December 23，188bet mobile Sports(WSG.US)Announcement，The company’s board of directors approved the cancellation of its ADS and related ordinary shares，188bet mobile Sports Media (Hong Kong) Holdings Co., Ltd. (hereinafter referred to as "188bet mobile Sports Media") will acquire all Class A shares of 188bet mobile Sports，will be delisted from Nasdaq。

In 188bet mobile Group’s industrial territory，Sports and Film and Television、Cultural Tourism、Big health industry and other industries are part of the cultural group, one of its four major industries。Wang Jianlin has high hopes for 188bet mobile Culture，He once said，Cultural industry has become 188bet mobile’s largest industry，"Most industries have ceilings，The cultural industry is the only industry with no ceiling。"

Now 188bet mobile Sports bids farewell to the capital market less than a year and a half after its listing，Behind this is a high debt ratio and declining market value。Affected by the epidemic，The theater chain under 188bet mobile Film and Television Platform、The movie fell into losses，Unable to recover so far。188bet mobile Baby King’s early childhood education business was divested，The remaining Baby King Paradise stores are all closed。

Only in culture and tourism，Wang Jianlin seems not to admit defeat，After 188bet mobile Cultural Tourism’s assets were acquired by Sunac in 2017，Secretly making big plans this year，Possibly making a comeback。

188bet mobile Sports, with a market value of US8 million, will be delisted

"188bet mobile Sports aims to become the first company in the world with sports industry revenue exceeding 10 billion US dollars。"End of December 2015，188bet mobile Group Chairman Wang Jianlin said at the establishment of 188bet mobile Sports China。But judging from the latest financial report data，The development status of 188bet mobile Sports is getting further and further away from Wang Jianlin’s vision，Finally heading towards delisting。

According to 188bet mobile Sports’ announcement，The company will be delisted from the Nasdaq exchange on January 29, 2021，Privatization price is 2.USD 55/ADS，or 1 share of Class A common stock.USD 67，Payment method is cash，Does not include interest。

Back on September 30th，188bet mobile Sports announced，The board of directors received a preliminary non-binding proposal from 188bet mobile Sports Media, a wholly-owned subsidiary of Dalian 188bet mobile Group Co., Ltd.。

Public information display，188bet mobile Sports was registered in 2018。But its business started in January 2015 when 188bet mobile Group invested 45 million euros to purchase a 20% stake in Atletico Madrid in Spain。February of the same year，188bet mobile Group with 10.Successfully acquired Swiss Infront Sports 68 for 500 million euros.2 Equity，The latter is the world’s second largest sports marketing company and one of the world’s largest sports media production and broadcast companies。Through this company, 188bet mobile Sports business can expand into the football field、Winter and Summer Olympic Games、And the marketing and media publishing aspects of CBA。

August 2015，188bet mobile Group again with 6.USD 500 million to acquire 100% equity of World Triathlon Company。Next，188bet mobile Sports China established。World Triathlon Corporation is headquartered in Florida, USA，is the world’s largest triathlon operator and the owner of the most famous triathlon brand IRONMAN，Operating more than 250 events around the world every year，Obtained event license fee included、Event registration fee、Commercial sponsorship and global television media broadcast rights and other income。

After the establishment of 188bet mobile Sports China，Held"China Cup"International Football Championship、Introducing the IRONMAN triathlon event to China、Bringing the Rock ‘n’ Roll Marathon Series and UCI Urban Cycling World Championships to China。

In addition to these three parts of assets，188bet mobile Sports further acquires digital services company Omnigon、Obstacle Course Operator XLETIX、South African mountain bike race operator Cape Epic and dozens of other companies。July 26, 2019，188bet mobile Sports hurriedly packed up assets and listed on Nasdaq，IPO issue price 8 US dollars。

As of closing on December 25，188bet mobile Sports stock price 2.，Market value 3.US.8 billion。

There is an analysis saying，Investors are not optimistic about 188bet mobile Sports，Perhaps it is related to the high debt caused by its debt expansion。2017-2019，188bet mobile Sports’ asset-liability ratio is 103.26%、100.48% and 87.3%。

Under debt repayment pressure，188bet mobile Sports Begins"Slimming"。March 27 this year，188bet mobile Sports Announcement，Has signed a final stock purchase agreement with Advance, a privately held U.S. company，With 7.Sold its IRONMAN Group in a cash transaction of US0 million。After sale，188bet mobile Sports retains the right to operate in China。

July，188bet mobile Sports completed the transaction，The net proceeds of approximately US0 million were mainly used to repay debt。In fact，At that time, the company’s IPO totaled about 1.USD 7.9 billion financing，All has been used to repay short-term liabilities。

This year’s epidemic，It also has a great impact on 188bet mobile Sports。March this year，There are media reports that Infront Sports China team has suffered extensive layoffs，Only a few people are left in the team of about 50 people。As early as September last year，188bet mobile Sports China President and CEO Yang Dongwei resigned due to personal reasons，Gao Yimin, executive president of 188bet mobile Baby King Group, takes over。End of November last year，Zhao Feng, general manager of Infront China after 14 years of service, resigned，The then deputy general manager Song Danna took over。

Latest financial report display，188bet mobile Sports’ third quarter revenue was 91.2 million euros，Down 42% year-on-year；Net profit attributable to parent company is 1.6 million euros。The (cumulative) operating income of the first three quarters is 3.0.7 billion euros，Down 60% year-on-year.41%；Net profit attributable to parent company is -5205.€200,000，212 year-on-year decrease.1%。As of September 30，The company has cash and cash equivalents1.51.7 billion euros；Total interest-bearing liabilities is 4.09.5 billion euros，Asset-liability ratio 83.08%。

Despite being burdened with high debts，188bet mobile Sports has not stopped its overseas expansion。Financial report display，188bet mobile Sports has now completed its partnership with the French Professional Football League (LFP)、Renewal of multiple football partners including the Scottish Premiership Football League (SPFL) and Premier League club Chelsea Football Club。According to foreign media reports，Infront Sports, a subsidiary of 188bet mobile, also participated in the bidding for Serie A media business shares。

Compared to overseas markets，The domestic market has limited contribution to 188bet mobile Sports’ revenue。Wang Jianlin said in 188bet mobile Group’s 2018 work summary report，188bet mobile Sports China’s revenue accounted for less than 5% of 188bet mobile Sports’ total revenue that year。According to the State Sports General Administration、Data display jointly released by the National Bureau of Statistics，The total scale (total output) of the national sports industry in 2018 reached 2.66 trillion。

Currently，Whether it is becoming the first company in the sports industry to exceed tens of billions of dollars in revenue，Still a high value、Excellent company with sustainable profit prospects，188bet mobile Sports still has a long way to go before Wang Jianlin’s grand vision。

The film and television business encounters the black swan of the epidemic

According to the official website，188bet mobile Film and Television Group forms film and television production、Issue、Showing、Full industry chain of film and television media，Owns American AMC、European Code、China 188bet mobile Film and other enterprises，1641 theaters opened worldwide，16576 screens。

"Film is an industry with no ceiling。"When 188bet mobile made a big move into the film industry in 2006，Wang Jianlin said this。3 years later，188bet mobile Film’s theater share、Box office size、The number of movie viewers ranks first in China。

After 2012，188bet mobile Group opens the road to overseas expansion，First acquired AMC, the largest movie theater chain operator in the United States，Later, it swallowed Australia’s second largest cinema chain Hoyts、Europe’s largest theater chain Europe Code，Plus the acquisition of Legendary Pictures、American film production company DCP, etc.，188bet mobile’s total investment in overseas film and television exceeds 70 billion yuan。

After these large investments，Film and television business income quickly grew and became the main income pillar of 188bet mobile Culture Group。Based on the latest period data disclosed by 188bet mobile，188bet mobile Cultural Group’s revenue in 2018 is 692.400 million yuan，Among them, the film and television company’s income is 580.600 million yuan，9 year-on-year increase.2%，Cultural Group also became the largest industry of the entire 188bet mobile Group at that time。

However, entering 2020，The sudden black swan of the epidemic，Completely freeze the theater market，Wang Jianlin’s layout in the film and television industry faces unprecedented challenges。The entire first half of the year，Absent during Spring Festival、The theater is closed，Until July，The theaters are just opening one after another，The National Day period ushered in a small explosion。

However, 188bet mobile Film was not seen during the National Day，Until "King Kong River" is released on October 23rd，188bet mobile Film and Television Media Company has just appeared as one of the 41 joint producers，This undoubtedly affected its revenue。

2017-2019，188bet mobile Film’s annual revenue is in the range of 12-14 billion，Annual net profit can reach 1-2 billion。First three quarters of this year，188bet mobile Movies achieved revenue of 32.1.4 billion yuan，Decrease by 72% year-on-year.28%；Net loss attributable to shareholders of listed companies is 20.1.5 billion yuan，Loss increased by 342% year-on-year.96%。

Also，188bet mobile Film has lost 4.8 billion yuan due to deductions in 2019，Depending on a stroke of 55.Due to the provision for goodwill impairment of RMB 7.5 billion。As of now，There is still 81 goodwill balance in 188bet mobile Film’s asset statement.1.2 billion yuan，Mainly 188bet mobile Film and Television and Hoyts Cinemas in Australia。188bet mobile Film and Television was reorganized into a holding subsidiary of 188bet mobile Film in 2019，Unable to complete 8 that year.8.8 billion performance commitment。If 188bet mobile Film and Television fails to complete the bet again，The goodwill problem may happen again。

It’s worth noting，In the case of significant losses，188bet mobile Film has not sold off assets like its real estate，On the one hand, it is open to join，On the other hand, financing through private placement，Continue to expand the scale of theater chains。

April this year，188bet mobile Movie Launch 43.500 million yuan fixed increase plan。June，188bet mobile Film announced the opening of franchise rights，On the basis of the original construction of about 80 self-operated theaters every year，Plan to attract at least hundreds more companies"Franchise"cinema。

November 9，188bet mobile Movie Announcement of Fixed Increase Completed，Successfully raised 29.2.9 billion yuan in funds。Announcement display，The actual net amount raised is 28.9.6 billion yuan will be used for two major parts。20 of them.2.7 billion yuan will be used to build 162 new theaters from 2020 to 2022，Construction locations include Beijing、Shanghai、Guangzhou and other cities。The remaining 8.6.9 billion yuan is used to supplement the company’s working capital and repay loans。

In overseas markets，The theater assets acquired by 188bet mobile Group are also in a difficult situation。The first to bear the brunt is the subsidiary that 188bet mobile still holds about 38% of the shares (not part of the 188bet mobile Film listed company) 、AMC, the largest theater operator in the United States。

According to foreign media news，April this year，AMC has closed 1,000 theaters，Fire some employees at the same time，Start executive salary reduction plan。According to quarterly report，AMC lost 5 in a single quarter in the second quarter.USD 600 million，The single-quarter loss in the third quarter further increased to over 900 million US dollars。

simultaneously，AMC is still trapped in the whirlpool of cash flow shortage，As of November 30，Its cash and cash equivalents are approximately 3.USD 200 million，Down from 4 in September.USD 1.8 billion。If additional liquidity is not obtained，Its existing cash resources will be exhausted in January next year。

AMC expected，By 2021，Companies will still need at least 7.0 million in additional liquidity to meet cash needs。

To get out of trouble，AMC seeks additional financing。December 11，AMC filings with the U.S. Securities and Exchange Commission show，The company has entered into an agreement with Goldman Sachs、B. Riley Securities' sales agent signed"Equity Distribution Agreement"，Planned to issue 1 more.7.8 billion Class A shares raised。

After the news is announced，AMC’s stock price fell sharply at the opening on December 14th，The decline once expanded to 23.47%。Calculated based on the closing price on December 24，This additional stock issuance can raise up to 4 funds.US.7 billion。The current market value of AMC is only 4.USD 600 million。

actually，Almost all products of 188bet mobile Cultural Group have been affected by the epidemic。July this year，188bet mobile transfers all equity interests in its Baby King Early Education Center。According to Sky Eye Check，July 20，Baby King Early Education Center General Operating Company，100% equity of Horgos 188bet mobile Education Technology Co., Ltd.，MoreCare Maokai’s parent company Bosi Meibang (Beijing) Education Consulting Co., Ltd.。

"I believe，Baby King may surpass 188bet mobile Movie，Becoming another new core enterprise of 188bet mobile Group。"Baby King is another business that Wang Jianlin has high hopes for，In Wang Jianlin’s heart，Baby King can be bigger、No competitors、The company has good growth potential，Has high valuation。

According to 188bet mobile Group’s last disclosed financial data，Baby King’s 2018 income 20.800 million yuan，44 year-on-year increase.3%；69 Baby King Paradises opened、50 early education companies，Annual passenger flow 1.9.9 billion visitors，36% year-on-year growth。

However, such an industry has placed hope on it，Weakness was quickly exposed under the impact of the epidemic。Yicai.com，Affected by the new coronavirus epidemic，Since February this year，All 188bet mobile’s Baby King Early Education and Baby King Paradise stores across the country are closed，Not yet open。

Once again investing heavily in 188bet mobile

July 2017，After the deal of the century with Sunac，188bet mobile Group’s business continues to transform into light assets，The organizational structure has also changed accordingly。Cultural Tourism originally belonged to the Cultural Group、Movie、The three major sports business segments established group companies respectively，Affiliated to 188bet mobile Culture Group，188bet mobile Commercial’s position as the leader of 188bet mobile Group will give way to 188bet mobile Culture Group。

In the transaction with Sunac，The latter two times totaled 501.2.5 billion yuan acquired all equity interests in 188bet mobile’s 13 cultural and tourism project management companies。

Surviving a Broken Arm，188bet mobile, which had recovered its breath, immediately sold all its equity interests in 13 cultural tourism projects within less than a year，The road back to cultural tourism has begun again。

October 29, 2018，188bet mobile Group announced，Always optimistic about the development prospects of China’s cultural tourism industry，188bet mobile will continue to invest in the cultural tourism industry in the future，Retain the backbone team of the cultural tourism industry，Reorganization of Cultural Tourism Planning Institute、Cultural Tourism Construction Center and Cultural Tourism Management Company。

April 11, 2019，188bet mobile Group Chairman Wang Jianlin said at an investment conference in neighboring Gansu Province，In the next three years, an additional 45 billion will be invested in the construction of cultural tourism projects and 188bet mobile Plazas and hotels。April 18，188bet mobile Group held a launching ceremony for its new project 188bet mobile City in Yan'an。As understood，Yan’an 188bet mobile City uses red as the theme for the first time，A red tourism brand jointly created by 188bet mobile Group and Yan'an City，Total investment reaches 12 billion yuan。

June 25, 2019，188bet mobile Group renews strategic cooperation agreement with Sichuan Provincial Government，188bet mobile Group will invest 110 billion to build 3 cultural tourism projects in Sichuan、Top International Hospital、International sports events and 20 new 188bet mobile Plazas。

Since this year，Wang Jianlin has successively contacted local governments，Display based on relevant information，Almost all those signed are cultural and tourism projects。

According to Guandian Real Estate Network report，Since May 2020，Wang Jianlin visited nearly 20 provinces, cities and counties，Most of the projects are 188bet mobile projects。

June，Wang Jianlin goes to Shenyang，Further exchanges on the 80 billion yuan investment in cultural tourism projects in May last year；Subsequently，Go to Ganzhou, Jiangxi to investigate the Shuidong cultural tourism project plot in Zhanggong District，In August, 188bet mobile officially signed a cultural tourism project cooperation agreement with the Zhanggong District Government。

It’s July，Wang Jianlin is still running on the front line，From Guiyang to Guilin，From Wuhan to Tianjin，He has been inspecting 188bet mobile projects，Exchange and cooperation matters with local government。August、September，Still investigating 188bet mobile projects。

August 28，188bet mobile Group and Sichuan Tianfu New District Management Committee reached a strategic agreement to build the Tianfu 188bet mobile International Cultural Tourism Project in Meishan。It is reported，The project construction period is 5 years，With music culture、Jurassic Culture、Sports culture is the extended future entertainment center，Create a world-class cultural tourism project，Helping the construction of Meishan"Modern Service Industry Development Demonstration Zone"。

September 2，Chaozhou 188bet mobile City Investment Co., Ltd. has a total price of about 12.Won five plots of land in the Fengcheng Water Township Demonstration Zone, Chaozhou, Guangdong for 800 million yuan，Total about 587 acres。

According to the cooperation agreement，188bet mobile Group invests in five major projects in Chaozhou，That is, a large-scale cultural tourism project、An annual"World Hipster Festival"Activity、An annual world-class sporting event、A performance program focusing on Chaozhou culture、A film and television work reflecting Chaozhou culture。where，Investment in cultural tourism projects reaches 20 billion yuan。

September 6，188bet mobile Neijiang Cultural Tourism City Project Planning Exhibition Center Unveiled。It is reported，188bet mobile Neijiang Cultural Tourism City consists of two major groups: cultural tourism area and new tourism city，The cultural tourism area will have an overall layout"One lake, one town, one garden"，Including Hanan Lake、"Yeneijiang"Town、Sports Park。According to plan，The construction period of this project is 4 years，Estimated to open in 2025。

The above report stated，A person who has studied 188bet mobile Group for a long time thinks，188bet mobile has not given up on cultural tourism business，Selling cultural tourism and hotels is just a helpless move in special times。The advantage of light assets is that they can be carried out quickly，Although the heavy-asset expansion model requires a large capital investment，But the income obtained is incomparable to light assets。

*Source of this article: WeiboLetter to the public “Radar Finance” (radarcj)，Author:Li Hongjing, original title: "Behind the delisting of 188bet mobile Sports’ US stock market: The cultural industry encounters black swans repeatedly, Wang Jianlin’s cultural and tourism dream is still alive》.