Similar to many previous merger cases，Tongcheng 188bet login will merge and reorganize Wanda Tourism, and rumors first leaked，In the afternoon, the official announcement confirmed that Tongcheng International 188bet login Agency (Group), a subsidiary of Tongcheng 188bet login, will merge and reorganize Wanda Tourism, a subsidiary of Wanda Group。Only Tongcheng 188bet login has spoken out about this merger and reorganization，There was no response from Wanda Tourism，The reporter called several relevant persons in charge of Wanda Tourism and its 188bet login agencies，As of the time of publication, no relevant response has been received。

After the completion of this reorganization，Tongcheng 188bet login will become the well-deserved "No. 1 188bet login agency" in China，Meanwhile，Tongcheng 188bet login also announced that its management has completed a new round of capital increase of 1 billion yuan for the company，Continue to maintain the number one vote share，This move effectively demonstrates the management team’s confidence in future business prospects。Indicated by Tongcheng，Including Wanda、Ctrip、All Tongcheng shareholders, including Tencent, support the independent development of Tongcheng 188bet login，And support the company to enter the capital market in a timely manner。

It all starts with 188bet login O2O

Since 2015，With the help of capital，Continuous price wars in the 188bet login industry，With the high cost of acquiring customers，The 188bet login industry sets off a climax of O2O strategic transformation and development，Start to explore a long-term development path that suits you。And strengthen the investment layout in the upstream industrial chain、Enhancing their online and offline service capabilities has become the choice of many 188bet login companies。

For OTA，Ctrip、Tuniu、Tongcheng、Qunar and Lvmama chose to strengthen their offline service capabilities，For example, laying out upstream resources、Open an offline service store、Service Center。In this regard，Tongcheng 188bet login takes a more thorough approach - developing into offline 188bet login agencies。

End of 2015，Tongcheng 188bet login proposes “big data + people” strategy，Tongcheng International 188bet login is developing rapidly (in June this year，Tongcheng 188bet login announced that Tongcheng International 188bet login Agency and Tongcheng Network will be divided into two major segments to maintain independent operations)，Currently deployed in nearly 200 cities across the country，More than 300 offline direct experience stores，The number of employees exceeds 10,000，And successively in South Korea、Japan、Establishing companies in popular tourist destinations such as Thailand，Complete the idea from departure point to destination。Tongcheng 188bet login expects revenue to exceed 10 billion in 2016，Triple growth year-on-year。

The reorganized Wanda Tourism Group includes 12 188bet login agencies located in multiple provinces and cities that Wanda Investment and Acquisition since 2013，Founder of Tongcheng 188bet login、CEO Wu Zhixiang said，“The 12 188bet login agencies under Wanda 188bet login that have been merged into Tongcheng International 188bet login are the best among offline 188bet login agencies in various regions，More than 6 of them are included in the top 100 national social media，has strong market influence in various places，The management team has focused on the 188bet login agency industry for many years，Has rich industry experience。”

According to Zhihui’s understanding，Wanda 188bet login Revenue in 2015 120.100 million yuan，Complete 111 of the annual plan.7%；As of the middle of this year，Wanda 188bet login Revenue 60.300 million yuan，106 completed the first half target.8%，YoY growth of 32.6%，Wanda 188bet login’s revenue target for 2016 is 161.700 million yuan。

Obviously，The joining of these 12 188bet login agencies is not only highly consistent with Tongcheng 188bet login’s current strategy，And it will expand the market size of same-trip 188bet login to a large extent，Improve the overall profit performance of Tongcheng 188bet login。In a fiercely competitive environment，Several major listed OTA companies in the current market are still in a state of loss，As a private enterprise, Tongcheng 188bet login does not disclose financial data，But it can be concluded that it is difficult to survive alone。Wu Zhixiang also joked when forwarding this merger and reorganization news in his circle of friends，“Set a small goal first，Make a dollar first next year”。

“After integrating 12 188bet login agencies，Profit performance will be much better，For Tongcheng 188bet login who insists on IPO in A-shares，Maybe it will also play a great role in promoting。" said an industry insider who did not want to be named。

"After the completion of this merger and reorganization，Tongcheng 188bet login expects to generate profits in 2017，2018 revenue exceeded 50 billion，Net profit exceeds 2 billion。"Wu Zhixiang revealed in an internal email。

Avoid intra-industry competition and achieve optimal allocation of resources

Another benefit for Wanda Tourism and Tongcheng 188bet login is to avoid possible horizontal competition。

In previous interview，Wanda Tourism General Manager Xu Daoming said，Wanda Tourism wants to be a resource-controlled tourism enterprise，In terms of internal positioning，I hope that 188bet login agencies will become the service platform of Wanda Group’s tourist resorts and tourist cities、Promotion Platform、Organization platform (i.e. customer acquisition channel)。

In 2015, Wanda strategically invested in Tongcheng 188bet login and became its largest shareholder，Currently，Wanda Group has built its foundation from creativity、Offline 188bet login agency、Comprehensive tourism industry chain from online 188bet login agencies to tourist destinations。But，Many 188bet login agencies facing short-term investment and mergers，The operating conditions of each company vary greatly，How to integrate、Forging synergy has always been a challenge。Previously，As a large OTA, Tongcheng 188bet login operates independently with these 12 offline 188bet login agencies，For the controlling party Wanda Group，Inevitable internal competition。This merger and reorganization，If everything goes well，will be able to eliminate this unnecessary internal friction。

After more than 20 years of development，Wanda Group has formed a business、Culture、Three major financial industry groups，Assets 634 billion yuan in 2015，Income 290.1 ​​billion yuan。Wanda Group’s goal is to reach 2020，Assets reached 200 billion US dollars，Market value 200 billion US dollars，Revenue 100 billion US dollars，Net profit 10 billion US dollars，Become a world-class multinational enterprise。

Currently，Wanda is in a period of full transformation，And plans to complete the transformation in 2018，Achieve Wanda’s service industry revenue and net profit account for more than two-thirds of the group’s total；By 2020，Plan to achieve 200 million tourist arrivals，The annual revenue of the 188bet login industry exceeds 100 billion yuan，Overtaking Disney to become the world’s largest 188bet login company。

In 2015, Wanda Tourism’s revenue accounted for Wanda Cultural Industry Group (which includes film and television)、Sports、188bet login、Children’s entertainment 4 companies) total revenue ratio reached 23.5%。Last month，At the 2016 Xiamen International Investment Forum，Wang Jianlin delivered a keynote speech entitled "Tourism is the best investment"。He said: Tourism investment is the country’s industrial direction，188bet login is the longest-lasting investment，188bet login is the most environmentally friendly investment，188bet login is the most profitable investment，188bet login is the most prosperous investment。

Favoritism analysis thinks，Wanda still attaches great importance to the development of tourism business，This reorganization of Wanda Tourism and Tongcheng 188bet login is more like an internal optimization of resource allocation，Specializing in a technical field may be a better choice。It is hoped that the operation will be more successful if it is led by Tongcheng 188bet login, which has rich experience in tourism operations，Overall，Wanda Group is the biggest beneficiary。

188bet login agencies operate as an asset-light industry，The core resource is talent，The most difficult thing to control is these talent resources that can be easily moved，The mergers and acquisitions were made by 12 companies with different corporate cultures，How Tongcheng 188bet login, as an Internet startup company, can deeply integrate with these traditional enterprises still needs time to test，Therefore, the biggest challenge Tongcheng 188bet login will face next is to achieve team integration with different corporate cultures。

*Author of this article: Wang Yanchao (personal WeChat: wangdayan110)，Favored Analyst，Welcome to follow and communicate！