February 18，Interbank bond market，188bet online sports betting Co., Ltd. (188bet online sports betting) issued an announcement，February 10, 2021，The company received the (2021) Qiongpo Shen No. 13 "Civil Ruling" and (2021) Qiongpo No. 13 "Decision" served by the Hainan Provincial Higher People's Court (hereinafter referred to as the "Hainan Provincial High Court")。According to the "Civil Ruling"、《Decision Letter》，Hainan Provincial High Court ruled to accept the creditor’s bankruptcy reorganization application against the company，And designate HNA Group’s liquidation team as the administrator，Carry out various reorganization work in detail。

In accordance with the (2021) Qiongpo Shen No. 13 "Civil Ruling" and (2021) Qiongpo No. 13 "Decision" issued by the Hainan Provincial High Court，Hainan Provincial High Court believes，The company’s funds are seriously insufficient、Difficulty in realizing property，Unable to repay due debts and obviously lacks repayment ability，Meet the conditions for reorganization acceptance。In accordance with Article 2 of the "Enterprise Bankruptcy Law"、Article 7, Paragraph 2、Article 70, Paragraph 1、Article 71、The Supreme People’s Court’s regulations on applicable company creditors should declare their claims to the administrator before March 31, 2021。The first creditors meeting in the reorganization case of 188bet online sports betting Co., Ltd. will be held at 9:00 am on April 12, 2021 at the National Enterprise Bankruptcy and Reorganization Case Information Network of the Supreme People's Court (http://pccz. court. gov. cn) held online。Creditors who declare their claims in accordance with the law are members of the creditors meeting，Right to attend creditors’ meeting。

Represented by 188bet online sports betting，The company will actively carry out bankruptcy and reorganization related work,And perform the debtor’s legal obligations in accordance with the law，If the company successfully implements reorganization and completes the reorganization plan,Will help solve liquidity problems，Optimize the asset and liability structure，Resolving debt risks，Improve the company’s sustainable operating capabilities and profitability。The company will actively cooperate with the court and the administrator to carry out relevant reorganization work，Actively do a good job in daily operation and management，And will strictly follow the relevant regulations on corporate bond issuance and duration management，In time、Accurate、Complete fulfillment of disclosure obligations，To safeguard the legitimate rights and interests of bondholders。Due to the restructuring process taking a period of time，There is uncertainty about whether the company can successfully reorganize，And there is a risk of being declared bankrupt by the court due to failed reorganization，Investors please pay close attention and be aware of investment risks。

Kunming Airsafe applies to reorganize 188bet online sports betting Lucky Airways

January 29 this year，HNA Group officially announced bankruptcy and reorganization，Subsidiary listed companies have successively issued relevant announcements。January 30，HNA Holdings (600221) issued an announcement saying，Main subsidiary has been applied for reorganization，where，The creditor Kunming Feian Aviation Training Co., Ltd. is a subsidiary of A-share listed company Haite High-tech Holdings (002023)。Apply to the court for the reorganization of the company’s holding subsidiary 188bet online sports betting Co., Ltd. (188bet online sports betting)。

Tianyancha APP display，188bet online sports betting was established in June 2004，Registered and started sailing operations on February 26, 2006，There are currently 3 shareholders，Hainan Airlines Holding Co., Ltd. holds 70 shares.19%，Yunnan Pengxia Yuanhao Investment Partnership (Limited Partnership) holds 16 shares.49%，Yunnan Communications Investment and Construction Group Co., Ltd. holds 13 shares.32%，The controlling shareholder is Hainan Airlines Holding Co., Ltd.。

188bet online sports betting Lucky Airlines and shareholder HNA Holdings、HNA Group and its affiliated companies have close business relationships，Frequent related transactions，HNA Group’s liquidity and debt risks affect the company’s daily operations、Financing、It will have a greater impact on the use of funds and debt repayment。Data display，As of the end of 2019，Company’s book monetary funds 3.8.8 billion yuan is deposited in HNA Group Finance Co., Ltd.，Amounts due from related parties 7.2.2 billion yuan，Prepayment to related parties 6.0.1 billion yuan，Amounts payable to related parties 8.5.1 billion yuan。As of the end of 2019，Lucky Air provides guarantee amount 76 to related parties.8.3 billion yuan，Pledge guarantee amount 24.5.2 billion yuan，Mortgage guarantee amount 52.3.1 billion yuan。

In business，2019，Total company assets 168.1.1 billion yuan，Total liabilities 82.700 million yuan，Revenue 76.1.7 billion yuan，Total profit-1.3.4 billion yuan。January-September 2020，Total company assets 153.300 million yuan，Total liabilities 80.200 million yuan，Revenue 28.600 million yuan，Total profit-11.900 million yuan。The COVID-19 epidemic has had a significant negative impact on the demand for air passenger and cargo transportation，Company operating losses，Profitability drops sharply。Industry insiders pointed out，Bankruptcy and reorganization introduces new investors，Is expected to make 188bet online sports betting，Renewed。

*this文来Source: Upstream News, 188bet online sports betting: Liu Yong, Original Title: "HNA subsidiary 188bet online sports betting was ruled bankrupt and reorganized by the court》.