Original title: 5 questions you must know about investment and mergers and acquisitions in 188bet app spots

1. Investment and mergers and acquisitions in 188bet app spots. What exactly are investments and mergers and acquisitions?

So-called investment and mergers and acquisitions in 188bet app spots，The investment and acquisition are the operating rights for a certain period of time (i.e.，Exclusive franchise development and operation rights，The 188bet app area itself cannot be transferred) and the "effective assets" or "operating assets" formed in the 188bet app area (land use rights、House、Biological assets、Amusement facilities and other assets that can be mortgaged for financing)，Corresponding to "valid assets" or "operating assets" are "invalid assets" or "non-operating assets"，That is, the basic facilities (highways) that have been formed in the 188bet app area、Plank Road、Water and electricity pipe network, etc.，Non-mortgage financing)，The use value of "invalid assets" or "non-operating assets" has been reflected in the valuation of the 188bet app spot management rights，But "invalid assets" themselves are not within the scope of transactions。Also，Some operating assets have incomplete ownership problems that cannot be solved in the short term，Generally, leasing is used to achieve unified management。

2、Why it is important to clarify “what is the merger and acquisition of 188bet app spots”？

How to reasonably value the investment and merger targets is the focus of both parties in the transaction (cooperation)，Only if it is clear that "the investment and acquisition of 188bet app spots are the management rights and effective assets formed in the 188bet app spots"，Reasonable valuation is the basis。The value of 188bet app spot management rights is reflected in two aspects: one is the profit based on ticket revenue；The second is given by the management right、New profits caused by subsequent investments，Within the validity period of the operating right，The sum of annual profits from these two aspects is discounted，It is the value of the 188bet app spot management rights。The effective assets formed in the 188bet app area have mature valuation methods，So I won’t go into details here，The sum of the value of the 188bet app area management rights and the value of the effective assets formed in the 188bet app area，That is the reasonable valuation of the merger and acquisition target。

3、Why the above valuation method is conducive to investment and acquisition of 188bet app spots where the government has management rights？

The government is most concerned about whether there are political risks and whether the loss of state-owned assets is involved in cooperation (that is, whether the valuation is adequate、reasonable)。Explains that the investment and acquisition is the management right of the 188bet app spot (ownership of the 188bet app spot、Management rights still belong to the government) rather than ownership of 188bet app spots can help the government eliminate concerns，And lower valuation expectations。Give an example，Most governments emphasize the need to fully consider local culture in valuations during the communication process、Ecological advantages，What needs to be explained to the government is: local culture、Ecological advantages have been reflected in the valuation of 188bet app area management rights (local culture、Ecological advantages partly determine ticket revenue and future growth potential)，And cultural advantages (permanently rooted in the local area，Not transferable，So it does not belong to the category of intangible assets of direct transactions) will be further amplified through the improvement of 188bet app spots，After the operation rights expire, they will be fully returned to the government and local people。

4、What are the main ways for private capital to cooperate with government 188bet app spots？

a. Enterprises pay fixed resource compensation fees/resource usage fees/resource occupation fees to the government

- Equivalent method: e.g.，40 years of operating 188bet app，A total of 400 million yuan was handed over，Turn in 10 million yuan every year

- Progressive method: for example，40 years of operating 188bet app，A total of 700 million yuan was handed over，Turn in 5 million yuan every year for the first 10 years，Turn over 15 million yuan every year for the second 10 years，20 million yuan per year for the third 10 years，Turn over 30 million yuan every year for the fourth 10 years。

b. The company is based on a certain financial indicator，Submit resource compensation fees/resource usage fees/resource occupation fees to the government

- Based on 188bet app: e.g. 10% of 188bet app

- Profit based on 188bet app sales: e.g.，10% of profits generated from 188bet app sales

While anchoring a certain financial indicator，Progressive method can be introduced，For example，40 years of operating rights，Turn over 5% of 188bet app every year for the first 10 years，10% of 188bet app will be paid every year for the second 10 years，15% of 188bet app will be paid every year for the third 10 years，Turn over 20% of 188bet app every year for the fourth 10 years。During practical operation，The method based on ticket profit sharing is more beneficial to the enterprise，For example，Some companies attribute all costs and expenses that can be attributed to 188bet app and non-188bet app to 188bet app (some even attribute the costs and expenses of non-188bet app to 188bet app)，Thus artificially controlling the profits generated from 188bet app，As a result, the actual profit that the government can share is less。

c. Enterprises and governments establish new joint ventures

The government invests in 188bet app spot management rights and operating assets for a certain period of time、The enterprise contributes capital in cash or other assets，Establishment of a new joint venture，In order to meet the consolidated statements of investment enterprises、The need to take control of management，In principle, it must be controlled by private enterprises。The biggest advantage of both parties establishing a new joint venture is: if handled properly，Can effectively avoid the original 188bet app spot company personnel、Legal flaws in assets and other aspects (assets must be fully owned before investment)，Laying the foundation for the next step of capital operation。

During actual operation，Due to limited financial strength of investment companies、The government is unwilling to transfer the controlling interest in state-owned 188bet app spots and other reasons，Some companies adopt the dual-layer separation cooperation model of 188bet app spot asset company-188bet app spot operating company，The government invests in 188bet app spot management rights and related effective assets for a certain period of time、The enterprise contributes capital in cash or other assets，Establish a new 188bet app spot asset company，Private enterprises are non-controlling shareholders，At the same time，Both the government and enterprises contribute a small amount of cash，Establish a new 188bet app spot operation company controlled or wholly owned by private enterprises，The asset company signs an agreement with the operating company，Entrust the operating company to operate the assets of the company，The asset company pays relevant fees to the operating company every year，Income from investment companies comes from two aspects: one is the annual profit of the operating company，The second is asset securitization after the assets of the asset company are improved through operations、Equity Transfer、Profit obtained after IPO。Since the management rights of 188bet app spots are not in the hands of private enterprises，Private enterprises have greater cooperation risks，Safety clauses must be set in the entrustment agreement signed between the asset company and the operating company，Guarantee the sustainability of operating company income。

d. Transfer the existing equity of the 188bet app spot company or increase capital and expand shares

5、On the premise that 188bet app cannot be listed，How to increase non-ticket income？

《National Development and Reform Commission、Ministry of Finance、Notice of the Ministry of Land and Resources and others on the rectification and standardization of ticket prices for tourist attractions" Article 4 stipulates: "For world heritage sites relying on national resources、188bet app Area、Nature Reserve、Forest Park、Cultural relic protection units and religious activity sites in 188bet app spots and other tourist attractions，Not allowed to use ticket management rights、Attraction development and management rights are packaged and listed”。China Securities Regulatory Commission is reviewing the listing application of a company engaged in 188bet app spot operation business，Also focus on whether ticket revenue sharing is involved and whether it complies with relevant regulations。For example，During the IPO of Sante Cableway in 2007 and the major asset restructuring of Zhangjiajie in 2011，In the feedback, the China Securities Regulatory Commission asked about the relevant arrangements for ticket revenue sharing，And it is clearly stated that “the ticket management rights of 188bet app spots shall not enter listed companies”、“Currently relevant regulations clearly stipulate that ticket revenue cannot enter listed companies”。

Since the current institutional environment，No hope of listing ticket revenue from 188bet app spots，How to increase non-listed income，Achieve "curve to save the country"？

First move: Expansion of the 188bet app area (expansion of the tourist center)、Lengthen traffic lines (extend the original 10-minute drive within the 188bet app area to 20 minutes within the 188bet app area) 、Construct a "mandatory" closed transportation system with high tourist conversion rate (through transportation system design，Use the bus、Ropeway、Little train、Tourist transportation such as tour buses has become a must-have item during the entire travel process)。

Second move: Enrich the tourism industry、Complete supporting services、Attract maximum traffic，Extend visitor stay time、Increase per capita consumption，But the trick is to do which business types yourself？Which business types should attract 188bet app and let others do it？About this tip，For details, please refer to the previous article "Fool people first and then talk about it: a common business common sense"。

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