“The epidemic may have brought a ‘fatal blow’。”In response to the bankruptcy liquidation of Baicheng Travel Network，Some insiders told Zhihui。

The signature is February 28 this year，The "Notice on the Company's Decision to Close the Company and Start Liquidation Preparations" (hereinafter referred to as the "Notice") from Baicheng Travel Network displays，In view of the outbreak，The tourism industry has been hit by an unprecedented blow，Baicheng was also deeply affected，Funds cannot keep the company running，The company held a shareholders' meeting，The management made a report，The shareholders’ meeting decided to close the company and initiate liquidation preparations。

29th，Founder of Baicheng Travel Network、Chairman and CEO Zeng Song said in a tourism WeChat group，The principle is not to owe suppliers a penny，(Not Oweed) Consumer、Employee (one penny)，I bear the bank debt myself，Try your best，Follow the trend，Keep up the good work, everyone！

This can be regarded as proof of Baicheng's bankruptcy and liquidation.

Baicheng is one of the leading O2O operators in the outbound independent travel segment，Received investment from Alibaba and others，Also listed on the New Third Board，But it has been losing money for many years，Its core business entrance is visas，And always seeking to go online、OTA’s transformation，It is also considered to cost a lot，But not successful enough。

Baicheng’s direction，Sorrowful。The impact of the epidemic on the cultural tourism industry is cruel。

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The "Notice" issued by Baicheng Travel Network stated，"In view of the outbreak，The tourism industry has been hit by an unprecedented blow，Baicheng was also deeply affected，Funds cannot keep the company running，The company held a shareholders' meeting，The management made a report，The shareholders’ meeting decided to close the company and initiate liquidation preparations。In view of this，The company will conduct comprehensive aftermath processing，Please provide understanding and support from employees，188bet online sports betting And be prepared to find your own way out in advance，The company will provide consulting support on human resources policies。”

Baicheng Travel starts liquidation preparation notice

The "Notice" gives 2 time nodes: except for those responsible for left-behind liquidation，Employees completed the return of company property before 16:00 on March 9、Accounting processing such as borrowing (debit)、Personal belongings cleaning、Resignation procedures and other related procedures；The company will pay employees’ monthly salaries in advance on March 10th。Starting from March, we will no longer pay five social insurances and one fund and pay wages for employees。

Announcement display on Baicheng Travel official website，The company temporarily plans to be on vacation until March 1, 2020，Work normally on March 2nd。The company will no longer accept new visa orders during the vacation。

The crisis brought by the epidemic to the cultural tourism industry is further revealed.

Some insiders told Zhihui，The primary impact of this epidemic on the cultural tourism industry is the distribution channel side，Direct lossless correction brings huge impact。

Ctrip’s recently disclosed data display，The organization coordinates millions of suppliers in more than 200 countries and regions around the world，Processed tens of millions of orders for returns and changes for hundreds of millions of users。Extend this to other OTAs，It can be estimated that the huge amount of refund and modification data，And the losses caused to channels and suppliers、Cash flow pressure。

Another travel company executive expressed his support for the favor，For outbound travel，Financial issues may still overwhelm some small and medium-sized operators，The elimination may be intensified，The industry will be further concentrated。

February 29，In a tourism industry WeChat group，Zeng Song said，"The principle is not to owe suppliers a penny，(Not Oweed) Consumer、Employee (one penny)，I bear the bank debt myself，Try your best，Follow the trend，Keep up the good work, everyone！”

Initiating bankruptcy liquidation 188bet Online Sports Betting and Casino against Baicheng，Afternoon of the 29th，A Baicheng employee who resigned last year told Zhihui，“This is a good thing，For the current Baicheng，For the current Mr. Zeng (Zeng Song)，For them in the future, it is nirvana。I believe that Lao Zeng (Zeng Song) is not a person who admits defeat，Leave the bad things behind，Only when you have time and energy to create，At least have a good body to face a better future。”

Zeng Song and "Alibaba" Baicheng

Before starting bankruptcy liquidation，Zeng Song and his Baicheng Travel Network，There are many "highlight" moments，But the progress is not very smooth。

Zeng Song，Known as the pioneer of China’s outbound tourism industry，In 1996, he founded China's first-generation outbound travel wholesale and retail system well-known brand "ETI HOLIDAY-Xianglong Miles Travel"。Successively founded Huayuan International Travel Service、Times Global Entry and Exit Co., Ltd. and many other companies。

In a travel WeChat group，Dozens of industry players cheer for Zeng Song，Called it “stop loss in time，Be brave enough to take responsibility”，And sent a message of "Come Back"。

Public information display，Baicheng Travel was established in August 2000，For outbound travel service platform，Mainly engaged in online visa processing business、Travel and vacation services、Destination Services，And corporate international business travel business，Headquarters is established in Beijing，And in Shanghai、Guangzhou、Shenzhen、Chengdu、Shenyang、Six branches established in Wuhan。

Baicheng Travel was once favored by Alibaba.

According to public information，Baicheng Travel acquired Fidelity Asia in March 2008、Yinruida US$10 million Series A investment；In March 2014, it completed nearly US$20 million in Series B financing led by Alibaba。

End of 2015，Baicheng applied for listing on the New Third Board，The securities abbreviation is "Baicheng Travel"。Major shareholders include Tianjin Ruihengshun、Hangzhou Ali、Ruiyuan Capital、Baicheng Technology, etc.。Alibaba holds 16 shares.47%，is the second largest 188bet app shareholder of Baicheng.com。

According to Baicheng Travel Prospectus，its 2013 year、2014、Operating income from January to August 2015 was 1.8.5 billion yuan、1.8 billion yuan、1.9.2 billion yuan；Net profit is -1760 respectively.910,000 yuan、-3662.600,000 yuan、-2479.340,000 yuan。

For loss，Baicheng Travel once pointed out，Mainly because the company is in the early stage of the company life cycle in the Internet industry，Business expansion period，Operation and maintenance of online visa application platform、The cultivation of the Baicheng Travel Network brand and the development of IT systems require a large amount of capital investment。

Some insiders told Zhihui，Baicheng takes visa as its core business entrance，Always seeking online expansion，Transforming towards OTA，But it is subject to multiple factors such as online dividends and market structure，It costs a lot，But the overall transformation is not considered a success。

Public information display，Baicheng Travel independently developed the "Visa Service Hall" product，Implemented “data comparison” for users、"Remote Pretrial"、Service functions of “Progress Times”，"Destination Service Hall" is for free travel、Fragmented consumer groups realize airport pick-up、Tickets、Specialized services for day trips。

The model is "visa as runway"，Extended destination (pick up、Tickets、Day Tour) Service、Free travel package service、International air tickets and international hotel services and for families、Customized overseas travel services based on social groups。

After being listed on the New Third Board, Baicheng Travel has not changed its loss-making status.

2016，Baicheng Travel achieves operating income of 5.4.8 billion yuan，83 year-on-year increase.69%，Net profit loss 4510.810,000 yuan；The company achieved revenue of 5 in 2017.2.5 billion yuan，Decreased by 4 year-on-year.39%，Net profit loss 2795.450,000 yuan；Achieve operating income in the first half of 2018 2.8.3 billion yuan，23% year-on-year increase，Net profit loss 1285.60,000 yuan。

Baicheng 188bet Online Sports Betting and Casino Travel attributed the main reason for the loss to the fact that the company is still in the business expansion period of the Internet industry，Technology R&D investment is at a relatively high level，At the same time, market competition and changes in labor costs have squeezed business profits。Although the company's operating profit has entered a rapid growth channel，Gradually approaching the turning point of loss，But there is uncertainty about the time to achieve profitability，There is still a risk of continued losses in the company’s operating performance for a certain period in the future。

Since listing on the New Third Board，Baicheng Travel’s financing is not optimistic either。According to public reports，2015 to the first half of 2018，Baicheng Travel has not disclosed information on issuing shares or bond financing。As of the first half of 2018，The total share capital of Baicheng Travel is 50.54 million shares，This was added in 2015。After 2015，This equity amount has not changed。

Said by the above-mentioned industry insiders，The threshold for visa business is actually not high，It is difficult to form core business barriers，The entry of companies such as Fliggy，Having some impact on Baicheng’s core business。And its expanded destination services，Including procurement integration of destination resources, etc.，It may also be restricted due to financial issues，In turn, it will affect the development of the destination service sector。

March 8, 2019，Baicheng Travel Board of Directors Announcement，Based on the needs of own planning and strategic development，To improve financing efficiency，Reduce costs，Planning to terminate listing on New Third Board。

March 22 of the same year，Baicheng Travel stock transfer suspended。March 23，The shareholders’ meeting rejected the motion to terminate the listing。July 2019，Due to failure to disclose the 2018 annual report within the prescribed time，Baicheng Travel was forced to be delisted by the stock transfer system。

2020 epidemic outbreak，Domestic and overseas tour groups suspended at the end of January，188bet online sports betting Business Suspension，Cancellation and change orders are arriving。

The above-mentioned industry insiders think，Before the epidemic，Baicheng’s financial situation is no longer very good，The epidemic may bring a "fatal blow"。