Recently，The application for listing on the main board of Hubei E Tourism Investment and Tourism Development Co., Ltd. (hereinafter referred to as "E Tourism Shares") was officially accepted by the Shanghai Stock Exchange，And will enter the feedback inquiry session in February，IPO sprint officially started。

Recent，Canton Tower、Huaqiang Fantawild、Shaanxi Tourism and other tourism companies have announced their listing，The reason，First, the epidemic has caused heavy damage to tourism business revenue，“Live”、Cries of "get over it" come and go，Listing to open up more financing channels，The need is more urgent；Second, the travel companies themselves hope to receive more capital support，To achieve business expansion and quality improvement；Third, many travel companies have been planning to go public for a long time (E Travel Co., Ltd. will be listed on the New Third Board in 2017)，There is greater power behind us、Bigger demands，For example, the Hubei Tourism Investment Group behind Hubei Tourism Shares。

A detail，At the Henan Provincial Culture and Tourism Work Conference at the end of January this year，Henan Province proposed to promote the establishment of Henan Province Culture and Tourism Investment Group。The “hands-on” role of provincial tourism groups in the development of a province’s cultural tourism industry is becoming more apparent。This is also an entry point for us to have a more comprehensive understanding of the listing of some travel companies。

However，What still cannot be avoided is，The impact of the epidemic is still there，Subject to revenue、Constraints such as existing models，The listing environment is hardly optimistic for tourism companies。Why did Elu shares choose to go public at this time？What is the probability of successful listing？As an important step in the “main board listing” of Hubei Tourism Investment Group，What strategic significance does the listing of Hubei Tourism Investment Group have in the territory of Hubei Tourism Investment Group？

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Preparations for the listing of Elu shares have already begun.

2017，Elv shares are listed on the New OTC Market，Delisted from the New Third Board in less than two years，And held a seminar on IPO listed asset integration 188bet app plan in July 2019。After the outbreak of the epidemic in early 2020，The official Weibo of Hubei Tourism Co., Ltd. said，We must persist in fighting the epidemic and rushing to go public、Both correct”，Many actions can be seen in the listing of Hubei Stock Exchange，More likely to be a long-term plan，Rather than solving short-term funding problems。

Official website information display，E Tourism Co., Ltd. was established in March 2017 on the basis of the shareholding reform of Hubei Enshi Grand Canyon Tourism Development Co., Ltd.，Registered capital 1.1.6 billion yuan，controlled by Enshi Tourism Group Co., Ltd.，70% of shares，Enshi Tourism Group is a subsidiary of Hubei Tourism Investment Group，E Tourism Investment Group is the indirect controlling party of E Tourism Shares。

2015，Under the coordination of Hubei Tourism Investment Organization，E Travel Co., Ltd. has integrated and divested its businesses，After the integration, the main business of E Tourism Co., Ltd. is passenger ropeway and tourist transfer services，No longer includes scenic spot tickets、Escalator Operation。Currently its scenic area resources include Enshi Grand Canyon Scenic Area、Jiugong Mountain Scenic Area，and Dahongshan Scenic Area。

Enshi Grand Canyon Scenic Area

On the one hand, the ticket revenue that is an obstacle to listing will be eliminated，On the other hand, retain the ropeway business。The ropeway is a money-making tool，One construction and installation，Can be used for a long time，And the investment amount is generally not very large，The payback period is relatively short。

Data display in the prospectus of Hubei Tourism Group，2017-2019，Their operating income is 1.0.1 billion yuan、1.5 billion yuan、1.4.2 billion yuan，Among them，The average revenue from ropeway business accounts for more than 65%，is its main source of income。January-September 2020，The operating income of Hubei Tourism Group is 2830.70,000 yuan，Less than 20% of the full year 2019，Passenger ropeway business accounts for 76% of revenue.02%，The proportion of transshipment business revenue in the scenic area is 23.98%。

The ropeway business is also the core business with the highest gross profit margin of E Travel Co., Ltd.。Data display，2017-2019，The gross profit margin of the passenger ropeway business is above 70%，Dropped to 42 due to the epidemic in 2020.75%。Another major core business - tourist transfer is divided into business within the scenic area and outside the scenic area，The gross profit margin of the business in the scenic area dropped from more than 60% to -26.41%。

Similar to Shaanxi Tourism, which is also seeking to go public recently，Standing behind is the Shaanxi Tourism Group，Behind Hubei Tourism Group 188bet app is also a provincial tourism group，E Tourism Investment Group。

2016，E Travel Co., Ltd. is reorganizing assets for listing on the New OTC Market，Excluding the passenger ropeway from the Enshi Grand Canyon Scenic Area、Other businesses other than tourist transfer and related operating assets are transferred to Enshi Ecological Company, a subsidiary of E Tourism Investment，Acquisition of 70% equity of Enshi Xinda Passenger Transport Co., Ltd. controlled by Hubei Tourism Investment Group。

December 2018，E Travel Co., Ltd. applied to terminate listing on the New Third Board，Preparing for listing on the main board。Two months ago，E Tourism Co., Ltd. announced that it has entered into a separate partnership with Hubei Pingbaying Tourism Development Co., Ltd.、Enshi Daqingjiang International Tourism Resort Co., Ltd. jointly funded the establishment of a passenger ropeway company。Tianyancha information display，E Tourism Group and the other two companies are controlled by Enshi Tourism Group，Indirectly controlled by Hubei Tourism Investment。

However, the business outside the scenic area has suffered losses all year round，E Travel Co., Ltd. divested its subsidiary Xinda Passenger Transport on December 31, 2019，After the divestiture, the business of Hubei Tourism Group will no longer involve passenger transportation services outside the scenic area，Equivalent to what Ebv shares left behind is basically a more profitable and relatively easy business，Create better conditions for listing。

Why should we “give wings to capital”?

At the special listing meeting held in 2019，Secretary of the Party Committee of Hubei Tourism Investment Group、Chairman Liu Jungang said，To plan the working paths of "IPO listing" and "backdoor listing"，Use the whole group’s efforts to promote the listing of Elu Co., Ltd. on the main board。The implication，The listing of Hubei Tourism Group is an important step in the capital operation plan of this provincial cultural tourism giant。

Why does the Hubei Tourism Investment Group actively promote the listing of Hubei Tourism Investment Group?

Public information display，The Hubei Tourism Investment Group (then named "Hubei Province Hubei Ecological Cultural Tourism Circle Investment Co., Ltd.") was established by the Hubei Provincial Government in 2009、Yichang、Xiangyang、Shiyan、Jingzhou、Jingmen、Enshi、Suizhou、Shennongjia and other 8 cities (states)、Forest area) government and Yangtze Three Gorges Corporation、China Construction Third Engineering Bureau、Jointly funded by Hubei Qingneng Real Estate Group and others，And formed cultural tourism、Financial Services、Four major industrial sectors of new town construction and trade logistics。

One of the missions of Hubei Tourism Investment Group at the beginning of its establishment is to exert 188bet app download its functions of project investment and capital operation，Promote the development of tourism in Western Hubei Circle。

Capital operation，E Tourism Investment Group has two focuses，First, develop financial business，Still in the early stages of development，The business scale is still small；The second is to promote the listing of its E Tourism shares，Even the overall listing of Hubei Tourism Investment Group。

As the only provincial tourism investment and financing platform in Hubei，E Tourism Investment Group also carries the promise of making the province’s cultural tourism industry bigger and stronger。Proposed in the “Thirteenth Five-Year Plan” outline for tourism development in Hubei Province，Cultivate 3-5 well-known large-scale tourism enterprise groups in China by 2020，One of them has certain influence overseas。July 2018，Hubei Tourism Investment Group was renamed from the aforementioned name to Hubei Cultural Tourism Investment Group Co., Ltd.，The new name somewhat reveals its meaning from focusing on a region in western Hubei to "aiming" at the whole of Hubei。

Generally speaking，After the relevant departments integrated cultural tourism and other resources into a tourism group，This tourism group needs to do more in terms of marketization，included in pair of existing、Optimize and integrate new resources，Increase investment in capacity expansion and incremental projects，and through the issuance of bonds、Asset securitization、Strengthening capital operation through listing and other ways，There needs to be more exploration to promote behavior。

For the cultural tourism industry of one province and one city，Needs two "legs" to walk，And maintain the balance and coordination of the legs: First, promote investment promotion and seek support from foreign enterprises to achieve mutual benefit，The second is to build a leading local state-owned cultural tourism enterprise，Has its own powerful gripper。Provincial tourism groups play the latter role。

So，Can see，Despite the impact of the epidemic，There are still many moves in the cultural tourism project investment of Hubei Tourism Investment Group。

April 2020，E Tourism Investment announced an investment of 6 billion yuan to build Guizhuyuan Ice and Snow Resort Theme Town in Songluo Township, Shennongjia；July Investment 20.The 1.3 billion yuan Zhanghe Flying Community Project has started，Build a “tourism and lifestyle complex”；In addition, there is also the “Visit Hubei with a Mobile Phone” project invested 300 million yuan。Early 2021，Lichuan Cultural Tourism Development Co., Ltd., a subsidiary of Hubei Tourism Investment, is named 1.Won 4 state-owned construction land use rights for 21.5 billion 188bet app yuan，Building a healthy ecological resort。

The heavy investment and long cycle of cultural tourism projects are self-evident，Provincial tourism groups have a heavier task in building heavy asset projects、More pressure。A relevant person in charge of a provincial tourism group once expressed this to Zhihui，The state-owned attributes and brand effect of provincial tourism groups require heavy asset projects to dominate them，The larger the investment, the greater the operating pressure of the project。

Liu Jungang also said，The cultural tourism industry is a long-term investment、Heavy assets，Only heavy assets can form an industry，The cultural tourism industry must “insert the wings of capital”。Under the guidance of this concept，E Tourism Investment Group attaches great importance to capital operation，Many actions at the capital level，Including promoting poverty alleviation debt、Green bonds and other direct financing，Establishing an industrial fund，Building a financial control platform、Asset management platform, etc.，Listing is one of them。According to Liu Jungang，E Tourism Investment is promoting “dual listing”，Except for Hubei Stock Exchange，Hubei Jinxu Agricultural Development Co., Ltd. also completed the kernel，It is expected to be reported to the China Securities Regulatory Commission in the first half of 2021。

Can the listing be successful?

Although we are striving to go public, the difficulty is not low at present.

There are media reports，Among 808 IPO queue companies，25 companies were terminated or suspended from review in January 2021，Stop voting for 3 companies，Significant increase in the number of companies suspending voting and terminating or suspending review，IPO review shows clear signs of tightening。

Generally speaking，The impact of the epidemic on revenue will not become the core factor restricting whether a travel company can go public，It is also necessary to comprehensively consider the company’s growth ability or development space。

Look at the revenue first，Public information display，E Travel Co., Ltd.’s revenue is greatly affected by unconventional circumstances。2017-2019，The operating income of E Travel Co., Ltd. is 1.0.1 billion yuan、1.5 billion yuan、1.4.2 billion yuan，The growth rate is -3.47%、48.3%、-5.48%，There are still large fluctuations after excluding the impact of the epidemic。

According to its disclosure，The revenue growth in 2018 was mainly due to the increase in tourist reception of Enshi Grand Canyon Scenic Area by more than 50% year-on-year，Starting from March 26, 2018，Due to the renovation and upgrade of some walking roads in the Enshi Grand Canyon Scenic Area，Resulting in an increase of more than 90% in the number of tourists received by the scenic passenger ropeway during the reporting period 188bet app download compared with the same period last year。

The decline in revenue in 2019 was affected by the rockfall incident in the Qixingzhai Scenic Area of ​​Enshi Grand Canyon on October 2, 2019，The passenger ropeway business in the scenic area has been closed for more than 3 months，Resulting in a 68 year-on-year decline in the fourth quarter revenue of Hubei Tourism Industry Co., Ltd..5%。

In terms of ropeway attendance，2017-2019，Enshi Grand Canyon Scenic Area Passenger Ropeway attendance rate is 11.65%、17.96%、18.53%；The attendance rate of Jiulongshan Shilongxia Ropeway is 2.14%、2.49%、2.6%，The gap is quite large。

For another core business, tourist transfer，Displayed in the prospectus of Hubei Tourism Group，The gross profit margin gap between the tourist transfer business and the passenger ropeway business is usually around 30%，And from January to September 2020，The gap between the two is close to 70%；Also，E Tourism Co., Ltd. invests in tourist transfer business in Dahongshan Scenic Area，The operating income in the latest period was only 5.310,000 yuan。

Overall view，High gross profit of Hubei Tourism Group、Businesses with large passenger flow are concentrated in the specific area of ​​Enshi Grand Canyon。E-tour shares are also recognized in the prospectus，The company’s revenue mainly comes from the sales of ropeway tickets and train tickets，Single product structure。Also，Due to the seasonal characteristics of scenic area resources and the consumption habits of tourists，The peak business season is from April to October every year，November to March is relatively off-season，Lack of winter tourism projects and other issues，all may have an impact on its overall revenue and net profit。

Look at its development potential，In the scenic spots resources of Hubei Tourism Co., Ltd.，Enshi Grand Canyon is a national 5A-level scenic spot，Jiugong Mountain and Dahong Mountain are both 4A-level scenic spots，Beautiful natural scenery，The ecological and cultural tourism circle in western Hubei where it is located has also been the focus of tourism support and development in Hubei Province in recent years。

Liu Jungang said in 2019，To pass the integrated ropeway、Cruise boat、Ski resorts and other high-quality resources，Make Hubei Tourism Group bigger and stronger，Building a listing platform for the main business of cultural tourism，However, there is no public next step yet。E Tourism Co., Ltd. also stated that the funds raised from the IPO will be used to complete the Enshi Grand Canyon Nuerhu Scenic Area Passenger Ropeway and the Enshi Qingjiang Honghua Gorge Passenger Ropeway Project，This also means that the ropeway passenger transport business will still be the focus of Elu Co., Ltd. in the future。

188bet sports betting app download Overall，Erlu shares need to be improved in both revenue and growth，However, the huge resources held by the Hubei Tourism Investment Group behind it also leave room for imagination for the business expansion of Hubei Tourism Investment Group。One of the possibilities is to provide incremental services around existing scenic area resources，Such as the aforementioned cruise ship、Skiing, etc.；The second is to refer to Sante Ropeway, which also focuses on the ropeway business，Its ropeway business has expanded to multiple provinces and scenic spots，Form differentiated competitive advantages in the ropeway field。

From sightseeing to leisure vacation in the industry、In the context of the transformation of experience tourism，Integrating into new business formats、Creating high value-added products is the core of the sustainable development of travel companies，Currently，Erv shares still have a long way to go。