October 28, 2015，Yiou.com was invited to participate in the event hosted by Legend Capital Culture and Sports Industry Fund、"Legend Capital Tourism Industry High-end Salon" co-organized by Zero2IPO Group。At this salon，The CEOs of tourism companies invested by Legend Capital and important partners of Legend Capital had a heated discussion on the development trend of the tourism industry under the background of the economic downturn cycle and the capital winter.。

In the era of online and offline tourism industry interpenetrating and integrating and rapidly evolving，Legend Capital newly established the Legend Capital Culture and Sports Industry Fund in 2015 focusing on the tourism industry。In fact, in the past few years, Legend Capital has completed a relatively complete layout around the tourism industry chain，The investment portfolio covers China Private Car from upstream factor resources、Pudding Hotel、Xiaozhu Short-term Rental、YouKeYijia，Phoenix travel to products and wholesale links、Spider Travel and user-oriented Tongcheng.com、Weekend、乐一乐。Liu Zehui, managing partner of Legend Capital Culture and Sports Industry Fund, said that the fund will be formed to focus on culture and entertainment、Investment strategies with themes of sports, leisure and creative consumption，Tourism is the key sector in sports and leisure。

The salon includes three parts: "Products and Channels", "Element Resources" and "Capital and Tourism"188bet sports betting app download ，Covers all aspects of the tourism industry chain。Salon starts，After getting together with Ctrip and Qunar，Is Baidu the biggest winner？Phoenix Travel、乐一乐、Weekend、Spider Travel、The heads of five discovery tourism companies expressed their understanding from the perspective of their respective corporate industry chains。

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Mei Huajun, founder of Weekend Weekend, said: The combination of Ctrip and Qunar marks the OTA pattern in the PC era，It can be said that the PC era is over，So entrepreneurs should focus on the mobile side。For now, Ctrip and Qunar have not completely dominated users’ mobile phones。However, in terms of resource-side capabilities，Ctrip plus Qunar will definitely more than double the original amount，And the valuation is stronger，But the match between them is not high，There is a massive outflow of people relative to where they are going，Including resources will also be leaked。At the same time, according to the policies of Ctrip and Qunar，In the end, the hotel will become worse and worse because it cannot get more value，Hotels need a sense of security and develop more channels、Distribution includes official website system。

The C-side has no chance in the short term，Entrepreneurs can control the B-side market

Li Shengnan, founder of Spider Travel, believes that it is difficult to differentiate in the hotel industry，Because it is a very standardized market。Qunar and Ctrip will seize the pain points of the industry，Use their very strong service capabilities to achieve industry monopoly in the C-end long-tail market。Hotels have the highest profit margin among all customer groups，So the hotel will be more painful。At present, there are no short-term opportunities on the C side other than Ctrip and Qunar，The hotel must accept this fact。But current entrepreneurs can control the B-side market，Or focus on direct sales。

The end of the market before the formation of the PC era，But it has little impact on the destination

Wu Bingwei, general manager of Yilele, said that the merger of Ctrip and Qunar is the end of the market before the formation of the PC era，At present, the impact on the destination is not particularly large，On the contrary, there 188bet app will be more opportunities。Actually connect to these travel service providers (inn owners) at the destination，Restaurant owners, etc.) They treat Ctrip、Where to go, love and fear。The combination of Ctrip and Qunar will definitely mean a greater squeeze on upstream resources，Possible acceleration for new channels，There will be a certain chance。Ctrip and Qunar are mainly in APP and mobile Internet，Easily extend product search and product transactions from PC to the Internet，At present, we have not really paid attention to what tourists need in tourist destinations，He did not use mobile Internet services to enhance his travel experience。

In the market of consumption upgrade，A very important way to participate is to have a brand

Discover Travel CEO Wang Zhenhua said that after Ctrip and Qunar came together, the first thing to integrate was the air ticket business and big data business，However, including potential business outbound travel，But the degree of dispersion will be relatively large and the integration effect will not be obvious。Four consecutive major mergers and acquisitions this year，From the capital or shareholder level, there is increasingly no recognition of extensive development，But we will pay more and more attention to product quality。In the market of consumption upgrade，A very important way to participate is to have a brand。The market seems to have seen a lot of traffic in the past、Channel、Media、Resources and other elements，But the only thing missing is the brand，A very mature market must have a brand，From FMCG industry，Including smartphones，Brands are very important，And brand is also the most important opportunity for the industry to gain profits。

The era of major OTA mergers and the beginning of the return of industry value

Han Tongjia, CFO of Phoenix Travel, believes that the combination of Ctrip and Qunar will have a relatively small impact on outbound travel agencies for now, but their combination represents two beginnings，An era of big mergers that started with OTA，It cannot be considered the end，It should be said that it has just begun，No matter how strong the alliance is，Let’s talk about mergers and reorganization，There will be a long shuffling 188bet Online Sports Betting and Casino process。The second beginning is the return of the original business model that relied on subsidies to a profit-based business model with true core values，Everyone must eventually return to the principle of making money when doing business，This is also the beginning of OTA and the entire industry’s return to value。

In summary，In fact, every major event in the industry seems to herald an end and a beginning。Like before, including Alibaba’s IPO，Announcement of e-commerce 2.0 era，Dianping and Meituan merged some time ago，Announcing the end of the O2O era，The combination of Ctrip and Qunar also seems to herald a process in the online travel era，Especially air tickets and hotels。But entrepreneurs in the industry still seem to be optimistic，Saw a lot of opportunities，In fact, it is more important for the company to develop its internal strength first。

Also，Discuss the changing landscape of the tourism industry in the salon，In an environment where giants join forces，How companies can protect their competitive advantages，Han Tongjia, CFO of Phoenix Travel, gave his perspective from the perspective of the traditional travel agency wholesale link。

He believes that many OTAs are no longer satisfied with fighting on the channel side，They began to reach behind，Including Ctrip and Tuniu，There are also many collisions and frictions with traditional travel agencies。A market cannot escape competition，The market is an eternal challenge。In terms of upstream resources，Getting closer to the destination，The more resources are dispersed，How big does it need to be to completely dominate the world and meet the needs of Chinese tourism，So this competition will be a process in which everyone will fight for a long time。

And tourism is a people’s business，Not just a standardized product。Its direction is to become more and more personalized，The service at this time cannot be solved by people，This kind of trying to figure out people’s thoughts，Figure out the market demand，It takes time and experience to accumulate。Phoenix Travel and CITIC have relatively high industry status in wholesale business，But the market share it covers is still a very 188bet sports betting app download small part，So the future development direction will be supplemented by products，Chinese people’s demand for outbound travel products is becoming more and more abundant，The destinations are becoming more and more abundant，This must be the primary responsibility of a wholesaler。The second is cooperation，Develop in depth，Closer to the resource end，There are many ways，Not necessarily a capital method，Includes business methods。Finally, downstream，Increase your own value and brand，But I won’t consider really contacting the C-side market。

How long is the honeymoon period between tourism and capital?

Finally, in the link of capital and tourism，How long is the honeymoon period between tourism and capital，Investors have expressed their views，Hu Weidong, founder of Zuoyu Capital said，China’s economy will undoubtedly show a growth trend in the next five to ten years。This can be seen from the comparison between the Chinese tourism market and the markets in China and the United States，The penetration rate of online travel in China is very low。However, for Chinese people, everyone must choose spiritual enjoyment when they have a full stomach，And travel must be the first choice，From this perspective, Luojiao still believes that China’s tourism market will grow rapidly in the next five to ten years，And the tourism industry will not have ups and downs like other industries，It is an evergreen industry，Based on this premise, I believe that capital will continue to pay attention to the tourism field。

Yiou.com thinks，To sum it up, there are always three things you need to do when traveling: resources、Channels and Services，Otherwise there will be a big short version。However, as a start-up enterprise in the tourism industry, it should be able to combine resources upstream and downstream、Coordinate channels with future service capabilities，Create your true core competitiveness，No matter how fierce the capital winter comes, there will still be a sense of self-preservation。At the same time, Legend Capital, the organizer of this salon, brought together the CEOs of the tourism companies it invested in and the important partners of Legend Capital，Discuss 188bet app download the industry development trends under the background of economic downturn and capital winter，Aims to use this salon as a starting point to create a "joint discussion and development" between Legend Capital partners in the tourism industry、A platform for win-win cooperation。