May 19，Financial Associated Press reporter confirmed from Tuniu (NASDAQ:TOUR) staff，All Tuniu stores in the Beijing market are still in "suspension" status，The time for store employees to return to work is uncertain，Many competing company stores have basically resumed business。As understood，Tuniu has 77 directly-operated stores in Beijing，It has been closed since the outbreak，According to one of the store staff，Beijing Tuniu will shrink more than half of its stores。

As the earliest OTA (online travel agency) company to switch from online to offline，Tuniu adopts direct store strategy，The store cost is higher。Zhou Mingqi, an analyst at Jingjian Think Tank, told reporters，Tuniu direct store model has high management costs，Limited effect，There is no possibility of reversing the trend。“Many companies have inquired about Tuniu Assets，There are many state-owned enterprises among them，But for its current value，After delisting, it can only be sold at a low price。”

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The Beijing market has always been the focus of Tuniu’s direct store layout，It is also an area where many established travel companies compete fiercely。As of May 19th，Caesar Travel、Zhongxin Travel、Ctrip offline stores and other stores have been opened in the Beijing market one after another。The relevant person in 188bet sports betting app download charge of Zhongxin Travel told reporters，The current number of stores opened by the headquarters、No specific requirements for sales etc.，But as the market picks up，Major physical stores are opening one after another。“Although the number of guests visiting the store is currently limited，But the physical store needs to support sales to visit the goods regularly、Pick up and ship goods，So we are coordinating the opening of more physical stores。”

“Under the influence of the epidemic，It is understandable that some tourist stores collapsed，But one company’s entire physical store in the Beijing market has been suspended，Rarely。" Tourism analyst Liang Guoqing said。

As understood，Tuniu’s 77 stores in Beijing are already a reduced number，In the previous rounds of store closings，The company has closed many stores。Recent，There is news，Changsha Tuniu physical stores have also been closed。To this，Tuniu refuses to disclose its specific number of physical stores，However, staff at its Nanjing headquarters revealed to reporters from the Financial Associated Press，More than half of the stores may be closed after the epidemic。

Currently，Tuniu lacks funds on its account to support its continued development of physical store business。According to its 2019 financial report released in April，its net revenue is 2.3 billion yuan，Increase by 1 compared with the same period last year.8%，Net profit loss attributable to ordinary shareholders 6.99.2 billion yuan，Loss expanded by 272 compared with the same period last year.11%。This is the company’s sixth year of losses since it went public in May 2014，Cumulative losses of nearly 6 billion yuan。

Industry insiders pointed out，All Tuniu physical stores implement the direct operation model，Different from Ctrip’s franchise 188bet app model，Higher requirements for capital chain。Displayed based on its annual report information，At the end of 2019, Tuniu had 509 self-owned stores。The delay in turning around losses has resulted in its stock price being below $1/share for 30 consecutive trading days，According to Nasdaq’s “$1 delisting rule”，The company will receive a pre-loss warning。If it cannot take corresponding measures to boost its stock price within 180 days after receiving the warning，will be forcibly delisted。But under the influence of the new coronavirus epidemic，NASDAQ issued regulations on April 16，Extension of the “$1 Warning” rule beyond June 30, 2020。

“Delisting or not will have little impact on Tuniu。"The above-mentioned Tuniu headquarters staff told reporters。And Zhou Mingqi thinks，If it is really delisted，Tuniu’s financing channels are blocked，Unable to perform operations such as equity pledge through the capital market，The pressure on the capital chain will be more difficult to alleviate。

As understood，Since the epidemic，Tuniu core business overseas travel、Group tour、Physical stores are the most severely affected，Reduction measures have been taken，And all senior executives will have their salaries reduced by 60%。Tuniu claims，“The current market environment is unstable，We cannot reasonably estimate the extent of the impact of the COVID-19 epidemic on Tuniu’s business，But this is expected to be limited to business operations in 2020、Financial status、Material adverse impact on operating results and cash flow。”

Tuniu expects its net income in the first quarter of 2020 to be approximately 1.1.4 billion yuan-1.6 billion yuan，Down 65%-75% year-on-year。

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Industry sources revealed，After Tuniu faces the risk of 188bet sports betting app download delisting，Many companies are interested in acquiring。“Recently, a state-owned enterprise inquired about Tuniu related assets，But then he did not recognize the value of Tuniu，Relevant matters have been suspended。" Zhou Mingqi told the reporter of Financial Associated Press。

The above-mentioned Tuniu staff pointed out，Tuniu has always had no shortage of buyers interested in its assets，Alibaba over the years、Tencent、Ctrip、Relevant news has come out from JD.com and others。

"Launching Fliggy on Alibaba、After Tencent became a shareholder and strongly supported Tongcheng Yilong，The two have not had much contact with Tuniu；Ctrip negotiated with Tuniu Assets during the price war between OTA companies in 2014，But in the end, I chose Curve to invest in Qunar.com。"The above-mentioned industry insider said。

“Every major OTA has capital support，Ctrip and Tencent through investment、Alibaba and others have cooperation，Flying Pig、Tongcheng Yilong relies on Alibaba respectively、Tencent。around 2014，Tuniu and HNA are deeply bound，But was implicated by the latter。" Zhou Mingqi said，“The user base of Ctrip and other enterprises is now stable，Does not need Tuniu’s core customer base、Supplier asset supplement，The only one likely to take over Tuniu is JD.com。”

May 2015，JD.com and Tuniu jointly announced，Both parties signed an agreement，The latter received a total investment of US$500 million and a 5-year commission-free exclusive right to operate the JD Travel-Vacation Channel website and mobile terminal。

“JD.com had previously hoped to invest in Tuniu，But Yu Dunde, the person in charge of Tuniu, did not agree with the required shareholding ratio，Not negotiated。" Zhou Mingqi revealed，This also leads to JD.com planning to take over Tuniu in the 188bet app download future，The latter’s quotation will also be greatly discounted。

Since JD.com has laid out the tourism sector，Always cooperate with Tuniu，But 2019，The former began to plan to operate the tourism sector on his own，Merged into shares of Caesar Travel。According to the announcement of Caesar Travel (Caesar Travel)，Its plan for private placement 1.8.8 billion shares，Raising funds 11.600 million yuan，Among them, Suqian Hanbang Investment, a wholly-owned subsidiary of JD.com, invested 4.500 million yuan，Accounts for the largest proportion among issuance objects，Shareholding ratio reaches 7.37%，Among the top ten shareholders。

“Tuniu’s current assets are not valuable，But it’s due to Yu Dunde’s character，It is difficult to sell Tuniu。" Zhou Mingqi thinks，Tuniu to JD.com，Not necessary。As for Tuniu，Unless the price is lowered，Otherwise it will be very difficult to sell it。

Data display，Under performance pressure，Tuniu was reduced by Temasek twice，The latter’s shareholding ratio increased from 6 on December 31, 2019.7% reduced to 5.6%；Reduced holdings to 4 again on April 2, 2020.99%。

“The tourism market structure is changing with Ctrip’s investment in Tongcheng、The dust behind Qunar.com has basically settled，All major OTAs merge vertically and horizontally，Tuniu’s chances of breaking through traffic are slim。"Liang Guoqing thinks，“Tuniu’s high growth moment has passed，No hope of profit，And liquidity crisis，Already in a more serious stage，Whether it will go bankrupt after delisting，Ultimately it depends on local policies and support in Nanjing。”

*Source of this article: Financial Associated Press, author:Li Danyu, original title:《Beijing stores are still "suspended" and Tuniu may not be able to escape the fate of low-price sales》.