yunnan City Investment has frequently sold equity shares in recent years。May 2019，Yunnan City Investment transferred 33% equity of Dali Huamao Real Estate at the "Yun Exchange" at a base price of 400 million yuan；February 2019，188bet app announced that it will transfer 90% of the equity of Paradise Island Real Estate Co., Ltd.，No buyer showed up，Withdrawn；November 2018，188bet app and its wholly-owned subsidiary Longjiang Company transferred the construction-in-progress agreement at Lot J2012-040-1 in the Urban Investment Lakeside Four Seasons City (Phase I) project to Beijing Zhonghuang, a subsidiary of Beijing Capital Land Set up Dingfu Company；August 2018，Yunnan City Investment transferred its subsidiary Kunming Qicai Company 59.5% equity...

“Similar equity transfers have become routine operations for 188bet app in recent years。An industry insider pointed out，Transfer via similar，Can improve the profitability of listed companies，And this has almost become an important means for 188bet app to make profits in recent years。

According to the company’s 2018 annual report，188bet app City Investment’s operating income is 95.4.3 billion yuan，Reduced by 33 year-on-year.69%。Net profit reaches 4.9.1 billion yuan，86 year-on-year increase.13%，But the net profit after deducting non-recurring gains and losses is -8.200 million yuan，Decreased by 832 year-on-year.66%。2018，188bet app City Investment made 1.8 billion yuan from selling its assets，Nearly 90% of the company’s net profit growth came from the income from selling assets last year。

2015-2017，188bet app’s net profits attributable to shareholders of listed companies are 2.700 million yuan、2.400 million yuan、2.600 million yuan；The net profit after deducting non-recurring gains and losses is -1.800 million yuan、-3.600 million yuan、1.100 million yuan。This means that the company only avoided the reality of losses by relying on non-recurring gains and losses。

And in the first quarter of 2019，188bet app City Investment still cannot escape losses，The company’s operating income dropped by 62% year-on-year.69% to about 8.700 million yuan，Net loss attributable to shareholders 3.7.5 billion yuan，652 year-on-year decrease.46%。

To this，Relevant people from 188bet app Chengtou Real Estate Co., Ltd., a subsidiary of 188bet app Chengtou, told a Beijing Business Daily reporter，The company has always adhered to the two-wheel drive model of full development, investment, mergers and acquisitions，Obtain profits through real estate development and sales，Obtain investment income through mergers, acquisitions and transfers，The two complement each other。

Analysis by industry insiders，In recent years，Although 188bet app invests heavily，However, profitability and other aspects also face doubts，After the "Xu Lei Incident"，Corporate earnings are expected to be negatively affected again。

Transformation and way out

It is obviously unsustainable to maintain performance only by selling equity interests in affiliated companies，But by disposing of "non-performing" assets，In order to mobilize funds and industrial transformation, 188bet app is also considering recently。March 2019，Xu Lei said at the 2019 annual work meeting of 188bet app Group，"Work hard to lose weight and strengthen your body"，At that time, the outside world evaluated this as "preparing in advance for seeking national expansion"。But something happened to Xu Lei，There are also questions about whether the previous strategy will continue。

The evening of May 24th when Xu Lei surrendered，188bet app Group held a party committee meeting overnight and stated that the group will unswervingly comply with the requirements of the provincial party committee and provincial government，Actively promote the strategies of “green health care comprehensive service provider” and “urban environment comprehensive service provider”，Be the main force and vanguard in building a healthy living destination in Yunnan，Be a leader in Yunnan’s industrial transformation and upgrading。At the same time，Reaffirmed，Enterprises will focus on their main business，Focus on Yunnan，Practice a combination of weight loss and fitness。

“The frequent transfer of project equity is also related to the company’s transformation into the health care, culture and 188bet app industry。”Analysis by an industry insider，Build some projects that are difficult to digest，Investing in wellness and cultural 188bet app projects may be more in line with the company’s current positioning。

As understood，2015，Yunnan City Investment announced to increase investment in health and leisure real estate，Be the “Leader of China’s Healthy and Leisure Real Estate”。2018 annual report in progress，Yunnan City Investment once again reiterated the above positioning。As of 2018，Yunnan Chengtou Tourism Real Estate、The revenue of other real estate formats including senior housing has reached 46.6.6 billion yuan，Accounting for nearly 60% of the entire real estate business revenue。At the same time，To accelerate strategic transformation，188bet app plans to achieve revenue of 11 billion yuan in 2019，Planned investment of 17.3 billion yuan。

“According to the company’s established “Thirteenth Five-Year Plan” strategic plan，The company will cooperate with the group health、The advantage of great leisure resources is towards health care、Transformation of cultural tourism industry。” said a relevant person from 188bet app Chengtou Real Estate Co., Ltd.。

But some professionals pointed out，The key to Yunnan City Investment is to improve its main business，Transforming the health care, culture and tourism industry is an option，But the initial investment is large，Long development cycle，Slow return of funds，Enterprises also need to consider。For example, the Dianchi Future City project jointly developed by 188bet app and Vanke，Planned investment of 6 billion yuan，Construction includes movie park、Water Park、Commercial complexes such as tourist towns。Originally planned to launch in May 2017，But as of now，Not yet entered the formal development stage。

Yan Yuejin expressed，188bet app was previously a company with relatively aggressive expansion。At present, we should actively optimize the industrial structure，But please note，The investment cycle of some industries, including the health care, culture and tourism industry, is too long，Easily brings financial pressure

*Source 188bet app: Beijing Business Daily, author 188bet app: Dong Jiasheng,Original title: "Selling shares to transfer to cultural tourism, where is the way out for 188bet app City Investment》.