CITIC Bank can’t wait.

Evening of April 21st，Temperature 188bet sports betting Business Services Group Co., Ltd. ("Temperature 188bet sports betting") issued an announcement，The company received the "Notice" from the Intermediate People's Court of Shenzhen City, Guangdong Province on April 17 stating，Applicant China CITIC Bank Co., Ltd. Shenzhen Branch applied for bankruptcy liquidation of the company。

According to announcement，CITIC Bank Shenzhen Branch once provided comprehensive credit of RMB 300 million to Tempus 188bet sports betting，The period starts from July 17, 2018 to July 4, 2019。As of April 21st，The loan principal and corresponding interest have not been returned。

Represented by Tempus 188bet sports betting，Currently the company has submitted a letter of objection to the court，Actively communicating with creditors。But it does not rule out that creditors cannot be paid due to the maturity of their claims，To company assets、Bank accounts, etc. to be sealed and frozen，Even auctioning and disposing of company assets。

Tempower 188bet sports betting，Business travel giant that has been on the market for 10 years、Leading outbound travel company，Former Top 500 Private Enterprises，The crisis has already reached a high level，Reaching the "freezing point" of destiny，Net profit plummeted by more than 1041% in 2019，Outbound travel is frozen under the epidemic，Even more so that its crisis is far from bottoming out，Why this?？

After 10 years on the market, Gaoguang has expanded to a crisis level

Let’s start directly from Tempus 188bet sports betting’s highlight moments。February 2011，Tempower 188bet sports betting is listed on the Shenzhen Stock Exchange，At that time, its main business was domestic air tickets、188bet sports betting air tickets、Travel agencies, etc.，The latter two are acquired through mergers and acquisitions。Starting in 2012，Due to the rise of Internet ticket booking platforms，As well as the impact of airlines expanding their direct sales ratio of air tickets，The life of ticket agency companies is not easy enough，Tempus 188bet sports betting’s ticket space is limited，Start diversified business expansion，M&A is a direct method。

Incomplete statistics，2014，Temperature 188bet sports betting acquires Xinxin Travel，Go online；2015，Acquisition of Xiyou 188bet sports betting Travel，Planning outbound travel。2017，Temperature 188bet sports betting acquires Beijing Jetta 188bet sports betting Travel Service、Shenzhen Xiyou 188bet sports betting Travel Service、TMA entity and its subsidiaries、Lanzhou Tengbang 188bet sports betting Travel Service、Chengdu Aifei 188bet sports betting Travel Service、Chongqing Bird Collection 188bet sports betting Travel Service、Shanghai Tengbang 188bet sports betting Travel Service、Beijing Huaxin Bamboo Hotel and other 8 companies，To travel to Shenzhen Tengbang、Tembon Travel Group increases capital；Participated in the acquisition of Maldives Seaplane Company for another US million，Explore overseas tourism resources。February 2018，Its acquisition of Shenzhen Baozhong Tourism，Layout destination resources and offline outlets；July，Announced acquisition of Jiuzhou Fengxing；October，Announced the intention to acquire 60% of the equity of Qiaoqu Cultural Tourism。

At the same time，Temperature 188bet sports betting has been involved in the P2P online lending business as early as 2014，In 2017, he added RMB 200 million to the small loan company Rong Yixing。

From this，Travel + Internet + Finance，The formation of three major “carriages” of Tempus’ 188bet sports betting business。

Some senior executives of Tempus 188bet sports betting expressed their opinions on favoritism，“Those who gain great fellowship will gain the world”，It believes that air tickets are the core element of the tourism business，Must be firmly grasped。Therefore，Air ticket business is one of the core driving forces for Tempus 188bet sports betting to develop its tourism business。

Tempus 188bet sports betting Charter Flight、Route operations, etc.，Using high-frequency consumption of air tickets as the traffic entrance，Aggregation of tourism destination resources through mergers and acquisitions、Online and offline travel B2B and offline stores，Thus forming a relatively closed-loop entire chain of outbound tourism business，Including creating a vertically integrated product layout integrating "passenger acquisition + route operation + destination resource integration"。

Mergers and acquisitions are the rapid expansion of a company, especially a newer company，The only way to build your own moat。The scale and profit of Tempus 188bet sports betting，Also gradually moving higher。

According to Tempus 188bet sports betting Financial Report，its until 2014，Net profit has exceeded 100 million yuan，is 1.2.4 billion yuan，42 year-on-year increase.7%。And 2015 to 2017，Its net profit continues to rise，1 respectively.4.6 billion yuan、1.7.8 billion yuan、2.8.4 billion yuan，A year-on-year increase of 17 respectively.2%、22.5% and 59.1%。

But by 2018，Tempus 188bet sports betting’s net profit is 1.6.8 billion yuan，Decreased by 40% year-on-year.9%；2019 will be even bleaker，Net profit loss 15.7.9 billion yuan，Slump 1041 year-on-year.36%。

Temperature 188bet sports betting’s 2019 performance (source: company announcement)

This can be regarded as an outbreak of the shortcomings caused by Tempus 188bet sports betting’s rapid expansion。One，A large number of ongoing mergers and acquisitions，Need a lot of financial support，Causing financial pressure，Massive debt issuance and high debt、High pledge。Incomplete statistics，From 2013 to 2017，Tempower 188bet sports betting’s revenue and profits increase every year，But the net operating cash flow basically decreases every year、Negative every year，At the same time, short-term borrowings are basically increasing every year、Current liabilities also increase every year；Added to the external financing environment such as changes in the financial deleveraging environment，Resulting in deterioration of financing situation，Add variables。

Debt payment defaults have become a common occurrence。April 12，Tempower 188bet sports betting announced，Disclosed 58 lawsuits，15 new lawsuits in 2020，Most of them are contract disputes，The cumulative litigation amount reaches 17.3.6 billion yuan，13 cases involving financial institutions，Involving litigation amount 14.8.7 billion yuan，Accounting for 85 of the total litigation amount.68%。

A phenomenon is，In high debt、In case of poor cash flow，Temperature 188bet sports betting still chooses to continue mergers and acquisitions，The reason may be that we continue to make profits and maintain performance improvement，To keep the market’s confidence in it，But the debt and cash flow situation may further deteriorate，Creating a bad cycle。

Part 2，There are shortcomings in Tempus 188bet sports betting’s business operation model。Although it has established a "big tourism circle" through a large number of mergers and acquisitions，But big and comprehensive，But not tight，Synergy effects are restricted。Temperature 188bet sports betting’s integration method for mergers and acquisitions is empowerment，without forcing integration，For example, keeping many sub-brands independent，Carry out more resource collaboration。There are objective factors here，That is, business of different brands、Characteristics、Focus on customer groups、Brand recognition is inconsistent，If forced integration，It is inevitable that "the melon that is too strong is not sweet"，It may be difficult to have an effect of 1+1 greater than 2。

But 188bet sports betting collaborative mode of fighting independently，In cost control、Maximizing the synergy of the marginal effects of each brand, etc.，There is a problem。

This brings us to the third aspect，Tempower 188bet sports betting’s earning power。

One of the keys to destination services is resource acquisition and integration capabilities，This requires Tempus 188bet sports betting to invest heavily and maintain intensive cultivation，At the same time, it can create products that match the customer base according to local conditions，There are also requirements in terms of marketing traffic, conversion and retention，Slow to produce results。In other words, whether each link in the chain (each brand) can work together to minimize costs、Maximization of effect，Make certain requirements。

What can be found by combing through Tempus 188bet sports betting’s financial reports，its 2014-2017，Including the first half of 2018，The growth rate of its operating costs is greater than the growth rate of operating income，Operating profit、The growth rate of non-net profit is less than the growth rate of operating income，This may indicate that Tempus 188bet sports betting’s operating income and net profit have continued to increase rapidly as scheduled after various business mergers and acquisitions，But its profitability or profitability is weakening。

Take 2018 as an example，Back then Tempus 188bet sports betting “increased revenue but not profit”，The company achieved revenue of 48.8.6 billion，38 year-on-year increase.43%；And net profit 1.6.8 billion，Decreased by 40% year-on-year.88%。

Overall，Continuous mergers and acquisitions bring outstanding performance in a certain period，But at the same time, it hides the accumulated hidden dangers、Insufficient endogenous hematopoietic ability，It 188bet sports betting eventually cause a thunderstorm。

The crisis has not yet reached bottom

Debt crisis hits the roof，Tembon 188bet sports betting has tried more moves to rescue，There are two big moves，But one "died without any disease"，One leaves more hidden dangers。

The first is to introduce state-owned assets to the rescue.

Mid-October 2018，Tempower 188bet sports betting announced，It signed the "Strategic Equity Intention Agreement" with Shenzhen Futian Investment Holding Co., Ltd. (referred to as "Futian Investment Holdings")。Futian Investment Holdings plans to hold Tempus 188bet sports betting shares through appropriate means，Become its important strategic shareholder，And explore the possibility of becoming the largest shareholder。

December 2018，Tempower 188bet sports betting issued another announcement，Its controlling shareholders Tempus Group and Shenzhen Investment Holding Co., Ltd. (referred to as "Shenzhen Investment Holdings")、Futian Investment Holdings signs agreement，The content of the agreement mainly includes the strategic investment of Shenzhen Investment Holdings and Futian Investment Holdings into Tengbang 188bet sports betting，And jointly develop the properties and land assets of Futian Free Trade Zone with Tempus Group。

Both Shenzhen 188bet sports betting and Futian 188bet sports betting are local state-owned enterprises.

This wave of operations is actually somewhat similar to the state-owned enterprise holding Oriental Garden，Insufficient prosperity in the industry、Under the background of difficult financing difficulties，State-owned enterprises with obvious financial advantages are beginning to be more involved in takeover activities，There are also 188bet sports betting collaborations between state-owned enterprises and private enterprises，Even the will of some local governments。Private enterprises are considering giving up controlling interests，I am helpless，It means "selling stocks to survive"。

But because of equity pledge financing or other forms of financing from 188bet sports betting Group and others，Failed to repay debt in time when due，Part of the shares held were frozen by the court，As a result, the equity cannot be transferred，It will never be settled。

The second is to sell the “cash cow”.

Early November last year，Tempower 188bet sports betting announced，The company plans to sell 100% equity of its wholly-owned subsidiary Shenzhen Qianhai Rongyixing Small Loan Co., Ltd. ("Rongyixing" for short) to Tempus Group，The transaction price is 9.100 million yuan。This is equivalent to removing one of the three pillars (tourism + Internet + finance)。

Tempower 188bet sports betting’s net profit in 2018 was 1.6.8 billion yuan，The net profit of Rong Yixing is 1.2.1 billion yuan，accounts for 72% of Tempus 188bet sports betting’s total net profit，Needless to say its importance，Mr. Profit Key and "Cash Cow"。

Or you can say，As a tourism enterprise，The main 188bet sports betting is not good，Rely on the financial sector, which is a sideline 188bet sports betting, for support。

According to Tempus 188bet sports betting’s announcement in early January this year，Rong Yixing has been sold，And has received the first equity transfer payment of 85 million from Tempus Group。

The disappearance of “cash cows”，(will) have a big impact on Tempus 188bet sports betting’s performance, including its performance in 2019。After a slight easing of the funding crisis，Will face greater hematopoietic profit problems。

This year may be the most difficult year for Tempus 188bet sports betting in the past 12 years.

Temperature 188bet sports betting’s first quarter performance forecast for this year，During the reporting period，Affected by macroeconomics and the epidemic，The company’s air ticket agency and travel business have been severely affected，Estimated net profit loss from January to March this year is 65 million to 70 million yuan。And the same period last year was about 20.71 million yuan。

Temperature 188bet sports betting’s first quarter 2020 performance forecast (source: company announcement)

The decline 188bet sports betting continue.

April 17，Requirements issued by the Civil Aviation Administration of China，Airlines during the implementation of epidemic prevention and control policies on 188bet sports betting routes，We must adopt a direct sales model for all 188bet sports betting air tickets，Comprehensive suspension of ticket agencies。Tembon 188bet sports betting’s ticket agency business has basically been suspended，Looking at the current global epidemic situation，This shutdown period is definitely not short。

Another outbound travel that Tempus 188bet sports betting relies on，Basically reimbursed within this year，The recovery period we will go through next year，There is a high probability that it will also be longer，The overall situation is not optimistic。Almost the entire business chain of Tempus 188bet sports betting will be affected，Even severely damaged，This will be truly "making ends meet"。

Tempower 188bet sports betting mentioned in its reply announcement on April 22 to the Shenzhen Stock Exchange’s inquiry letter，Since the second half of 2019，The company encountered serious liquidity difficulties，Business has also been greatly affected，Tight capital turnover，In addition, many bank accounts have also been frozen，Resulting in failure to pay employees’ wages in full and on time，There is a 2-3 month delay，But there is no long-term default，As of the date of this announcement (April 22)，The company’s failure to pay wages on time is approximately 8 million yuan。

The announcement also mentioned，Considering the significant impact of the epidemic on the company’s 188bet sports bettingIt is not ruled out that some employees will choose to leave in the future,This may have a potential adverse impact on the company’s 188bet sports betting operations。

Another announcement，Failed to pay severance compensation in time due to financial constraints，Resulting in some employees filing lawsuits or labor arbitration，As of April 22nd，The unpaid employee severance compensation is approximately 4.8 million 188bet sports betting。

Under many circumstances, life is in danger, how can we continue?