It is never easy for travel companies to go public，2020 will be particularly difficult。

As the last travel company to announce an IPO in 2020，Shaanxi Tourism not only bears the pressure of the "World War II" IPO，It also hides the capital market plot of another provincial tourism group。

Recent，Shaanxi Tourism Announcement，Planning to apply for an initial public offering of shares and be listed on the main board of the Shanghai Stock Exchange，And officially suspended from trading on the New OTC Market on December 21st。

Initiate the second "transfer" sprint，The pressure of tourism in Shaanxi is obvious。Affected by the external environment，Its operating conditions in 2020 are not ideal，Sudden revenue drop、Cash flow is tight，There is no obvious action in terms of financing。

And its parent company Shaanxi Tourism Group (hereinafter referred to as "Shaanxi Tourism Group")， Not long ago, it entered the top 20 China Tourism Group for the first time，But it currently has no listed companies，Further integrate resources in provincial tourism groups、Building incremental projects involves many large investments，As well as increasing the size of assets and other needs，Promote listing and financing，Becoming one of the more urgent choices，This may be one of the driving forces for Shaanxi Tourism to "fight" A-shares again。

Within the past year，After experiencing the stock transfer and the black swan of the epidemic，The demand for Shaanxi tourism listing becomes more urgent。With the arrival of the new year，Can Shaanxi Tourism’s A-share dream get off to a good start？

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Same as most travel companies，2020 is not an easy year for Shaanxi tourism。

Under the impact of the epidemic at the beginning of the year，The scenic spot is closed、Visitors “return to zero”。Shaanxi Tourism Performing Arts、Ropeway Passenger Transport、Various business sectors such as tourism and catering have also closed down。

Although it stated in the 2020 semi-annual report，I am “actively cultivating internal strength” during the shutdown period，Specifically including the modification and improvement of the 2020 version of "Song of Everlasting Sorrow"、Intensify the inspection and maintenance of cableway equipment，And cooperate with multiple group buying platforms to launch new catering products，But the impact of “black swan” cannot be underestimated。

First half of 2020，Shaanxi Tourism and Performing Arts Income 1502.030,000 yuan，Decrease of 81 year-on-year.50%，Tourist Ropeway Passenger Transport Revenue 2715.760,000 yuan,Decrease 82 year-on-year.50%；Tourism and catering income 1236.260,000 yuan，49 year-on-year decrease.86%。

Screenshot source/Shaanxi Tourism 2020 Interim Report

Income from three major businesses dropped sharply，Resulting in a sharp decline in key operating indicators。First half of 2020，Shaanxi Tourism achieved operating income of 5555.010,000 yuan，Decreased by 78 year-on-year.84%；Net profit attributable to the parent dropped to -3517.170,000 yuan，156 year-on-year decrease.21%；Operating cash flow is -2484.970,000 yuan，117 year-on-year decrease.88%。

Screenshot source/Shaanxi Tourism 2020 Interim Report

Deterioration of core operating indicators，To a certain extent, it reflects the difficulties faced by travel companies in the first half of 2020，Especially for enterprises with relatively single business such as Shaanxi Tourism，The ability to resist risks is still fragile，Resulting in constant "blood loss" at least in the first half of last year。

However，From the perspective of changes in ownership structure，Shaanxi Tourism’s attempt to switch to A-share IPO，It never seems to stop。

During November to December 2019，CITIC Mezzanine (Shanghai) Investment Center, the second largest shareholder that has been associated with Shaanxi Tourism for four years, officially withdraws。November 2015，CITIC Mezzanine with 570.290,000 yuan to invest in Shaanxi Tourism，Indirect shareholding ratio 48.33%，Experienced NEEQ listing with Shaanxi Tourism。

In two shareholding reduction announcements，The purpose of changes in CITIC mezzanine equity is shown as “voluntary reduction of shareholding by information discloser”。An industry insider told Zhihui，The exit of CITIC Mezzanine may be due to the expiration of the fund period and liquidation required。

With the withdrawal of CITIC Mezzanine，Shaanxi Tourism welcomes two “star shareholders”。

End of 2019，Ningbo Fengwen Equity Investment Fund Partnership (Limited Partnership)、Hangzhou Guoting Equity Investment Fund Partnership (Limited Partnership)、Three companies of Chengdu Sichuan Shang No. 2 Equity Investment Fund Center (Limited Partnership)，Obtained Shaanxi Tourism 22 through agreement transfer.83%、7.17%、15.10% equity。

Screenshot source/Shaanxi Tourism 2020 Interim Report

Data display，Ningbo Fengwen、Hangzhou Guoting is a fund under Ping An of China，Chengdu Sichuan Shang No. 2 is another subsidiary company of New Hope Group。These two equity transfers are also regarded as Ping An Ma Mingzhe of China、New Hope Liu Yonghao and others “invested in” the symbol of Shaanxi tourism。

The joining of “Ping An” capital，It is China Ping An’s joint venture with Country Garden in 2015、Huayi Brothers、Haichang Group、After Sasseur and others launched the “Ping An Cultural Tourism Industry Fund”，Another move in the field of cultural tourism。March 2019，With the cancellation of the company "Ping An Cultural Tourism Hui Nanjing Cultural Tourism Industry Development Fund (Limited Partnership)"，Ping An seems to have lost its “handhold” in the cultural and tourism industry，And the gross profit margin is as high as 68.Shaanxi Tourism, which is 1% and planning an IPO, may be a good new investment target。

Other side，End of 2019，New Hope’s Seed Paradise in Chengdu is about to be completed，Buying a stake in Shaanxi Tourism is regarded as the first step for its cultural tourism layout to expand beyond Sichuan。

Overall，Both of them have "conspiracies" in the cultural tourism sector, but they are not yet deeply involved。Cooperation with Shaanxi Tourism，Can further maintain the complementary advantages of the “mixed-ownership reform” of state-owned enterprises；At the same time for the market，With the support of well-known capital，The possibility of a successful IPO of Shaanxi Tourism and its development prospects are also optimistic。

The time and trend of switching to A-shares

In fact，This year is not the first time Shaanxi Tourism has launched the “Transfer A” plan。2017，It was listed on the New OTC Market less than half a year ago，Have been intensively planning to change the name and transfer IPO。

188bet app download Shaanxi Tourism first stated in April 2017，"To expand the company's brand influence，Integrated with the company’s development strategy”，The company name was changed from "Shaanxi Tourism Design Institute Co., Ltd." to "Shaanxi Tourism Culture Industry Co., Ltd."。

Subsequently，Also submitted the listing guidance filing materials to the Shaanxi Securities Regulatory Bureau in July of that year，And accept listing counseling from Huajing Securities Co., Ltd.。

At that time，Zhang Chi, chairman of Xinding Capital, once told the media，The threshold for applying for listing counseling from the local regulatory bureau is very low，Basically all NEEQ companies can receive listing coaching。On the one hand, he may really want to rush for an IPO，On the other hand, it may just create momentum to increase the stock price。

The logic of Shaanxi Tourism’s eagerness to “turn to A” is not difficult to understand.

Everyone knows，Compared to the A-share market，NEEQ has weak liquidity，Enterprise financing is also more difficult，Many companies even log on to the New OTC Market，It is also difficult to solve the problem of sluggish trading。In this context，NEEQ is regarded as the "springboard" for some companies to enter the main board market，Becomes the reserve team for many A-share IPOs。

Shaanxi Tourism from New Third Board to A-share listing，The above factors cannot be ruled out。For Shaanxi tourism，NEEQ cannot meet its long-term funding needs for business development and expansion，Compared revenue with main board listed companies、Profit scale is always limited。

The IPO of Shaanxi Tourism was abandoned because there was no follow-up action。But judging from various operating indicators，Three years from 2017 to 2019，Shaanxi tourism operation and growth are relatively stable，The main business is still focused on the daily operation and optimization of the three core products，Financing needs are not urgent yet。

Screenshot source: Oriental Fortune Network

2020 becomes a turning point。December last year，Shaanxi Tourism launches second IPO。On the market now，The external and internal environment have undergone tremendous changes。

External，Shaanxi tourism has inevitably experienced the heavy pressure of the epidemic，And the slow recovery of the tourism market within a year。Internal，Enterprise revenue in the first half of last year、Profit、Sudden decrease in cash flow，Financing cash flow decreased by 15% year-on-year.05%，Mainly due to the lack of financing during the reporting period。

At the same time，Taian Xiudu Project、Shaohuashan Cableway Capacity Increase、Comprehensive office and business center project、The "Song of Everlasting Regret" performance renovation and other projects are still under construction，Shaanxi tourism at this time needs more continuity than three years ago、Stable financing channels to obtain financial support。

There is another detail worthy of attention，Just one day before Shaanxi Tourism announced its intention to go public，Its parent company Shaanxi Tourism Group (hereinafter referred to as "Shaanxi Tourism Group") was shortlisted for the first time among the top 20 Chinese tourism groups。

In the selection of this list，Operating income is the only dimension，To some extent, it proves the revenue capability of Shaanxi Tourism Group this year。But as one of the three major tourism companies in Shaanxi Province，Other two Qujiang cultural hotels、Xi’an Tourism has already been listed in 1996，There is no main 188bet online sports betting board listed company under Shaanxi Tourism Group yet。

Data display，Shaanxi Tourism Group is a state-owned capital investment and operating institution authorized by the Shaanxi Provincial Government，Core business includes tourism services、Tourist Complex、Tourism culture and tourism technology、Tourism Investment and Finance，Covered joint stock companies、Junjing Group、Yan'an Company、Ten major sectors including investment holding companies and ten secondary groups。

In recent years，As competition intensifies in the domestic cultural tourism market，Provincial tourism groups to enhance competitiveness，Started to integrate existing resources，Existing tourism products are relatively traditional，Update and iterate traditional tourism products，These actions are often accompanied by the investment of large amounts of financial resources。For provincial tourism groups，Resources integrated by most enterprises、Existing tourism products are relatively traditional，Meeting new needs、Iterative new supply，And enhance competitiveness，They all have shortcomings of varying sizes，So we must integrate new resources，Second, we must create new projects，Everyone needs to "throw" money，Coupled with the large investment in new business formats and comprehensive cultural tourism projects、Long return period，brings considerable financial pressure。At the same time，Further expand the scale of one’s own assets，It is also one of the demands of provincial tourism groups。

Someone from a provincial tourism group once told Zhihui，Provincial tourism groups generally invest heavily in cultural tourism projects，In terms of investment amount, it is mostly mid-to-high-end，Low-end ones are generally not done，It’s not that I disdain low-end projects，For example, the local government looks down upon it，For example, the local government looks down upon it。

Someone from a provincial tourism group once revealed，Projects below 500 million yuan are basically "wasted"，Most of the projects invested are over 500 million yuan。Another provincial tourism group told Zhihui，The cultural tourism projects invested by this group are generally worth one billion、Two billion level，There are also tens of billions levels。

For example, Shaanxi Tourism Group，November 3, 2017，It signed the "Strategic Cooperation Framework Agreement on Joint Development of Eco-tourism" with the Shaanxi Provincial Forestry Department，Total funds 15 billion yuan。

In the above case，Promote the listing of enterprises or subsidiaries，It is an effective way to broaden financing channels，Hubei Cultural Tourism Group, which has obvious intention to go public recently (promoting the listing of its subsidiaries)、Jiangxi Tourism Group and others are examples。

around 2017，Shaanxi Tourism Group promotes its subsidiary Juntu.com、Shaanxi Tourism has been listed on the New OTC Market，Maybe this is also the intention。

where，Juntu.com belongs to the tourism e-commerce industry，Through the self-built Internet sales platform，Provide electronic tickets for scenic spots、Online booking of hotel reservations, travel routes and other products，The revenue structure is mainly online travel services、Technical services and big data marketing，Does not involve the creation and operation of offline scenic spot products。

Compared to Juntu.com，Backed by famous scenic spots、Shaanxi Tourism with well-known products and introduction of high-quality capital，The possibility of transfer 188bet Online Sports Betting and Casino and listing may be greater。

IPO: starting point or end point?

Listing on the New OTC Market is not the end of Shaanxi tourism，Moving to A-shares becomes his next target。

Involvement of Ping An and New Hope Funds，Means the possibility of Shaanxi Tourism cooperating with more financial resources in the future。With such favorable blessings，The difficulty of listing Shaanxi tourism may have decreased。

However，If the IPO passes smoothly，Shaanxi Tourism, which has landed on the A-share market, will also face more tests。

First of all, there are regional limitations. 

The core business of Shaanxi Tourism is currently concentrated in Shaanxi Province，Obvious regional characteristics。A little more detail，The live performance "Song of Everlasting Sorrow" is located in the Huaqing Palace Scenic Area、Xifeng Cableway is located in Huashan Scenic Area，There is only one Tang Le Palace Song and Dance Theater。In addition，Tourism planning and design business involves Hanzhong、安康、Planning of Baoji and other cities and other scenic spots，Most of them are also distributed in Shaanxi。

When listed on the New Third Board，Shaanxi Tourism once stated that “it has been looking for tourism resources nationwide in recent years”，Intention to copy core tourism products in other provinces and cities。Except for the ropeway，The other two major performing arts projects are based on the culture of the Tang Dynasty，Does it need to be integrated with local culture after the project is exported、How to integrate and other issues，All of them increase the difficulty for the off-site replication of Shaanxi’s core tourism products。

September 2019，Shaanxi Tourism Announcement，Planned to cooperate with Tai’an Tourism Economic Development Zone Management Committee for investment，To create an immersive cultural experience park project "Tai'an Xiudu" covering an area of ​​about 350 acres。Currently，This project is still under construction，Project Planning、The presentation form has not yet been made public。But what is known is，"Tai'an Xiudu" was located on the bank of Tianping Lake in Tai'an (now Tai'an West Lake Scenic Area)，In terms of its popularity as a scenic spot in Tai’an City and even Shandong Province，It does not have the same outstanding advantages as Huaqing Palace，Weaker historical and cultural attributes，How to incorporate Taishan elements remains to be seen。

Secondly, there is the seasonality of products and revenue.

Among the core products of Shaanxi Tourism，Huashan West Peak Cableway and "Song of Everlasting Sorrow" both reflect obvious seasonality。where，Huashan Scenic Area is covered with snow all year round in winter，Passenger flow is significantly reduced compared with summer；The performance of "Song of Everlasting Sorrow" is an outdoor performance，Affected by climate，The performance period is from April to October every year。

Therefore，The low and peak seasons of Shaanxi tourism can be distinguished by April and November each year，Operating income also shows obvious seasonal characteristics。

However，These two types of products account for a large proportion of Shaanxi’s overall tourism revenue。Take 2019 as an example，Shaanxi tourist ropeway and passenger road revenue accounted for 55%.78%，Tourism and performing arts income accounted for 34.70%，Tourism and catering revenue only accounts for 9% of the annual revenue.01%。This also means，Once the two major projects of performing arts and ropeway are at risk，About 90% of Shaanxi tourism revenue will face great uncertainty。

Finally, it is the unity of business.

The seasonal shortcomings of core products are difficult to fill，However, Shaanxi Tourism is still highly dependent on it in terms of revenue and passenger flow，This is ultimately because its business is relatively thin。

Currently，Only one existing ropeway、A live show and a theater-style restaurant，It is not a big problem to maintain the current profit scale，But it may be difficult to support a larger imagination。A detail，The gross profit margin of the ropeway is relatively high，But we must increase revenue and profits，It will inevitably require the implementation of ropeways in more scenic spots，This involves the expansion and control of tourism resources。

At the same time，It is not easy to make profit and expand the tourism performing arts。Zhou Bing, Chairman of Shaanxi Tourism Group, revealed，It is very difficult to make money from real-life performing arts projects，The approximate profit cycle of a project is 5 years，That is, each performance from its premiere to full maturity，It will take at least 5 years。Each performance is polished repeatedly after the premiere，According to the 5-year cycle，Modified at least 5 times。“We are mentally prepared to endure it，There are also financial preparations。”

for example，The real-life performance "Song of Everlasting Sorrow" showing the culture of the prosperous Tang Dynasty and the story of Yang Guifei，Currently in an absolutely dominant position in the northwest tourism performing arts market，Is Xi’an’s high-quality cultural tourism IP。Except for a live performance surrounded by mountains and rivers，This IP has not released greater momentum。

According to Qianzhan Research Institute data，The market share of live-action tourism and performing arts has continued to decline in recent years，The market share of live-action tourism and performing arts has continued to decline in recent years。The reason，Severe homogeneity with products、Lack of innovation、Related to insufficient IP ductility。In the upstream and downstream of the IP industry chain，IP authorization、Cultural and creative products、In the process of light asset output and other methods，Hidden possibility of further amplification of the IP value of "Song of Everlasting Sorrow"。

Compared to large-scale outdoor performances，Tang Le Palace, a theater-style restaurant with the concept of "performance + catering" as its core，Less difficulty in replicating projects off-site。Retain the brand characteristics of “singing and dancing + palace banquet”，After forming a unified operation and management standard, try to replicate it on a large scale，It will also play a role in adjusting the revenue structure and stabilizing earnings of Shaanxi Tourism。

In addition，Because it was formerly known as "Shaanxi Provincial Tourism Architecture Planning and Design Institute"，Shaanxi Tourism naturally retains the business of tourism planning and design。Established for more than 30 years，Shaanxi Tourism Design Institute created Huashan、Huaqing Pool、Huangdi Mausoleum、Kongtong Mountain、Yumen Pass and other well-known scenic spots。Although there are many projects，But revenue accounts for a very small proportion of Shaanxi’s overall tourism revenue，Business expansion outside the province itself is also difficult to achieve。

In summary，Listing can only be one of the important nodes in the development process of Shaanxi Tourism and Shaanxi Tourism Group。Once successfully listed in the future，The capital market is bound to have higher expectations for its business expansion and revenue growth。