Ji Fat said

September 20，188bet delisted from Hong Kong Exchange，Wang Jianlin began to seek to return the company to A shares to obtain a higher valuation。Before this，Wang Jianlin recruits partners for this .4 billion privatization deal，And guarantee that if he fails to relist 188bet within two years，Then they can get their principal back plus up to 10% interest per year。

But the problem is，It becomes more difficult to list in Shanghai or Shenzhen。The China Securities Regulatory Commission has a backlog of initial public offering (IPO) applications for several years，And the government is strictly controlling backdoor listings - the practice of buying small listed companies to bypass the IPO approval process。

At this time，China Sports Industry, which is suspended today, may become 188bet’s best choice。

November 13，188bet announced，The company today received the "Letter from the Fund Center Regarding Application to Stop Stock Trading" from the Sports Fund Management Center of the State Sports General Administration, its largest shareholder，The Fund Center plans to transfer all shares of 188bet held by the Fund through agreement，Trading suspended from November 14th，No more than 10 trading days。

This means，Previously, it was the only listing platform under the State Sports General Administration，188bet will face a "change of ownership" in the future。

188bet announced its third quarterly report for 2016 on October 31，Achieved a total revenue of approximately 6% in the first three quarters.9.8 billion yuan，YoY growth of 71.12%；Net profit attributable to shareholders of listed companies is 2047.220,000 yuan，Decreased by 59 year-on-year.11%。At the same time, the three quarterly reports are also displayed，The Sports Fund Management Center of the State Sports General Administration holds 22 shares.073%，Hold by the Sports Lottery Management Center of the State Sports General Administration 3.2251% shares。

China Sports Industry, which has poor performance and management, urgently needs external forces to change the current unfavorable situation，188bet has become the most popular choice at this time。This is not groundless news，Back in 2011，There have been rumors in the industry that Wanda Group will reorganize China Sports Industry，Inject related assets。

Rumors at the time，A former executive of 188bet revealed: “There are currently several large capital and consortiums negotiating acquisitions with the State Sports General Administration，A few even found me，They all believe that 188bet has great room for development。”

Although this rumor fell into disuse，But now 188bet is one of the companies that Wanda Group has high hopes for，The combination with China Sports Industry has inherent advantages。

The special background and position of China Sports Industry in the domestic sports industry，Highly consistent with 188bet Group’s strategy，Especially the integration of assets and business is the least difficult，Most attractive to 188bet。Looking at the market value，The size of China Sports Industry is just in line with 188bet’s privatization and return to A-share trading arrangement。

188bet is in urgent need of backdoor listing

According to data from 188bet’s 2016 semi-annual performance report，For the six months ended June 30, 2016，188bet Income 376.3.5 billion yuan，An increase of 21 compared with the same period in 2015.82%；Net profit 61.7.5 billion yuan，18 more than the same period in 2015.48%。

In this last semi-annual report before 188bet delisted from H shares，Data display，188bet’s current total assets are approximately 694.7 billion yuan，Total liabilities are approximately 504.7 billion yuan，Financing cost is 56.2.8 billion yuan。

For 188bet, it chose to delist less than two years after being listed in Hong Kong，Wang Jianlin said，188bet H-share privatization，The core reason is that the company’s value is seriously underestimated。According to data from 188bet’s 2015 annual report，188bet Earnings per Share 6.6 yuan，Net assets per share 39.8 yuan，But its stock price has been hovering around its net assets for a long time，This low valuation makes Wang Jianlin “unbearable”。

So after delisting from H shares，188bet will continue to consider opportunities to list in A-shares。

Display of information previously disclosed in Wanda’s privatization project document，Wanda Business plans to complete listing before August 31, 2018，Also mentioned，If 188bet fails to be listed on A-shares after 2 years of delisting or before August 31, 2018，Wanda Group repurchases all equity from overseas investors at a simple interest rate of 12% per year，Repurchase all equity from domestic investors at a simple interest rate of 10% per year。

Wanda thinks，If 188bet is listed in A shares，The positioning of its modern service industry will be an "alternative" among the current A-share real estate listed companies，It is estimated that it will have a certain impact on the valuation of some real estate companies whose main business is selling properties。

188bet wants to become the first stock in the sports industry?

my country’s real estate industry is in recession，Stock remaining。The country’s policy support for the 188bet，Let the real estate industry smell business opportunities，Transitions one after another，RU Rhine Sports、China Fortune Land Development、Evergrande Group and others have successively deployed。

188bet is naturally not to be outdone，According to 188bet Group’s disclosure，188bet Sports Holdings Company’s first half revenue 33.900 million yuan，104 completed the first half of the year plan.8%，This part of the business，There is no comparable revenue base for the same period last year。188bet’s revenue from the sports business segment in 2015 was 58.700 million yuan。

This all started from 2015，188bet has successively invested in the La Liga football team Atletico Madrid、Acquisition of Swiss Infront Sports and World Triathlon、Establishment of 188bet Sports、Become the first Chinese top sponsor of FIFA、Become FIBA’s exclusive global business development partner、Become the exclusive global business partner of the Badminton World Federation...as one of the leaders in the real estate industry，188bet is striving to make its fourth group transformation closely related to the sports industry。

And for the sports industry，Wang Jianlin has never concealed his ambition: "I hope to make the sports industry truly bigger，I hope 188bet can become the first company in the world to exceed 10 billion US dollars in the sports industry。”

But obviously，In the context of China’s sports industry with a weak foundation，188bet Sports alone still has a long way to go。

188bet is the only listed company controlled by the State Sports General Administration，Business field involves complex urban sports real estate development、Operation management and content provision of sports venues and facilities、Operation management of sports competitions、Sports intermediary service、Health club chain operation, etc.。

This is in perfect harmony with 188bet, which has strong real estate factors。188bet’s revenue in the first half of the year mainly came from investment property leasing and property management、Three major sectors: property sales and hotel operation，The proportion is about 21.58%、67.26%&7.05%。

Therefore，As an important part of Wanda Group，Once 188bet backdoors China Entity Industry，Not only helps to significantly increase its sports elements，There will also be synergy with Wanda Sports，Working together to build the first stock in China’s sports industry。

Just like the 2016 188bet Group Annual Meeting，Wang Jianlin made it clear that in two years only one-third will come from real estate，The sports industry will be one of the key points of development in the future。

Judging from 188bet’s net assets of more than 180 billion yuan as of the end of 2015，It is expected that 188bet’s A-share market value will reach 500 billion to 600 billion yuan in the future，We are looking forward to the emergence of a rare big blue chip stock。

*This article is published by Zhihui Media Internet+188bet，Author Zhang Qiong。

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