Shaanxi Tourism and Culture Industry Co., Ltd. (hereinafter referred to as "Shaanxi Tourism") once again competes for IPO，Trying to draw a happy ending to 2020，Also open the "first shot" for 2021。

Recently，Shaanxi Tourism Announcement，The company’s application for initial public offering of shares and listing on the main board of the Shanghai Stock Exchange has been officially accepted by the China Securities Regulatory Commission，Subsequently suspended from the stock exchange system，This means that Shaanxi Tourism once again challenges the transfer board。

What kind of "small calculation" does Shaanxi tourism have in the face of adversity during the "World War II"？

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The impact of the new coronavirus epidemic has covered the entire tourism industry，Shaanxi Tourism, which is backed by provincial tourism groups, is not immune。

Affected by the epidemic，All business sectors of Shaanxi tourism were closed from February to March last year，It was not until April that the epidemic situation eased that operations were gradually resumed。Therefore，Three core businesses of Shaanxi tourism - tourism and performing arts、Ropeway Passenger Transport、Tourism and catering have suffered varying degrees of losses。As shown in its 2020 mid-year report，Revenue in the first half of the year is approximately 55.55 million yuan，Decrease of 78 year-on-year.84%，The net profit attributable 188bet app download to shareholders of the listed company is a loss of 3517.170,000 yuan，156 year-on-year decrease.21%。Among them，Income from tourism and performing arts 1502.030,000 yuan，Decrease by 81 year-on-year.50%；Tourist Ropeway Passenger Transport Revenue 2715.760,000 yuan，Decrease by 82 year-on-year.50%；Tourism and catering income 1236.260,000 yuan，49 year-on-year decrease.86%。

Compared with its performance in previous years，It can be described as bleak。In fact，Shaanxi Tourism has been successfully listed on the New OTC Market as early as 2017，Submitted the listing guidance filing materials to the Shaanxi Securities Regulatory Bureau in the same year，And accept listing guidance from securities firms。Unfortunately，This transfer was not successful。

Today，Shaanxi Tourism once again launches a sprint towards A shares，The external environment is severe、Is it a bit hasty to submit an IPO under the difficult situation of the cultural tourism industry?？

Wenlv CEO Zhou Haitao said in an interview with reporters: “It is only a matter of time for Shaanxi Tourism to land in the A-share market，NEEQ is just its springboard。”This is also the view of most people in the industry，After all, it is backed by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission，Except for the year 2020 when it encounters the “Black Swan” event，Remarkable performance before，Above industry average。

“Shaanxi tourism after the pain of the epidemic also suffers from a common problem of large tourism companies - tight cash flow，If the A-share transfer can be successful，Can alleviate financial pressure to a great extent。" Zhou Mingqi, founder of Jingjian Think Tank, told reporters，The cultural tourism industry involved in Shaanxi Tourism itself is very "burning money"，In order to maintain subsequent iterative development，188bet app A large amount of funds also need to be introduced。

Confidence to transfer to A shares

Excluding 2020，Shaanxi Tourism has been performing well since its merger and transformation。

The predecessor of Shaanxi Tourism is Shaanxi Tourism Architectural Planning and Design Institute，Its main business is tourism planning, design and management。June 2016，After Shaanxi Provincial Tourism Architecture Planning and Design Institute absorbed and merged with Shaanxi Tourism Culture Industry Development Co., Ltd.，The main business is changed to tourism and performing arts、Tourist Ropeway and Passenger Transport、Travel catering、Tourism industry operation with tourism planning, design and management as the core。

From the perspective of operating performance，Its growth and profitability exceed A-share scenic spot companies。2017-2019，Shaanxi Tourism achieved revenue of 4.900 million yuan、5.400 million yuan、6.3.4 billion yuan，YoY growth of 7.01%、11.04%、12.40%；Deduction of non-net profit 9524.230,000 yuan、1.3.3 billion yuan、1.6.1 billion yuan，44 year-on-year increase.84%、39.30%、21.36%。At the same time，Shaanxi tourism gross profit is as high as 59.41%。

It is precisely because Shaanxi tourism as a whole has maintained a strong growth trend in recent years，Although its second largest shareholder CITIC Mezzanine (Shanghai) Investment Center (Limited Partnership) withdrew in early 2020，But then two funds under Ping An Insurance and a fund actually controlled by Liu Yonghao, chairman of New Hope Group, acquired 30% and 15% of its holdings respectively.10% shares，The two major groups have become the second and third largest shareholders of Shaanxi Tourism respectively。

The entry of the two major capitals also confirms that the capital market is optimistic about the future development of the tourism industry。"188bet app download There is a saying that 'there is no difference'，No matter how bad the tourism industry is, it will not be worse than 2020。Long term，The upward trend of tourism will not change。" Zhou Mingqi pointed out，As a leading enterprise in Shaanxi tourism industry，Shaanxi tourism has expanded steadily in recent years，Industrial formats are constantly enriched，The overall development momentum is good，It is precisely because capital saw its development prospects that it chose to enter the game at this moment。

Dean Yuan Zhuang of Xi’an Chaohua Institute of Management Sciences thinks，In the context of the current mixed-ownership reform of state-owned enterprises and the securitization of state-owned assets，The construction of diversified investment entities also has a positive effect on the development of Shaanxi tourism。

Coexistence of joy and sorrow

Shaanxi has always been an important tourist town in the north，Not only has profound historical and cultural heritage，There are also many tourism enterprise giants，Among them，Xi’an Tourism、Caesar Travel and Qujiang Tourism have already jumped into the A-share market。Looking at the parent company of Shaanxi Tourism - Shaanxi Tourism Group，Besides Shaanxi Tourism，Only Juntu.com is listed on the New OTC Market。If Shaanxi Tourism can be listed on the A-share market，is the first company in Shaanxi Province to be listed on the New OTC Market。Therefore，Shaanxi Tourism’s “World War II” IPO is also of great significance to Shaanxi Tourism Group。

Although 2021 has just begun，Many people in the industry are still not optimistic about the opening up of overseas tourism this year，This means that the domestic tourism market is still a battleground for military strategists。

“Outbound travel cannot be resumed for a while，In this way，The demand for high-end tourism in the domestic market is bound to explode。Currently, 188bet Online Sports Betting and Casino most domestic tourist destinations lack high-end products、Exquisite tourism products that can fully integrate with culture。Shaanxi itself is a place with rich history and culture，Except for simple sightseeing trips，More high-end cultural experience products should be created，This type of product often requires 188bet app A large amount of funds to support，Listing on A-shares is undoubtedly a better financing channel。”Zhou Mingqi said，With capital support，It will definitely promote the development of Shaanxi tourism。

To this，Zhou Haitao also thinks so，If Shaanxi Tourism IPO succeeds，With the help of capital，Shaanxi Tourism Group can also take advantage of this opportunity to expand state-owned assets、Improve business level、Expand financing channels。

In addition to opportunities，Shaanxi tourism also faces many challenges，Take tourism performing arts, one of the main tourism businesses in Shaanxi, as an example，The only hit product that is well-known so far is "Song of Everlasting Sorrow"，With Lishan Mountain as the background，Using Huaqing Pool as the performance venue，Historical sitcoms with the theme of the prosperous Tang culture are difficult to replicate in other provinces and cities。The tourism catering business is mainly an imitation Tang song and dance theater restaurant with "imitation Tang song and dance + palace dinner"。

"Actually，There is still a lot of room for improvement in Shaanxi tourism，The next step still requires new ones、Seeking change，Continuously develop new products to attract customers，And break the single development model，To give the capital market more room for imagination。" Zhou Mingqi said。

*Source of this article:中Guocheng Daily, author: Zhang Yaxin , original title: "If we invest in A-shares again, can our wish to travel to Shaanxi come true》.