The trend of "exodus" of tourism 188bet app download on the New OTC Market is growing.

Incomplete statistics on benefits，As of December 12th，In 2019, the number of New OTC travel 188bet app download (planned) to be delisted or apply for delisting is as high as 27，Involving scenic spots、Hotel、Online travel、Travel agency、Real-life performance、Culture and Creativity、IP operations and other segments。In the same period last year, there were only 19 188bet app download (planned) to be delisted or apply for delisting。

As an emerging force promoting the development of the tourism industry，NEEQ is an important position for the tourism industry to leverage capital to develop and grow，It is a shortcut for 188bet app download to transfer to A shares。However, its liquidity、There is a huge imbalance between the financing functions and the development needs of the more than 10,000 listed 188bet app download on the market，Many travel 188bet app download are under cost and performance pressure，Evacuate one after another。

After "running away" from 188bet app download Board，Someone is planning to transfer A shares to show the dawn，Someone has found a “funder” and can sit back and relax，There are also people who are still wandering on the road to IPO with twists and turns......

01 The wave of delisting of tourism 188bet app download

According to incomplete statistics，Since this year，The number of NEEQ travel 188bet app download (planned) to be delisted or apply for delisting is as high as 27，Including City of Dreams、E Tourism Shares、Xingzhi Exploration、Reading School、Junting Hotel, etc.，Involving scenic spots、Hotel、Online travel、Travel agency、Real-life performance、Culture and Creativity、IP operations and other segments。Among them，Travel agency、Online travel、Inbound/outbound travel occupies the largest share，A total of 9 188bet app download in this field have been delisted this year，Including Nanhu International Travel Service、Yougo shares、博游游、Six people tour、Pufeng Travel、Lucheng International Travel Service、Let’s go together、Baicheng Travel、Xincheng Travel。

Judging from the length of time the above 27 188bet app download have been listed on the New Third Board，On average about 3 years，Among them，Ludao Cultural and Creative Industries has been listed for the longest time，for 67 months；The company with the shortest listing time is Elu Group，Delisted after only 15 months。

Performance，2017，Nearly half of the above 27 188bet app download suffered losses，Among them，Six-person tour’s net profit loss in 2017 was as high as 4012.30,000 yuan maximum，The next step is ST together、Baicheng Travel，Loss of 3855 each in 2017.50,000 yuan、2795.40,000 yuan，And centralized travel agency、Online travel、Inbound/outbound tourism field。

The top three in terms of performance are Junting Hotel、Nanhu International Travel Service、E Tourism Shares，Net profit in 2017 was 5940.30,000 yuan、5382.90,000 yuan、5100.10,000 yuan。From the perspective of 188bet app download that have disclosed their 2018 performance reports，Only Junting Hotel、Cabin Ski has been profitable for two consecutive years。

In recent years，NEEQ market is facing inactive trading、Problems such as poor financing capabilities，The number of 188bet app download applying for listing is decreasing，The number of 188bet app download actively delisting continues to increase。

According to data disclosed by the National Equities Exchange and Quotations，The number of 188bet app download listed on the New OTC Market in 2018 decreased by nearly 1,000 compared with 2017，The total market value has shrunk by nearly 1.5 trillion yuan；The listed 188bet app download raised a total of 604 through private placement throughout the year.4.3 billion yuan，Down nearly 55% compared with 2017；The total market transaction volume for the whole year is 888.0.1 billion yuan，A decrease of more than 60% compared with 2017。

Since 2019，The number of 188bet app download listed on the New OTC Market continues to show negative growth。First half of the year，The number of entrepreneurs listed on the New OTC Market is 9921，Decreased by 49 compared with the same period in 2018.17%；153 newly listed 188bet app download，Only 51% of the same period in 2018，The number of delisted 188bet app download has reached 923，About 6 times that of newly listed 188bet app download。

Overview of the reasons for delisting，Existing Insufficient Liquidity、Market factors such as difficulty in performing the financing function，There are also 188bet app download that are interested in attacking IPO。

02 Behind the 188bet app download

Judging from the reasons for delisting announced by the above 27 travel 188bet app download，Most of them actively applied to terminate listing due to "company business development" and "long-term strategic development planning needs"，For example, the City of Dreams、Lu Dao Cultural Creation、Xingzhi Exploration、Bi Luo Tower、Tianmu Hot Spring、Jinlvju、Boren Tourism, etc.，This type of enterprise accounts for more than 80%。Some travel 188bet app download failed to disclose their 2018 annual report as required.，Forcibly withdrawn by the stock transfer system，Including Lucheng International Travel Service、Let’s go together、Colorful Guizhou、Baicheng Travel、Longyun Tourism，Concentrated in travel agencies、Online travel、Outbound travel、Real-life performing arts and other fields，The results are mostly losses。

July this year，The National Equities Exchange and Quotations announced the mandatory delisting of 330 listed 188bet app download that failed to disclose their 2018 annual reports as scheduled，This number is 5 times that of last year。Business performance，More than 60% of the 188bet app download that will be forced to be delisted are in the red，And the scale of losses of more than 40% is increasing year by year。At the same time，Nearly 40% have never been traded in the secondary market or have very low transaction volume，More than 50% have not conducted issuance financing since listing。

Due to insufficient market liquidity，Difficult to exert financing ability，188bet app download costs and benefits do not match，The obligation to disclose information、Regulatory requirements become a burden。To reduce costs、Reducing performance pressure，Delisting becomes a last resort。

In the delisting announcement issued by the above 27 travel 188bet app download，Some 188bet app download bluntly stated that delisting was to reduce operating costs、Saving costs。RuE Travel Shares、Shanti Bay、Boren Tourism, etc.，It is said that the application to terminate stock listing is "to improve the company's operating efficiency", "reduce the company's listing maintenance costs", "reduce the company's operating costs", etc.。

In addition，Seeking to transfer to A-shares has also become an important reason for NEEQ 188bet app download to take the initiative to delist。

In the environment of high pass rate of IPO review，Especially after the establishment of the Science and Technology Innovation Board，The "students" from the New Third Board have become its important new force。Data display，A total of 57 new NEEQ 188bet app download filed for IPO in the first half of this year，is 5 of 11 188bet app download in the first half of 2018.2 times。As of October 31st，Since 2019，23 188bet app download that have been delisted from the New Third Board (excluding 188bet app download from the Science and Technology Innovation Board) have successfully transferred to the A-share market for trading。

Among the above 27 travel 188bet app download，Many are also actively planning for A-share listing，Rujunting Hotel、Six people tour、E Tourism Group, etc.。

January this year，Junting Hotel announcement，In order to meet the company’s business development needs and long-term strategic development plan for 188bet app download on the capital market，Planning to apply to the stock transfer system to terminate the 188bet app download of the company's shares。Not long ago，Junting Hotel updated its pre-disclosure prospectus with the Securities Regulatory Commission，Planned to be publicly issued on GEM not later than 2013.50,000 shares，Fundraising 3.4.4 billion。

Although Six-person Tour did not mention the board transfer in the announcement，But its CEO Jia Jianqiang previously stated in an interview with the media，“188bet app download Board is no longer in line with the development plan of Liuyouyou，On the contrary, A-shares will be more suitable for six-person tours...The next step will be to promote the IPO of the A-share market。”

Among the above (to be) delisted enterprises，E 188bet app download Group has the shortest time to be listed on the New Third Board，The reason for the company’s delisting is “to cooperate with the company’s own long-term business development strategy，And further reduce the company’s operating costs，Improving the efficiency of business decision-making”。But in fact，It may be preparing for listing。May last year，E 188bet app download Investment Group, the controlling shareholder of E 188bet app download Co., Ltd., held a meeting to discuss the transfer of E 188bet app download Co., Ltd. to the main board for listing。The meeting proposed that Hubei 188bet app download Co., Ltd. will strive to be listed on the main board in 2020。

November this year，The China Securities Regulatory Commission issued new regulations to clarify the overall deployment of deepening the reform of the New Third Board、Key links and key systems。About the transfer mechanism of NEEQ 188bet app download，New regulations propose: after public issuance and listing in the selected layer for one year、New OTC company that meets the listing conditions of the Securities Law and relevant regulations of the exchange，You can apply directly to the exchange for transfer listing。

Predictable，In the future, the data of New OTC 188bet app download seeking to transfer to the board will be even greater。Just，The road to IPO is hardly smooth sailing。

03 "Runaway" ending

There are few reasons behind the delisting of tourism 188bet app download from the New OTC Market，The final outcome may be very different。For many 188bet app download，It has become a shortcut to use the New OTC Market as a "springboard" and then transfer to the main board for listing，However, it is not easy to land in A shares。For example, Changzhou Dinosaur Park。

Days ago，Dinosaur Park Cultural 188bet app download Group Co., Ltd. issued an indicative announcement on accepting initial public offering and listing guidance。Currently，Dinosaur Park has entered the guidance stage of initial public offering and listing。If the future Dinosaur Park submits the application materials for initial public offering and listing of stocks to the China Securities Regulatory Commission or the competent review agency and is accepted，The company will apply for a stock trading suspension on the National Equities Exchange and Quotations。

This is not the first time Dinosaur Park has tried to go public。There was news as early as 2011 that it was planning to go public。September 2015，Dinosaur Park is listed on 188bet app download Board，Announced to receive IPO counseling half a year later。September 2016，Dinosaur Park officially submitted listing application materials to the China Securities Regulatory Commission，Starts its first IPO。After announcing the suspension of review in July 2017，Dinosaur Park submitted its prospectus again in December。March 2018，The Issuance Review Committee failed to approve the first application for Dinosaur Park，The company’s IPO failed。

Among the 27 travel 188bet app download mentioned above (to be) delisted，Junting Hotel has been longing for the A-share market for a long time，The road to board transfer is also full of twists and turns。

Junting Hotel will be listed on 188bet app download Market in March 2016，Submit initial public offering guidance filing and registration materials to Zhejiang Securities Regulatory Bureau one year later，But it was not until May 8, 2019, two years later，His guidance was accepted by the Zhejiang Securities Regulatory Bureau。Prospectus display，2016-2018，The operating income of Junting Hotel is 3.1.3 billion yuan、3.2.2 billion yuan and 3.4.1 billion yuan；Net profit is 3616.010,000 yuan、5940.360,000 yuan and 5607.850,000 yuan。

Among the tourism 188bet app download that have not yet expressed their intention to delist，Huaqiang Fantawild started receiving listing counseling in May 2018，Once a listing application is submitted and accepted in the future，The company will apply to suspend trading on the New Third Board。As early as 2012，Huaqiangfang specifically intends to impact the listing，However, due to the long IPO suspension period under the general environment, it was actively terminated，Then moved to the New OTC Market，Listed on the New Third Board in 2015。Prospectus display，2016-2018，Huaqiang Fantawild’s operating income is 33.6 billion yuan、38.5.3 billion yuan and 43.3.8 billion yuan；Net profits for the same period were 7.0.8 billion yuan、7.4.6 billion yuan and 7.7.8 billion yuan。

Compared to the above-mentioned 188bet app download with stable and excellent performance，Sufficient conditions for planning an IPO，Subsequent transfer will be natural and smooth。As for the sluggish performance、A travel company with weak operations，After being delisted from the New Third Board，Looking for the “finance owner”、Choosing the merged and “committed” listed 188bet app download has become an important way to find a way out。For example, the City of Dreams。

August this year，Sunac Culture Group announces strategic holding of Dream City，After investment is completed，will own the animation IP matrix of Dream City。Financial report display，Dream City’s net profit loss in 2016 was 1032.380,000 188bet app download，Loss 1018 in 2017.30,000 188bet app download，Return from loss to profit in 2018 reached 422.970,000 188bet app download。

Performance is not optimistic，But Dream City has a big IP with strong vitality and strong liquidity，The company and its subsidiary holding 188bet app download have launched Ali so far、Little deer almond、Luo Xiaohei、Pi Chuaizi and many other well-known cartoon characters。This is undoubtedly the key to Dream City attracting Sunac investment。

However，Cultural 188bet app download is a large-scale complex industry，Not only the chain is long，And the cluster is wide，The fields involved are many and complex，To integrate，Difficult。Therefore，There needs to be an intermediary person involved in this integration event，The construction of the platform is essential。

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The selection of this year’s “Dragon Bird Award” will provide cultural and tourism practitioners with a detailed overview of the top institutions in each industry segment，The list of the best cultural tourism NEEQ 188bet app download in 2019 will be announced。Click on the image below to scan the QR code to register for the conference，Special ticket 99 yuan limited time sale！