January 2，According to Bloomberg，HKEX is discussing with 188bet online live casino a secondary listing in Hong Kong。Informed sources said，The relevant person in charge of the exchange has conducted negotiations with this company listed on the US stock market regarding its secondary listing in Hong Kong，But these discussions are preliminary，Subject to change at any time。

January 3，Sina Financial Report，188bet online live casino plans to return to Hong Kong for secondary listing，And recently contacted a number of Chinese and foreign investment banks。But as of press time，188bet online live casino has not officially selected an investment bank yet。

Affected by this message，Latest trading day，188bet online live casino surges 10.23%，Close at 36.USD 97。To this，188bet online live casino said "no comment" to China Investment Network，The Hong Kong Stock Exchange said "we have no comment"。

Both parties declined to comment，Gives the above report a little more credibility。But judging from the stock price，188bet online live casino went out of 60 since July 2017.New high since ，The stock price has been falling slowly，Does not conform to its Internet attributes。

Look at it in detail，As a leading domestic online travel company，188bet online live casino performance has gradually slowed down in recent years，And showing revenue、Obvious fluctuations in profits。

First three quarters of 2019，Ctrip achieved revenue of 273.300 million yuan，16 year-on-year increase.8%；Non-GAAP operating profit and Non-GAAP net profit are 57 respectively.300 million yuan and 53.400 million，A year-on-year increase of 41 respectively.5% and 7.5%。Among them, the revenue 188bet online live casino third quarter was 10.5 billion yuan，12% year-on-year increase，Under the impact of macroeconomic pressure and the decline 188bet online live casino number of tourists in some outbound tourism destinations，The growth rate has slowed down compared with the previous two quarters；Non-GAAP net profit is 22.600 million yuan，YoY growth 30.6%。

Ctrip’s net profit attributable to shareholders of the parent company 188bet online live casino third quarter was 7.9.3 billion yuan profit，Compared to a loss of 1.1 billion yuan 188bet online live casino same period last year，Significant improvement。The improvement in earnings is mainly affected by fluctuations in financial assets such as bonds held by the company。according to financial report，Ctrip’s losses recognized 188bet online live casino third quarter due to fluctuations 188bet online live casino fair value of financial assets were 13.4.9 billion yuan，Compared to 26 188bet online live casino same period last year.2.5 billion yuan loss，12 missing.7.6 billion yuan (tax factors not taken into account)。If you add this item back，Ctrip’s third quarter net profit attributable to the parent company still suffered a loss，But it’s narrowed。

Looking at different businesses，Hotel business contributed revenue of 4.1 billion yuan 188bet online live casino third quarter of 2019，14% year-on-year increase，more one、Slowed down 188bet online live casino second quarter。Mainly affected by the overall downturn 188bet online live casino industry and the decline in hotel booking volume and price in Hong Kong；Transportation ticket booking revenue reaches 3.7 billion yuan，3% year-on-year growth，Affected by the price reduction of international air tickets and the demand for outbound travel，The growth rate is 16% higher than the previous two quarters.1% and 12.7% significant slowdown；Free travel achieves revenue of 1.6 billion yuan，19% year-on-year increase，Mainly due to the increase 188bet online live casino penetration rate of offline stores and lower-tier cities；Business travel business achieves revenue 3.400 million yuan，26% year-on-year increase，Mainly due to the structural improvement brought about by the growth of business travel users and the increase 188bet online live casino proportion of high-realization hotels and other products。

On the one hand，Ctrip is facing a decline in industry prosperity due to macroeconomic and geopolitical factors。Data display，Since 2017，Domestic 188bet online live casino revenue growth rate shows a downward trend，International 188bet online live casino revenue growth has also stagnated。

In addition to negative factors related to the Hong Kong market，The market has been worried about intensifying competition 188bet online live casino domestic market。For example，Meituan Dianping (3690.HK，Unrated) Offer more discounts on low-star hotels in lower-tier cities。

Data display，The third quarter of 2019，Meituan Dianping’s store visit、Wine travel and tourism achieved revenue of 6.2 billion yuan，62% year-on-year increase。Meituan continues to expand in third- and fourth-tier cities，Expand scale with leadership，And all breakthroughs 188bet online live casino high-end hotel sector。The third quarter of 2019，The number of hotel room nights reviewed by Meituan Dianping reached 1.0.9 billion，44 year-on-year increase.4%，This is also the first time the company’s quarterly hotel room nights exceeded 100 million。

Meituan management mentioned 188bet online live casino earnings call，The online penetration rate of hotels in low-tier cities is only about 20%，There is still great potential。Also，Meituan-Dianping is still working hard to develop high-end hotels，Promote the growth of high-end hotel booking business through the "Hotel + X" activity，And help high-end hotels promote non-accommodation services。

Days ago，Data analysis agency Analysys released the "China Online Travel Reservation Market Development Illustrated 2019" display，Ctrip still occupies the leading position，But Meituan’s traffic has reached nearly half of 188bet online live casino in a short period of time。

Facing the above competition，Ctrip will continue to maintain an aggressive pricing model。In Q3，Increase in room nights in low-star hotels，188bet online live casino pricing strategy for user groups in low-tier cities has achieved initial results。

China Galaxy International Securities estimate，The company will respond to the challenge by focusing on the high-end market (the high-end market is less price sensitive)。In this strategy，Focusing on 188bet online live casino be part of the strategy。Expected within the next 2-3 years，The proportion of revenue from overseas and 188bet online live casino rise from the current 35% to 40-50%。

China Merchants Securities believes，Ctrip’s competitive advantage is reflected 188bet online live casino scale effect、Supply chain、Mobile、Four aspects of platformization。Weakness manifested as insufficient coverage of low-line markets；Low-frequency OTA consumption is easily impacted by high-frequency business platforms，Difficult to form a monopoly；There is a gap between the local promotion team and competitors such as Meituan。

First half of 2019，The number of monthly active users in third-tier and below cities 188bet online live casino OTA industry reaches 670,000，77% year-on-year increase，Significantly faster than first- and second-tier cities，has become a new incremental market。

Indicated by China Merchants Securities，Meituan integrates food delivery、Catering、Group purchase、Bike sharing and other local life services，Acquire highly sticky users，Direct traffic for hotel accommodation and online 188bet online live casino。Fliggy relies on Alibaba’s strong ecological layout，Rely on Taobao、Alipay’s huge traffic base and penetration in low-tier markets attract traffic to OTA business，Use high frequency to drive low frequency。Tongcheng Yilong takes advantage of WeChat’s high penetration rate，Quickly obtain traffic at low cost。

Compared to the above，188bet online live casino single low-frequency travel business lacks cross-interaction with high-frequency business，Easy to be intervened by high frequency，At the same time because it belongs to Baidu system，Lack of support from Tencent and Ali，Not dominant in terms of traffic and technology。

China Merchants Securities believes，There is a gap between Ctrip’s local promotion team and Meituan，Difficult to achieve scale effect。Meituan has a strong local promotion team，More than 20,000 people，Covering more than 2,700 cities at county level and above across the country。By taking the initiative to go out and visit merchants，Integrated takeaway、 Group purchase、Catering、Hotel、Scenic spot tickets and other group purchasing resources needed by users。Face-to-face promotion is more direct and effective， Enhance the stickiness of merchants to the platform，And form a scale effect 188bet online live casino promotion of multiple businesses。In comparison，Ctrip’s promotion through offline stores is relatively lacking in flexibility and pertinence，And limited by the high cost of the store，It is more difficult to fully roll out in lower-tier cities，Difficult to achieve scale effect。

In recent years，188bet online live casino accelerates globalization and expands international incremental market。Currently，More than 35% of 188bet online live casino Group’s revenue comes from international business。Company aims to increase to 60% over the next five years。Due to the higher profit margin of overseas business，Will drive operating profit margin up。

November 2019，The company announced a strategic cooperation agreement with TripAdvisor。The two parties established a joint venture company TripAdvisor China，188bet online live casino and TripAdvisor Singapore branch hold 60% and 40% respectively。At the same time， 188bet online live casino、Where to go、Skyscanner and Trip.com will receive global travel content resources on TripAdvisor。In addition，188bet online live casino will spend 3.USD 200 million to acquire 6.95 million TripAdvisor shares in exchange for a board seat，Get voting rights。

*Source of this article: Touzhong.com, author: Fisher, original title: "What is the “selling” point of 188bet online live casino secondary listing in Hong Kong?》.