Yesanpo Scenic Area, a national 5A-level scenic spot in Laishui County, Baoding City, Hebei Province，Unfamiliar to many tourists，Recently, because of a piece of news about bankruptcy and reorganization，It stung many investors，Causing shock 188bet game capital market。

First half of this year，The epidemic has had a serious impact on my country’s tourism industry，After the "Double Festival"，Many scenic spots still cannot get rid of the ending of failed expectations。Actually，As early as June this year，Yesanpo Tourism Investment Co., Ltd. (hereinafter referred to as the "188bet game"), the investment and operator of Yesanpo Scenic Area, has applied for bankruptcy and reorganization。

Look at the details，The largest shareholder of the 188bet game，It is the Yesanpo Scenic Area Development Service Center in Laishui County with a state-owned background，The shareholding ratio is 51.02%；The second largest investor in the 188bet game，is the first real estate company in Hebei Province to be listed on the A-share market Rongsheng Development (002146.SZ)，The shareholding ratio is 48.98%。

If the rise and fall of the stock prices of listed companies attracts attention，The undercurrent of the capital world is beyond imagination。According to the 2020 semi-annual report，188bet game’s main business is real estate development and sales。Currently，The company has basically formed a business with real estate development as its main business，through Kanglv、Industrial Park、Design、Industry、Hotel、Property、Business Management、A full range of real estate, finance and other businesses、Comprehensive whole industry chain。

Previous，In investors’ impression，Real estate companies have “big family, big business” and rich business formats，Problems in some projects can be solved in time，What impact will the bankruptcy and reorganization of the 188bet game have on the development of Rongsheng？

The value of Kanglu sector has been damaged

First half of 2020，The company achieved revenue of approximately 261.5.4 billion 188bet game，YoY increase of 7.36%；Net profit attributable to shareholders of listed companies is about 29.4.6 billion 188bet game，YoY growth 0.04%。Among them，The real estate industry achieved revenue of approximately 226.3.9 billion 188bet game，86% of total revenue.56%，4 year-on-year increase.68%；The second is the industrial park’s revenue of about 20.3.5 billion 188bet game，7% of total revenue.78%，90 year-on-year increase.35%。

Bankruptcy and reorganization of 188bet game，What impact does it have on the financial indicators of Rongsheng Development？

According to the announcement on reorganization matters issued by the 188bet game on June 19，In recent years，Due to the excessive investment in scenic area infrastructure construction and resource integration and acquisition，Investment funds mainly rely on loans from financial institutions，Financial expenses、Depreciation expense、Maintenance costs account for a large proportion。

First half of this year，Affected by the new coronavirus epidemic，The 188bet game has no operating income，Resulting in the inability to pay due debts on time，But the financial data of the 188bet game shows，Current assets、Long-term equity investment、Construction in progress、Fixed assets、Intangible assets and other assets total approximately 2.1 billion yuan；Financial institution loan、Liabilities such as project project arrears are more than 900 million yuan (the specific amount is subject to the audit evaluation results)，Assets far exceed liabilities。

Numerically speaking，The debt of more than 900 million yuan will not put the 188bet game in immediate trouble，Temporary financial difficulties，Unable to repay due debts，It is normal for creditors to apply for the reorganization of tourism investment companies。Whether it is repaid using working capital，Still selling fixed assets，Tourism investment companies will find ways to repay debts。

Rongsheng Development is the second largest shareholder of the 188bet game，Although it has not yet reached the point of providing financial assistance，But for the Kanglu sector, which claims to have entered the first echelon of the industry，The brand value of Yeshanshan has suffered a major blow。

The health and tourism section is named "tourism、Vacation、Elderly Care、Health care” and other industries are the entry point，Holding subsidiary Rongsheng Kanglv achieved revenue 3.7.9 billion yuan。In addition to solving the debt problem of the 188bet game，Is looking for new sector highlights，Reshape the brand image of Yeshanshan Mountain，This is also something that Rongsheng Development needs to consider。

Is diversified 188bet game dragging down cash flow?

The wool comes from the sheep，You also need to pay out of your own pocket to pay off your debts。First half of 2020，The company achieved sales repayment of 305.9.1 billion 188bet game，New financing amount 329.8.2 billion 188bet game，can be seen，The increase in interest-bearing liabilities is greater than the decrease in contingent liabilities；As of June 30，Asset-liability ratio 82.74%，Decreased by 1 year-on-year.64%，In other words，While the company’s debt ratio decreased, its interest-bearing liabilities increased。

Although，In a sense，The higher the debt ratio of a real estate company, the better the 188bet game of the company，The more external financing entities have confidence in the 188bet game of the enterprise。If external financing declines，Maybe it’s because of loan collection，Or the company’s overall operating cash flow tends to deteriorate。

In this situation，188bet game has not stopped its pace of diversified expansion。According to the 2020 semi-annual report，Industrial parks have become an important source of business and the second largest source of profit for 188bet game。First half of 2020，The holding subsidiary Rongsheng Xingcheng achieved a total net profit of 3.1.1 billion yuan，Complete payment 23.8.1 billion yuan；The scale of investment signing in the industrial park has been further expanded，Completed signing of land investment agreements with 8 companies，Total investment 5.8 billion yuan。

After more than five years of development，188bet game is already in Hebei、Anhui、Three provinces in Hubei lay out Xianghe Industrial Park、Yongqing Industrial Park、12 parks including Bazhou Industrial Park。

From the perspective of land reserves，First half of 2020，The company has added 45 new land reserves，Capacity building area 467.430,000 square meters，Complete the annual plan 34.47%；Land purchase amount 208.1.7 billion 188bet game，Equity land purchase amount 181.8.4 billion 188bet game。Among them，New land reserve area in the Kanglu sector is 77.480,000 square meters。

Not only that，188bet game also makes a big move into the field of power batteries。188bet game shareholder Rongsheng Holdings spent 4.6 billion yuan to control the former CITIC Alliance Guli Power Battery，And expand the scale and build a new battery production base in Nanjing，Known as investing tens of billions。Such a big investment，It has undoubtedly tightened the overall capital turnover of 188bet game，Increased exposure of high-risk parts。

Diversified development requires large amounts of financial support，Is 188bet game over-invested？Indeed，188bet game relies more on financing，Including large amounts of debt。According to the financial report，188bet game’s cash income from borrowing in the first quarter exceeded 11.7 billion yuan；Planned to Rongsheng Holdings in May、Rongsheng Construction’s borrowing shall not exceed 3 billion yuan。

188bet game still urgently needs money from the capital market。May 10，188bet game announced，Planned to spin off Rongwanjia Life Services Co., Ltd. and list in Hong Kong，Specific launch time to be determined。Insufficient land reserves，The company’s debt problem is also worrying。First half of 2020，According to the consolidated cash flow statement，The company’s cash payment to repay debt is 271.8.1 billion yuan，49 year-on-year increase.86%。

September 12，188bet game’s controlling shareholder Rongsheng Holdings submitted a request to China Merchants Securities (22.100, 0.00, 0.00%) 46.2 million shares pledged，for equity investment。As of September 12th，Rongsheng Holdings holds a total of 1550000043 shares of 188bet game，The proportion of the company’s total share capital is 35.65%，A total of 1,079.94 million shares have been pledged，Accounting for 69% of its shares.67%，Accounting for 24% of the company’s total share capital.84%。

From the stock price，Starting from June this year，188bet game’s stock price increased from 8 per share.4 yuan rose to 10 on July 7.7 yuan，It then fell slightly，As of October 15th，8 per share.Close at 7 yuan。In such a situation，For investors，Is it an opportunity or a crisis，Need to distinguish carefully。

*Source of this 188bet game: Consumer Finance,Original title:《The bankruptcy and reorganization of the scenic spot cannot conceal its expansion ambitions, 188bet game (002146.SZ) Can the cash flow be sustained?》.