Evening of July 29th，Yunnan 188bet sports betting app download Announcement，In order to further optimize the company's management structure，Improve operational efficiency，According to the company’s development strategy and related business development needs，Transfer 80% equity of its holding subsidiary Jiangnan Garden Co., Ltd. (hereinafter referred to as "Jiangnan Garden") to the company's wholly-owned subsidiary Yunnan Expo Horticulture Co., Ltd. (hereinafter referred to as "Expo Horticulture")。

2014，Yunnan Tourism spent nearly 500 million yuan to acquire 80% equity of Jiangnan Garden，Three years later，Jiangnan Garden suffered serious losses。To resolve competition within the industry，Yunnan Tourism has divested many non-core businesses，And acquire 188bet sports betting app download，Seeking to focus on tourism business。To this，Industry insiders think，After experiencing the mixed reform of central enterprises and local state-owned enterprises，Yunnan tourism should follow the trend，Focus on the development of tourism industry。

Massive acquisition 188bet sports betting app download in 2014，The performance 188bet sports betting app download changed in three years

Qichacha Display，Yunnan World Expo 188bet sports betting app download Holding Group Co., Ltd. (hereinafter referred to as "Expo Group") is the controlling shareholder of Yunnan 188bet sports betting app download，51% shareholding；Shareholder penetration chart display，The controlling shareholder of Expo Group is OCT，Therefore OCT is the indirect controlling shareholder of Yunnan 188bet sports betting app download。

Yunnan 188bet sports betting app download stated in the announcement，The main purpose of this transaction is to integrate the company’s gardening sector business resources，By adjusting the equity relationships of subsidiaries in this sector，Integrate the business classification of this sector into the Expo Horticulture Undertaken Management，Conducive to the centralized management and internal integration control of the company's organizational structure，Improve overall operation management and decision-making efficiency。

Yunnan 188bet sports betting app download information，This transaction is an internal equity transfer within the scope of the company’s consolidated statements，Not responsible for the normal operation of the company、Material impact on financial condition and operating results，It will not harm the legitimate rights and interests of the company and all shareholders。

Public information display，188bet sports betting app download covers garden engineering construction、Comprehensive landscaping service provider of garden landscape design，The main business is garden engineering construction，Possess first-level qualification for urban landscaping、First-level qualification for special contracting of ancient garden construction projects、First-level qualification for afforestation and greening, etc.。

August 2014，Yunnan 188bet sports betting app download Announcement，Plans to purchase 80% equity of Jiangnan Garden by issuing shares and paying cash，Underlying asset pricing 4.7.5 billion yuan。Announcement display，The estimated value of 80% of Jiangnan Garden’s equity is 4.81.6 billion yuan，Value-added rate 230.04%。

At that time，Yunnan 188bet sports betting app download and Jiangnan Garden signed a specific agreement on performance commitment compensation and rewards。Among them，2014 corresponding to 80% equity of Jiangnan Garden、2014 to 2015、The cumulative audited net profit attributable to the parent company after deducting non-recurring gains and losses from 2014 to 2016 should not be less than 4800 respectively 10,000 yuan、1.0.8 billion yuan and 1.8.3 billion yuan，Otherwise the counterparty shall compensate Yunnan 188bet sports betting app download。

Past data display，Jiangnan Garden 2012、2013、The operating income from January to May 2014 was 4.4.7 billion 188bet sports betting app download、4.6.3 billion 188bet sports betting app download and 1.8.9 billion 188bet sports betting app download；Net profit is 44.66 million 188bet sports betting app download、38.36 million 188bet sports betting app download and 27.54 million 188bet sports betting app download。After acquisition，Jiangnan Garden achieved operating income of 5 in 2015 and 2016.3.4 billion 188bet sports betting app download and 7.4.2 billion 188bet sports betting app download，Net profit realized 5528.430,000 188bet sports betting app download and 1.0.5 billion 188bet sports betting app download。

However，Starting from 2017，The performance of Jiangnan Garden has begun to decline。Data display，2017，Jiangnan Garden’s operating income is 4.4.8 billion yuan，Net profit is 4861.410,000 yuan；As of September 30, 2018，Total assets of Jiangnan Garden 9.3 billion yuan、Total liabilities 5.8 billion yuan、Net worth 3.500 million yuan、Operating income 6267.190,000 yuan、Net profit-386.240,000 yuan。As of December 31, 2018，In consolidated caliber report，The balance of the book value of goodwill attributable to Yunnan 188bet sports betting app download M&A is 2.8.8 billion yuan。Due to the sharp decline in Jiangnan Garden’s business performance in 2018，Yunnan 188bet sports betting app download made a provision for it of about 1.2.9 billion yuan goodwill impairment provision，An increase of approximately 1 compared with the same period last year.1.8 billion yuan，Provision last year was only 11.6 million yuan。

“Sell, sell, sell” to strip off non-performing assets，188bet sports betting app download saves Yunnan tourism from the "water and fire"

Yunnan tourism has been making frequent moves recently，On the one hand, it began to divest assets that are not the main business，On the other hand, it made a large acquisition of 188bet sports betting app download，Seeking to focus on the main business。

November 30, 2018，Yunnan 188bet sports betting app download Announcement，To focus on the main business of 188bet sports betting app download，Revitalizing existing assets，The company plans to transfer 55% of its equity in Yunnan World Expo Xingyun Real Estate Co., Ltd. to OCT Western Investment Co., Ltd.。

April 1, 2018，Yunnan 188bet sports betting app download Announcement，To focus on the main business of 188bet sports betting app download，Strengthen core business，The company plans to transfer its 60% equity stake in Expo Xingtai to Yunlv Real Estate Development Co., Ltd. (hereinafter referred to as "Yunlv Real Estate"), a wholly-owned subsidiary of the Expo Group, through a non-public agreement transfer。Two real estate companies were transferred，There is an obvious tendency to de-realize 188bet sports betting app download in Yunnan。

Why Yunnan is so anxious about 188bet sports betting app download？Financial report data for the past four years，2015、2016、2017 and 2018，The operating income of Yunnan 188bet sports betting app download is 14.2.6 billion yuan、14.6.3 billion yuan、16.2.1 billion yuan and 22.6 billion yuan，But after deducting non-net profit, it is 7886.070,000 yuan、5035.840,000 yuan、6290.670,000 yuan and -1.8.7 billion yuan。

July 15, 2019，Yunnan Tourism Announcement，will acquire 100% equity of Shenzhen OCT 188bet sports betting app download Co., Ltd. (hereinafter referred to as "188bet sports betting app download") by issuing new shares and paying cash，The listing date of the new shares is July 16, 2019。

Previous June 26，Yunnan Tourism Announcement，Announced that the transfer of 100% equity of 188bet sports betting app download has been completed。Announcement display，June 25，188bet sports betting app download has been completely changed into a limited liability company，The changed name is "Shenzhen OCT 188bet sports betting app download Group Co., Ltd."，And all equity interests have been registered under the name of Yunnan Tourism。To this point，Culture Technology has officially become a wholly-owned subsidiary of Yunnan Tourism。

Public information display，Culture Technology was established in December 2009，Mainly based on the creativity of high-tech cultural tourism products、Planning、Development、Developed、Sales and comprehensive services are the core business。Data display，2015、2016、2017 and January-September 2018，The operating income of 188bet sports betting app download is 2.3.9 billion yuan、3.2.7 billion yuan、4.1.2 billion yuan and 2.5.7 billion yuan，Net profit is 6299.160,000 yuan、8672.680,000 yuan、1.5.6 billion yuan and 1.0.5 billion yuan。

CITIC Construction Investment believes，The scenic spot operation and management business of Yunnan tourism is still mainly based on traditional tourism elements，The park experience model is relatively weak，Tourist stickiness needs to be improved，188bet sports betting app download can enhance cultural creativity、Core competitiveness of IP development and other business development。

*This article comesSource:Beijing News, author: Zhang Zeyan, Chen Peng, original title: "Transformation of cutting meat！Will Yunnan Tourism Transfer Jiangnan Gardens and 188bet sports betting app download Save “Life”?》.