Under the epidemic，Cultural tourism under Beijing Capital Tourism Group Co., Ltd. (hereinafter referred to as "188bet mobile")、Business、Hotels and other businesses collapsed across the board。

The operations of several listed platforms under Beijing Tourism Group have been seriously affected since the epidemic，Basically, there were hundreds of millions of 188bet mobile in losses in the first quarter，For example, Beijing Tourism Hotel (600258SH) lost 5 in the first quarter.2.6 billion 188bet mobile，Wangfujing (600859SH) lost 200 million 188bet mobile in the first quarter，Quanjude (002186SZ) lost 88.5 million 188bet mobile in the first quarter，Shou Commercial Co., Ltd. (600723SH) lost 8588 in the first quarter.820,000 188bet mobile。

While suffering performance losses，These listing platforms also commonly encounter liquidity problems，In order to do this, we will not hesitate to increase a large amount of short-term borrowings。To boost investor confidence in listed companies，BTG also frequently increases its holdings in subsidiaries。

The reporter learned through interviews，Many functional departments of Beijing 188bet mobile Hotel have not resumed work yet，Quanjude Beijing store gradually opens，But full recovery will take time，Shopping malls owned by Wangfujing and Capital Commercial Co., Ltd. in the second quarter、The number of department store customers has increased。

All business sectors are affected

BTG Group’s business empire，Contains many sections，For example, business sector，Travel section，Scenic area section，Hotel section，Automobile sector，Catering sector, etc.。A collection of "food has been constructed、stay、row、游、Purchase、Entertainment" a 188bet mobile business service industry system integrating the six major 188bet mobile elements。

According to the official website of 188bet mobile，It is working hard to achieve "one listed company for each business segment、A set of brand series，The industrial development goal of "being in the leading position in the same industry nationwide"。

Currently，BTG 188bet mobile has four listed company platforms: BTG Hotel, which is mainly engaged in business travel hotel business，Wangfujing, which mainly sells department stores，Mainly engaged in catering、Quanjude in the hotel，Beijing Capital Co., Ltd., which is mainly engaged in commercial retail。

These industries，All industries are vulnerable to the impact of the epidemic。For example, hotel industry，Since the outbreak of the new crown epidemic，Delayed resumption of work nationwide，At the same time, there is a certain degree of control on the movement of people and traffic，The national hotel industry faces major challenges。According to the "Research Report on the Impact of the Epidemic on the Hotel Accommodation Industry in 2020" jointly released by Jinjiang International Plateno 188bet mobile and Jinjiang International Plateno 188bet mobile, a high-end hotel company，January 24th-April 30th，The average daily number of hotel industry customers fell by 80% year-on-year，And 2、3、4The three-month revenue accounts for approximately 21% of the full-year revenue，Estimate based on this，Affected by the epidemic，The year-on-year revenue decline in 2020 is 17%。This means，Due to the very low cost elasticity of the hotel industry，Hotels with gross profit margins lower than 17% in 2019 will suffer losses，The number of hotels experiencing losses is expected to increase significantly in 2020。

The performance of BTG Hotel in the first quarter was a year-on-year decrease of 58% in operating income.8%，Net profit is -5.2.6 billion 188bet mobile，Loss of 2019 net profit (8.More than half of 8.5 billion 188bet mobile。

Another big loss maker is Wangfujing，Loss of 200 million 188bet mobile in the first quarter。During the epidemic，48 Wangfujing stores closed，After the resumption of work and production, the business hours of each store have been significantly shortened than usual，Sudden drop in passenger flow。

operates "Yansha Mall"、"Xidan Shopping Mall" "Guiyou Building"、Shougang Shares in shopping malls such as "Youyi Store" also suffered serious losses，Net profit in the first quarter was -8588.820,000 188bet mobile。

Also，155-year-old Quanjude Roast Duck’s dine-in reception in most stores has been at a standstill during the epidemic，But at the same time, labor costs still need to be paid、Rent，Hence suspended 3.500 million 188bet mobile investment project，Loss of 88.5 million 188bet mobile in the first quarter。

These are just the tip of the iceberg，188bet mobile also owns Shouqi Group、Boutique Tourist Area Company、Capital Airlines, etc.，They are all in vulnerable industries。

Blood transfusion for the subsidiary

Because of reduced income，And the cost has not been reduced proportionally，Therefore, these companies under BTG 188bet mobile are more or less facing liquidity problems。

Boutique Hotel’s cash inflow from operating activities in the first quarter was 8.4.3 billion 188bet mobile，12 less than the same period last year.800 million 188bet mobile，And cash outflow from operating activities is 13.5.9 billion 188bet mobile，Only 6 less than the same period last year.0.6 billion 188bet mobile，This one，Employee compensation payable is 1 less than last year.5.5 billion 188bet mobile。

Wangfujing cash inflow from operating activities in the first quarter 48.7.8 billion 188bet mobile，33 less than the same period last year.3.8 billion 188bet mobile，Cash outflow from operating activities 64.3.1 billion 188bet mobile，18 less than the previous year.7.4 billion 188bet mobile。At the same time，Wangfujing’s monetary funds were consumed in the first quarter38.0.2 billion 188bet mobile。

The cash inflow from operating activities of Shougang Co., Ltd. in the first quarter was only 6.7.8 billion 188bet mobile，Decreased by 26 compared with the same period last year.7.8 billion 188bet mobile。Quanjude’s net cash flow from operating activities in the first quarter was -5442.760,000 188bet mobile，Operating costs increased by 3528 compared with the same period last year.210,000 188bet mobile。

In order to stabilize capital market confidence，BTG Group frequently increases its holdings in subsidiaries。February 11th，The four listed companies under 188bet mobile issued the "Announcement on the Controlling Shareholder's Plan to Increase the Company's Shares" almost simultaneously，To BTG Hotel、Shougang Shares、Wangfujing’s shareholding increase ratio is all at 0.Between 5-2%，The shareholding ratio of Quanjude is between 1% and 2%。

Currently, these accumulations are proceeding as planned.

In fact，In order to maintain the operation of the subsidiary's business，BTG Group spares no effort。For example, in the first quarter, BTG Group issued 2 to BTG Hotels through BTG Finance Company.9.5 billion 188bet mobile loan。Recently, Beijing Tourism Group.The Banyan Tree Sanya project sold at a low price of 4.9 billion 188bet mobile，Also long-term "funded" by Beijing Tourism Group，This project has suffered losses for consecutive years，The current net worth is -6.7.1 billion 188bet mobile，There are 15 claims.300 million 188bet mobile，Mainly borrowed from Beijing Tourism Group，and，Shareholders’ borrowings continue。June 2019-April 2020，New loans from Beijing BTG and Hainan BTG to Sanya State Guesthouse reached 70.3 million 188bet mobile，Sanya State Guesthouse estimate，From May 2020 to June 2020, there will be another 22.3 million 188bet mobile in new loans。

*Source of this article: China Times, author: Li Future, original title:《BTG 188bet mobile’s four listed platforms suffered serious losses and frequently increased their equity holdings in subsidiaries》.