May 31，is the deadline for 188bet online sports betting to promise to solve the problem of unpaid wages，But a large number of employees waited hard until early June，Still asking for salary at its headquarters。188bet online sports betting said in reply to the Shenzhen Stock Exchange’s annual report inquiry letter，Currently, about 4,000 employees are involved in unpaid wages，Total 2.3.9 billion yuan。This does not include the amount involved in advance funds and reimbursements by many employees。

Just when the issue of unpaid wages remains unresolved，It was also revealed that 188bet online sports betting is promoting the reorganization with central enterprises。Introducing state-owned assets is indeed a choice that environmental protection companies have been happy to make in recent years，If there is no new strategic investment，188bet online sports betting’s wage arrears problem will be difficult to solve。

Why did the former “No. 1 188bet online sports betting company” fall into today’s situation？This will start from the first half of its life。

01 188bet online sports betting, the place where dreams begin

Mention of 188bet online sports betting Gardens，It must be inseparable from its soul figure—He Qiaonv。

188bet online sports betting born in 1966，Influenced by his father who is engaged in the flower and seedling business，He Qiaonu applied for Beijing Forestry University in 1984。But at that time，She may not have thought about the road to wealth this decision will open for her。

Same as most people，188bet online sports betting chose a comfortable job after graduating from university，Entered to work in Hangzhou Forestry Bureau，Became an ordinary horticultural engineer。But，188bet online sports betting soon got tired of working in the system from 9 to 5，Resolutely quit my job。

Just when she was unemployed and at home，The 1990 Asian Games held in Beijing has begun。His father was invited to Beijing to participate in the bonsai exhibition，188bet online sports betting followed her father north to help。Turning around，She returned to the place where the dream began。

1990，Beyond’s “Glory Days” is playing in the streets and alleys，Where dreams begin again，188bet online sports betting has also begun her glorious years。

02 From flower girl to 188bet online sports betting lady

1992，He Qiaonv and her friends raised 150,000 yuan to open a 188bet online sports betting art service department in Beijing，Mainly engaged in landscaping projects and flower planting。After，He Qiaonu took over the Beijing-Guangzhou Center one after another、International Trade Center、Gardening-related business in New Century Hotel and other units，And started running a flower shop。It only took 1 year，He Qiaonv has accumulated nearly one million yuan in funds，This is her most primitive capital accumulation。

But selling flowers is not a long-term solution。around 1995，188bet online sports betting took advantage of the opportunity of rising real estate investment at that time，Involved in real estate gardening again。

"1995 and 1996，Almost all the gardens for export properties in Beijing are made by us。"188bet online sports betting once said this in an interview。

In 1998，He Qiaonv already has a place in Beijing’s real estate and 188bet online sports betting circles，It is definitely inappropriate to use the label "flower girl" to describe her at this time。

After stabilizing the Beijing market，He Qiaonv began her expansion。She began to undertake projects across the country on a large scale，The business scope has also expanded from seedling supply to design and construction。In 2003，188bet online sports betting has undertaken more than 80 projects in 12 provinces and cities，The staff quickly expanded to more than 700 people。

In the following years，She led the team to win the central area of ​​Beijing Olympic Park、Beijing Tongzhou Canal Cultural Plaza、Shanghai World Expo Expo Park、Suzhou Jinji Lake and other top municipal landscape projects。With 188bet online sports betting series of works，She finally secured her position as the industry leader。

03 Charity is 188bet online sports betting mission

November 27, 2009，He Qiaonv lands in Shenzhen A shares with 188bet online sports betting (002310)，The quotation of 188bet online sports betting at that time was 58.6 yuan，Close up 98% on the first day，Close at 116 yuan，In the following six months，Oriental gardens have become an aristocratic stock like Maotai，It is one of the only 5 A-share companies whose stock price exceeds 200 yuan。He Qiaonv and his wife are worth more than 10 billion，Infinite scenery，Ranked 54th in the "2010 Forbes China Rich List"。

“188bet online sports betting 25 years since I started my business，Thinking about it every day，If one day I succeed，I must be a philanthropist。”

Soon，2012，188bet online sports betting established the Beijing Qiaonv Foundation。September 2015，She promised to donate the 76.3 million shareholder Fang Yuanlin shares she held personally (valued at 29 in August 2015.2.7 billion yuan)，Donate the cash from personal reduction of stock holdings to the Qiaonv Charity Foundation。Became the first female philanthropist in China to donate more than 1 billion yuan，Known as “China’s most charitable woman”，The donation amount is 8 times that of Wang Jianlin, China’s richest man in 2015，13 times that of Jack Ma, the richest man in 2014。

October 2017，He Qiaonv, the chairman of 188bet online sports betting, announced at the IUCN World Conservation Union meeting，Donated US.5 billion (according to the current exchange rate，approximately 9.5 billion yuan)，For wildlife protection。This news was even forwarded by the popular American talk show "The Ellen DeGeneres Show" on its official ins video。

What supports He Qiaonv’s high-profile donations again and again？Is the capital chain of 188bet online sports betting Gardens so strong?？Here I have to mention the “PPP” model that is most familiar to the environmental protection circle。

04 Success is 188bet online sports betting, failure is 188bet online sports betting

Since the listing of 188bet online sports betting，Limited to traditional municipal garden projects will definitely hinder the development of enterprises，He Qiaonv has also been exploring how to transform and upgrade her business。 188bet online sports betting itself divides its development process into two stages: an entrepreneurial era (1992-2003)，Second Entrepreneurship Era (2015-2019)。

If a proposition in the entrepreneurial era creates value for the profession，188bet online sports betting plant rental to real estate landscape，Then the proposition of the second entrepreneurial era is that ten people create value，Protect the earth and protect our home。

So，2015 is a transformation year，It is a watershed in the development of 188bet online sports betting gardens。Then，What happened in 2015？

188bet online sports betting is here.

October 2015，The National Development and Reform Commission and the All-China Federation of Industry and Commerce held a video and telephone conference to promote government-private partnership (188bet online sports betting) projects in Beijing,Jiangsu only、Anhui、Fujian、Jiangxi、Shandong、Hubei、Seven provinces including Guizhou launched 287 projects with a total investment of approximately 940 billion yuan at the meeting。

2015 is the first year of PPP，188bet online sports betting just caught this bus。

This year，188bet online sports betting begins to focus on developing PPP projects，Qiqi Environmental Group builds a whole industry chain ecological technology platform，Trinity + water affairs promote the construction of sponge cities，Deeply penetrated into the ecological restoration business focusing on water system management。Following 2016，Launched global tourism business，And established an environmental protection group，Entering the field of industrial hazardous waste。

The results of He Qiaonv’s transformation are obvious。Financial report display，Starting in 2015，The total number of PPP orders won by the company continues to grow。188bet online sports betting takes advantage of the first-mover advantage in PPP，Signed PPP project agreements with local governments in many provinces and cities and implemented them quickly。2016，Explosive growth of Oriental gardens，Net profit increased as high as 115% that year，And acquired Zhongshan Environmental Protection、Shanghai Liyuan and other water treatment companies。

2017，Oriental gardens with the wings of PPP hit records for many indicators，Unlimited scenery for a while。Achieved operating income of 152 during the year.2.6 billion yuan，An increase of 287% compared with 2012 before the transformation；Net profit for the year 21.7.8 billion yuan，217% increase compared to 2012。188bet online sports betting’s stock also dropped from the lowest level of 7 yuan in 2015，Rising to the highest price of 22 yuan in 18 years。

The huge order data looks good，But it’s just a number on the book。Almost all 188bet online sports betting projects require advance construction，The return of funds after the completion and acceptance of 188bet online sports betting projects is often slow。All this requires the company to have stable cash flow and good financing capabilities。

In the process of rapid expansion of PPP projects，The Ministry of Finance begins a series of deleveraging measures for local governments，Restrict local government PPP project expenditures。This is for the 188bet online sports betting with high debts，It’s a fatal blow。

2018，The stock price of 188bet online sports betting fell from the highest point of about 22 yuan to about 8 yuan again。Chengye PPP，Failure PPP。

05 Where is the future?

Businesses run with advance capital are often very painful，Often feel overwhelmed by the depleting cash flow and high financing costs。

May 2018，188bet online sports betting issues 1 billion corporate bonds，As a result, only 0 subscriptions were made.500 million yuan，This time, known as the "coldest bond issuance in history", is the culprit that caused the L-shaped drop in 188bet online sports betting's stock price and its trading suspension for three months。The subsequent measures by various banks to force debts and withdraw loans have made the situation even worse for Oriental Gardens in trouble。

188bet online sports betting begins the first wave of layoffs in 2018，Based on 2018 annual report data，The number of active employees decreased from 6129 in 2017 to 5244，188bet online sports betting’s wage arrears problem also began to appear in the second half of 2018。

If you look at the entire environmental protection industry，Most private enterprises suffered 188bet online sports betting the cold winter last year，Palm Shares、Bishuiyuan、The net profits of fresh environment and other products have declined seriously。May 26，SASAC agrees with Guorun Environment’s acquisition of Fresh Environment 25.31% of shares，June 4，Bishuiyuan signed a share transfer agreement with a wholly-owned subsidiary of China Communications Construction Company (China Urban and Rural)，CCCCC invested 2.9 billion in Bishuiyuan。

Maybe 188bet online sports betting will be like other environmental protection companies，Choose to introduce state-owned assets。But joining hands with state-owned assets can only solve the temporary funding problem，Faced with high debts、Poor financing environment、Performance decline and many other problems，The second half of the 188bet online sports betting，It will definitely be a difficult battle。

*188bet online sports bettingSource of text:Polaris Environmental Restoration Network, author: Mr Nan, original title: "The first half of the life of 188bet online sports betting gardens》.