Dinosaur 188bet Online Sports Betting and Casino Cultural Tourism Group Co., Ltd. (hereinafter referred to as "Dinosaur 188bet Online Sports Betting and Casino"), which has failed in its IPO many times before,，Is planning to start a new GEM listing。

A few days ago，Dinosaur 188bet Online Sports Betting and Casino, a company listed on the New Third Board, issued an announcement，It has submitted application materials for the initial public offering of RMB ordinary shares (A shares) and listing on the GEM to the Shenzhen Stock Exchange on July 10, 2020，This move means that Dinosaur 188bet Online Sports Betting and Casino’s IPO failed two years later，Another impact on A shares。

But it’s a little embarrassing，Dinosaur 188bet Online Sports Betting and Casino later issued a correction to the suspension announcement on July 13，Due to errors by its company staff, there were errors and omissions in the announcement issued on July 10，It will be corrected，If it was originally "Announcement on Suspension of Stock Transfers on Major Matters"，Corrected to "Announcement on the suspension of trading of the company's stocks"。

Except for the repeated failures in the IPO campaign，The outside world is more concerned about the performance of Dinosaur 188bet Online Sports Betting and Casino，And financial data shows，Period 2017-2019，Dinosaur 188bet Online Sports Betting and Casino maintains double-digit revenue growth，But the growth rate has shown a downward trend。Also，The proportion of its cultural creative and derivative business revenue has also declined year by year。

For the above questions and future development, etc.，A reporter from "China Business News" previously called and wrote to Dinosaur 188bet Online Sports Betting and Casino，The relevant staff responded: "We have received the interview letter，We will answer carefully，There will be a reply in the end。”But as of press time，The reporter still hasn’t received the relevant reply information。

Fighting after repeated defeats

Two years after the failed IPO push，Dinosaur 188bet Online Sports Betting and Casino returns to the listing track again。

Related information display，Dinosaur 188bet Online Sports Betting and Casino was established in July 2000，Is a company that provides scenic spot operation services、Cultural tourism enterprise developing cultural creativity and content products，The main business includes theme 188bet Online Sports Betting and Casino operation services and cultural creativity and derivative businesses，It owns famous attractions such as Changzhou China Happy 188bet Online Sports Betting and Casino，Sky Eye Check Display，The chairman of Dinosaur 188bet Online Sports Betting and Casino is Shen Bo，The largest shareholder is Longcheng Tourism Holding Group Co., Ltd. controlled by Changzhou State-owned Assets Supervision and Administration Commission。

Set the time back to May 30, 2018，At that time, Dinosaur 188bet Online Sports Betting and Casino issued an announcement that the China Securities Regulatory Commission would not approve its initial public offering and listing application，“The voting result of the Issuance Review Committee meeting on the company’s application was less than 5 votes in favor，The company’s listing application has not been approved”。

This is not the first time that Dinosaur 188bet Online Sports Betting and Casino’s IPO has failed，Discoverable by combing，Since 2012，The market has leaked information about the listing of Dinosaur 188bet Online Sports Betting and Casino。

Jiangsu Provincial Department of Ecology and Environment website display，"Announcement on the Environmental Protection Verification of Changzhou Dinosaur 188bet Online Sports Betting and Casino Co., Ltd.'s Application for Listing" was released on December 18, 2012，Dinosaur 188bet Online Sports Betting and Casino "Apply to our department for environmental protection verification for listing with the "Request for Instructions on Application for Environmental Protection Verification for Listing" (Changxin Longyuan [2012] No. 17)"。

But about seeking to go public in 2012，Dinosaur 188bet Online Sports Betting and Casino once replied to the Beijing News，"Changzhou Dinosaur 188bet Online Sports Betting and Casino did not submit an IPO application to the securities regulatory authorities in 2012"，Nevertheless，The launch of Dinosaur 188bet Online Sports Betting and Casino has not stopped yet，September 2015，Dinosaur 188bet Online Sports Betting and Casino chose to list on the New Third Board。

But Dinosaur 188bet Online Sports Betting and Casino, which has a soft spot for A-shares, is obviously not satisfied with this，September 23, 2016，It officially submitted listing application materials to the China Securities Regulatory Commission，But the suspension of review was announced less than a year later in July 2017，The first attack on A-shares failed less than half a year ago，Dinosaur 188bet Online Sports Betting and Casino once again submitted its declaration to the Securities Regulatory Commission on December 11 of that year。

The failure of the IPO attempt happened again in Dinosaur 188bet Online Sports Betting and Casino，March 27, 2018，The official website of the China Securities Regulatory Commission announced the "Announcement on the Review Results of the 52nd Meeting of the 17th Issuance Review Committee in 2018"，"Changzhou Dinosaur 188bet Online Sports Betting and Casino Co., Ltd. (first release) failed。”

After two years of dormancy，Dinosaur 188bet Online Sports Betting and Casino chooses to launch an impact on the GEM again in 2020，You can find it by combing，Back in 2019，Dinosaur 188bet Online Sports Betting and Casino has launched a series of preparations for listing。September of that year，CITIC Tourism Group Co., Ltd. subscribes for 11.1 million shares of Dinosaur 188bet Online Sports Betting and Casino，December，Dinosaur 188bet Online Sports Betting and Casino announced，It plans to issue shares to the public for the first time and go public，Quite interestingly，The coaching institution has also been changed to CITIC Securities。

For Dinosaur 188bet Online Sports Betting and Casino’s repeated attempts to seek A-share listing，Zhou Mingqi, founder of Jingjian Think Tank, thinks，“Theme parks are an industry that requires continuous investment of capital，The development and operation costs are very high，For example, the investment in the construction of Shanghai Disney reached 34 billion yuan，Many other domestic parks are worth billions”，He believes that Dinosaur 188bet Online Sports Betting and Casino has repeatedly sought to go public，Aiming to expand financing channels，Support operations and 188bet Online Sports Betting and Casino updates。

It’s worth noting，Huaqiang Fantawild, also a theme 188bet Online Sports Betting and Casino company，Announced on June 24，Uncertainty in performance due to the impact of the epidemic，It has been carefully studied，Decided to terminate this round of IPO application。

Zhou Mingqi thinks，Huaqiang Fantawild applies to terminate IPO，The listing of cultural and tourism companies will “definitely have an impact”，“The epidemic has a great impact on theme parks，It is one of the hardest hit sub-sectors in the cultural tourism industry”，This may prompt the dinosaur 188bet Online Sports Betting and Casino to need more money for development，Hope to be available on the market as soon as possible。

Growth is slowing down

Except for the market’s concern about repeated defeats and repeated attacks on A-shares，The performance of Dinosaur 188bet Online Sports Betting and Casino has also attracted much attention。

wind data display，2017~2019，Dinosaur 188bet Online Sports Betting and Casino revenue is 4.8.3 billion yuan、5.800 million yuan、6.5.3 billion yuan，14 year-on-year growth respectively.02%、13.04%、12.63%，The growth rate of net profit attributable to the parent company during the same period was 121 respectively.73%、19.56%、10.48%，It can be seen from this，Revenue of Dinosaur 188bet Online Sports Betting and Casino、Net profit growth rates are showing a downward trend。

When the previous IPO failed，The questions asked at the issuance review committee meeting include，Please explain the reasons for the sharp decline in operating income and net profit，wind data display，In 2016, Dinosaur 188bet Online Sports Betting and Casino’s revenue fell by 11% year-on-year.42%，Net profit attributable to parent companies fell by 51% year-on-year.91%.

In addition to the decline in revenue and net profit growth，The proportion of revenue from cultural creativity and derivative businesses that Dinosaur 188bet Online Sports Betting and Casino has vigorously developed in recent years，Also showing a downward trend。

Coming through the annual reports of Dinosaur 188bet Online Sports Betting and Casino over the years，188bet Online Sports Betting and Casino Comprehensive Business、Cultural creativity and derivative businesses are its main sources of revenue，The comprehensive income of the 188bet Online Sports Betting and Casino includes ticket income and other operating income，Cultural creative and derivative business income includes animation derivative income、Management consulting business income、Planning and design business income、Six major sectors including modular entertainment business revenue and system integration revenue。

2017~2019，The proportion of comprehensive business revenue of Dinosaur 188bet Online Sports Betting and Casino is 70.66%、68.90%、69.63%，The proportion of cultural and creative and derivative business revenue during the same period was 22% respectively.49%、22.04%、20.72%，The latter’s revenue share is gradually declining。

But obviously，Dinosaur 188bet Online Sports Betting and Casino has high hopes for cultural creativity and derivative businesses。Back in 2018，Dinosaur 188bet Online Sports Betting and Casino was formerly known as "Changzhou Dinosaur 188bet Online Sports Betting and Casino Co., Ltd."，Renamed and upgraded to the current name - "Dinosaur 188bet Online Sports Betting and Casino Cultural Tourism Group Co., Ltd."。

Introduced by the official website of Dinosaur 188bet Online Sports Betting and Casino at that time，While improving and strengthening the Chinese Dinosaur 188bet Online Sports Betting and Casino Scenic Area，“Relying on the research and development and nationwide replication of innovative IP products such as module cultural tourism，Promoting modular culture and tourism has become another core growth pole for the development of the group”，In recent years, he has also established Changzhou Dinosaur Module Cultural Tourism、Shanghai Module Dragon Culture and other enterprises，Sky Eye Check Display，The latter is 100% controlled by the former。

But Dinosaur 188bet Online Sports Betting and Casino’s 2018~2019 annual report shows，The net profit of Changzhou Dinosaur Module Cultural Tourism is -150.710,000 yuan、-943.140,000 yuan，Loss further expanded。

Wanlian Securities Research Report believes，Foreign theme 188bet Online Sports Betting and Casino giants have entered the Chinese market in recent years，Compared with international giants，my country’s theme parks regardless of IP、Product content、We are at a disadvantage in terms of scale and size，Need to pay attention to the risk of intensifying competition。

Inter-provincial expansion

Nevertheless，As a representative of “making something out of nothing” in developing the tourism industry，Dinosaur 188bet Online Sports Betting and Casino has also sought to expand beyond Jiangsu in recent years，Inter-provincial expansion，But the result does not seem to be satisfactory。

Related information display，Since 2013，Dinosaur 188bet Online Sports Betting and Casino proposes to implement the “investment + service” innovation strategy，From a single theme 188bet Online Sports Betting and Casino operator，Invest in "cultural tourism、Transformation of operations and overall solution provider，"Changzhou Daily" reported，“In addition to traditional scenic spot tickets and tourism business，Exporting innovative business to the outside world has become an important source of revenue and efficiency and an emerging growth pole for Dinosaur 188bet Online Sports Betting and Casino。”

The official website article of Dinosaur 188bet Online Sports Betting and Casino also introduces it as，He is currently in Shanghai、Lanzhou、Zhengzhou、Xi’an、Yichang、Enshi and other places implement in-depth cooperation in cultural tourism projects，As early as 2015, there were media reports，In the more than two years since the “asset-light expansion” was proposed，“Dinosaur 188bet Online Sports Betting and Casino Co., Ltd. has currently deployed more than 30 theme parks in more than 10 provinces and cities、Resort and commercial district project”。

Although Dinosaur 188bet Online Sports Betting and Casino is involved in many cross-provincial projects，But there are also projects that should have been completed and operated long ago，No message so far。

As of October 2016，Dinosaur 188bet Online Sports Betting and Casino and Yichang Transportation and Tourism Industry Development Group (hereinafter referred to as "Yichang Transportation and Tourism") officially signed a contract in Yichang, Hubei，Both parties will jointly build the first dinosaur theme 188bet Online Sports Betting and Casino in Yichang，News reports at that time，The project is expected to invest 3 billion yuan，Will be officially opened to the public in 2019。

“It’s been more than three years now，There is no follow-up message，In the end, it was Changzhou China Dinosaur 188bet Online Sports Betting and Casino Company that deceived the Yichang Municipal Government，The government has deceived us people。”September 2019，A netizen asked this question on the interactive platform of Yichang Municipal People’s Government，Yichang Diplomacy and Tourism Bureau responded later，"As understood，Yichang Chinese Dinosaur 188bet Online Sports Betting and Casino project is suspended。”

Coincidentally，Also in 2016，Henan Tianlun Tourism Group and Dinosaur 188bet Online Sports Betting and Casino officially signed a contract in Changzhou, Jiangsu，To build the Zhengzhou Chinese Dinosaur 188bet Online Sports Betting and Casino project。It is reported that the total investment of this project is expected to be 1.5 billion yuan，Located in Xingyang City, Zhengzhou,Will be completed and opened in 2019。

But in July 2019，Zhengzhou Xingyang City said in response to netizens’ questions on the local leaders’ message board of People’s Daily Online，The city planning center has not received any relevant instructions regarding the planning procedures for the Chinese Dinosaur 188bet Online Sports Betting and Casino in Xingyang City，The completion and opening time is still uncertain。

“The theme 188bet Online Sports Betting and Casino industry has been declining in recent years，Or it can also be said to be the sequelae of the previous development of overspeed abnormality"，Zhou Mingqi thinks，Especially since a large number of real estate development companies previously aimed to enclose large areas of land，After entering the theme 188bet Online Sports Betting and Casino field，The theme 188bet Online Sports Betting and Casino has experienced rapid development，There is an unusually prosperous scene，But "Now facing a large number of newly built parks, they are suffering huge losses，Everyone is enthusiastic about investing in new theme parks，It’s fading more and more”。

Nevertheless，Dinosaur 188bet Online Sports Betting and Casino is still seeking external expansion，Discoverable by combing，It has been with Suqian, Jiangsu Province in recent years、Signed corresponding cooperation agreements in Kunming, Yunnan and other places，As of September 2019，Dinosaur 188bet Online Sports Betting and Casino official website said，"Dinosaur 188bet Online Sports Betting and Casino Group and Suqian Municipal People's Government reached strategic cooperation"。

For questions about the progress of the above projects in the Dinosaur 188bet Online Sports Betting and Casino，The reporter previously sent a letter to the Dinosaur 188bet Online Sports Betting and Casino，But as of press time，No reply message。

*Source of this article：China Business Network，Author：Fang Chao, Tong Haihua，Original title: "The third IPO in four years: Dinosaur 188bet Online Sports Betting and Casino’s ambitions and challenges》.