188bet mobile issued an announcement，The company plans to plan a change of control，According to the relevant provisions of the Shenzhen Stock Exchange's "Stock Listing Rules" and the "Shenzhen Stock Exchange Listed Companies Information Disclosure Guidelines No. 2 - Suspension and Resumption of Trading Business"，Applyed by the company，Company stock (securities abbreviation: 188bet mobile，Securities code: 002310) will be temporarily suspended from trading on July 30, 2019，Trading will resume after the company discloses relevant announcements through designated media。

188bet mobile was once called "the first stock in China's garden industry" and "the first PPP stock" by the market，Since it was revealed last year that the capital chain is tight、After the PPP project was stalled，Another layoff due to layoffs in the first half of the year、The wage arrears incident has been pushed to the forefront。

Once caught in the "salary arrears"

Data display，188bet mobile was established in 1992，Mainly provides ecological wetlands、Design and construction of garden construction, water conservancy and municipal administration，Listed on the Shenzhen Stock Exchange in 2009。Chairman He Qiaonv，12 as of the first quarter of 2019.810,000 shareholders。

Previously，Many former employees of 188bet mobile who were owed wages reported to Sino-Singapore Jingwei Client，The company has been in arrears with his wages for half a year。

"As far as I know，60% of the employees of 188bet mobile have been laid off，The total number of employees currently employed has been reduced from about 8,000 to about 3,000。"A former employee of 188bet mobile once told Sino-Singapore Jingwei Client。

At the 2018 online performance briefing held on April 25，Vice President of 188bet mobile、Acting Financial Manager Zhang Zhendi said，Since the second half of 2018，The company’s liquidity problem has encountered a major challenge。Currently, the company is focusing on increasing payment collection efforts、Expand financing channels and other methods to raise funds，Most employees’ wages have been paid back one after another。

Previously，Zhang Zhendi disclosed to Sino-Singapore Jingwei client，Considering that public market bond defaults will cause a greater liquidity crisis，Based on the overall interests of the company，We have to use the limited available liquidity to go all out to deal with the repayment of interest-bearing debt，This has won the company stable development for a long period of time。Until 8 months ago，188bet mobile has no public market debt pressure，The company’s cash flow is fully capable of covering the remaining salary expenses。

July 18，Vice Chairman of 188bet mobile、Co-president Zhao Dong said at the investor reception，The unpaid wages of company employees are being paid one after another，The work of introducing state-owned assets and strategic investment is in progress。

Currently，188bet mobile stock has been suspended from trading，The closing price of the previous trading day was 5.9 yuan/share，Total market value is 15.8 billion yuan。

Debt ratio continues to rise

layoffs、Behind the controversy over unpaid wages，The increasingly tight capital chain problem of 188bet mobile Gardens has also become a focus of the market。

2017，188bet mobile won a total of 50 PPP projects，Involving comprehensive management of water environment、Global Tourism、Municipal gardens and soil and mine restoration and other fields，Total winning bid amount 715.7.1 billion yuan。

The above projects helped 188bet mobile’s revenue reach a record high of 15 billion yuan that year，Net profit 2.6 billion yuan，But its operating cash flow is only 2.9 billion yuan，Accounts receivable are also increasing year by year。An analysis pointed out，The government is slow in repaying money，As a result, most of 188bet mobile’s “profit” is reflected in accounts receivable。

May 21 of the same year，188bet mobile has further funding gap，Original plan to issue 1 billion yuan in bonds，Only 50 million yuan was issued in the end，Called by the market as “the coolest bond issuance in history”。Subsequently，188bet mobile’s stock price plummeted continuously，Final suspension。Since then，Stock pledge has become the main method for He Qiaonv, chairman of 188bet mobile, to solve financial problems。

188bet mobile’s performance forecast for the first half of 2019 released on July 13，The company’s expected loss from January to June is 5.500 million yuan-7.500 million yuan。

To this，The company explained that it was mainly due to changes in the financial environment and industry policies，In addition, since the end of last 188bet mobile, a large amount of interest-bearing debt has been paid off intensively，Proactively shut down and transfer some PPP projects that are difficult to finance，Controlled the pace of investment，Reduced operational investment；Also，Some operating environmentally friendly factories undergo technical renovation，No income was generated during the reporting period。While operating income decreases, expenses continue to occur，In particular, financial expenses increased compared with the same period last 188bet mobile，And certain investment losses occurred from the disposal of assets during the reporting period。

For the emergence of 188bet mobile gardens，Executive Director of E20 Research Institute、Xue Tao, an expert on PPP dual databases from the National Development and Reform Commission and the Ministry of Finance, believes，PPP is an asset-heavy operation，If the capital chain is tight，It’s easy to go wrong，Especially when the expansion speed is particularly fast，More likely to cause problems。

Data display，188bet mobile’s asset-liability ratio increased from 56 in 2014.22%，rising to 67 in 2017.62%，In the first quarter of 2018, it rose to 70.1%，Total liabilities reached 268.9.5 billion yuan。Tianfeng Securities pointed out，188bet mobile’s overall short-term debt growth rate is higher than that of long-term debt，Based on the factor of long payment period of PPP project，Need to pay attention to future interest rate risk exposure，Financing progress is lower than expected and project repayment is lower than expected。

*This 188bet mobileSource: Sino-Singapore Jingwei, author: Gao Xiaoyang, original title: "After falling into the "wage arrears scandal", 188bet mobile plans to change control and stock trading suspended》.