Under the influence of the epidemic, is there anything impossible?

An announcement from Caesars 188bet app download，"Officially announced" that it will exchange shares to absorb and merge with Uoxin 188bet app download，Issue A shares at the same time to raise supporting funds。

Two key pieces of information: stock exchange merger、Raising funds。The common cause behind 188bet app download: money，And grouping together to ask for "money"。

The epidemic has caused outbound 188bet app download to freeze，Unsolved so far，Uoxin 188bet app download’s net loss last year exceeded 1.4 billion yuan，Caesar Tourism had a net loss of nearly 700 million yuan，And the loss trend continued into the first quarter of this year。

The proposed merger of the two outbound 188bet app download giants，It is inevitable to be "sorrowful"，It may still take two to three years or even longer for outbound tourism to fully recover，How to survive the long dark night，It’s really hard to have enough confidence。

High probability，The pattern of two strong domestic outbound 188bet app download companies will change，The situation becomes clearer with one strong or even one super player。

There are actually several unanswered questions surrounding this proposed merger:

1、Alibaba is the third largest shareholder of UX 188bet app download，Why Us 188bet app download still chooses to merge with Caesars 188bet app download？Qie Zhongxin Tourism is a passive player？

2、JD.com has deeply “bound” to Caesars 188bet app download，Will Alibaba be a “dissenting shareholder” in the merger？Whether Alibaba will eventually choose to withdraw？

3、Caesar 188bet app download as a more active role，After merging with Zhongxin 188bet app download，Can "1+1 be greater than 2" be realized?？

4、Both sides are facing greater difficulties and even crises，Merger is inevitable？How to survive the long night before outbound 188bet app download resumes？

5、The complementary business logic of both parties corresponding to the merger，How to understand at multiple levels？How to deal with the current situation、Providing more possibilities in the future？

6、If you survive the "dark night"，Where will the strategic significance of the merger between the two parties be reflected？

Have to merge?

Do Caesar and All Faiths have to merge?

We mainly look at the situation of the relatively passive party Zhongxin 188bet app download，Three dimensions: performance、Internal adjustment、Foreign aid。

1. Performance.

Zhongxin 188bet app download Annual Report Display，its revenue in 202016.1.3 billion yuan，Decreased by 87 year-on-year.27%，Net loss attributable to shareholders of listed companies14.1.2 billion yuan，2158 year-on-year decrease.19%。

In addition，Uoxin 188bet app download’s first quarter report of 2021 shows，its first quarter revenue 8517.010,000 yuan，Decreased by 92% year-on-year.54%；Net loss attributable to shareholders of listed companies 7463.690,000 yuan，Loss increased by 156 year-on-year.82%。

Even though the overall recovery of the domestic tourism market is going well，But the outbound tourism market has hardly changed，The fundamentals of Uoxin 188bet app download’s outbound 188bet app download wholesale + retail are unlikely to improve，Performance is in trouble。

Considering that it will take a long time for outbound 188bet app download to fully recover，High probability it will take 2-3 years，And there are still many uncertainties，In this uncertain time，The performance of Uoxin Tourism must have a "turnaround" improvement，Lower probability。

二、This brings us to the second point，Internal adjustments of UX 188bet app download。

Early June last year，Feng Bin, Chairman of Utrust 188bet app download, re-appoints as General Manager of Utrust 188bet app download。What Zhongxin 188bet app download said at the time was，Feng Bin’s re-appointment as general manager “will lead the company more effectively to maximize effectiveness，Fully seize the major opportunities during the industry adjustment period，Comprehensively improve the leading advantages of various businesses......”

or can be understood as，Feng Bin’s role as general manager is a “special move” under the influence of the epidemic，Return to the front line of specific business，188bet app download helps to more directly understand the current situation and changes of enterprises and industries，And better coordinate and integrate the company’s internal resources，Implement the company’s new development strategy (or strategy)。This is the same as Liang Jianzhang once regained the position of CEO of Ctrip，There are some similar meanings。

Usin 188bet app download’s more adjustments are reflected in the business level，Among them, tourism shopping and duty-free business are the focus，Including with China Duty Free Group、Wangfujing signed a cooperation agreement，Channels of Zhongxin 188bet app download、Resources and C-side clients，These are all bonus points for cooperation，And he established MCN company，Enter the field of Internet celebrity live broadcast，It is also closely related to these advantageous elements。

New business creates new imagination space，But it also needs to be said bluntly，These businesses bring new possibilities as long-term layout，But the short-term effect is difficult to see，More time is needed to better improve the situation of Zhongxin Tourism。Take a detail，Zhongxin 188bet app download’s customer resources focus more on the B-side，Compared to retail C-side customer resources，The space available for transformation is relatively small。

The outbound 188bet app download ability that will be accumulated、Resources etc. transferred to domestic tourism market，It also involves at least product capabilities、Two problems with customer conversion，This extends to domestic resource acquisition、Integrated capabilities and space，Supply chain integration，New product logic，And the size of existing customers, etc.。This is a comprehensive system process。

It is not easy for outbound tourism companies to switch to the domestic market，Part of the evidence is，Among the 188bet app download companies that have publicly “collapsed” or fallen into crisis since last year，Outbound tourism companies are relatively prominent。

3. Trying to break the predicament from the outside is also an option.

End of September last year，Alibaba Networks and Feng Bin signed the "Share Transfer Agreement"，Feng Bin intends to use 8.46 yuan/share transfer 5% of unrestricted shares to Alibaba Network，Total 4547.030,000 shares，The total transfer price is about 3.8.5 billion yuan，After transfer，Alibaba Network becomes the third largest shareholder of UX 188bet app download。

At the same time，Uxin 188bet app download and Alibaba 188bet app download jointly established a joint venture，Mainly engaged in tourism product distribution solution system capability output and tourism product distribution platform business。

Cooperate on this，Said by a senior executive of Uoxin 188bet app download，The introduction of Alibaba by Uoxin is not only a financial consideration，It is also the introduction of resources，Open space for the company’s future development。

Cooperation between Uoxin 188bet app download and Alibaba，There is room for imagination in at least three aspects:

1、The wholesale advantage of Uoxin 188bet app download is also the supply chain advantage，Can complement Fliggy’s retail sales；

2、Alibaba’s digital technology and capabilities、New retail capabilities，The supply chain of Zhongxin 188bet app download can be modified or even upgraded to some extent，And help open up online and offline traffic，This is very important for UX 188bet app download, which is seeking to expand the domestic tourism market，More important。And for Ali，The domestic tourism market is relatively highly fragmented resource attribute，It can be regarded as providing a "training ground" and infiltration space。Refer to the layout of Alibaba’s new retail offline shopping malls，It wants to connect online and offline，Compliance with the supply chain of traditional shopping malls、Service chain etc. to be transformed，Also implant your own payment scenarios, etc.。

3、Alibaba brings direct financial support，The possibility of more support in the future is not ruled out。

It can be said，The cooperation space and potential between Uxin 188bet app download and Alibaba is not small，Alibaba may be a big variable in the development of Zhongxin Tourism，But judging from the current trend of Caesars 188bet app download planning to merge with Us 188bet app download，Alibaba’s support for Zhongxin 188bet app download is not outstanding？Otherwise, Uxin 188bet app download would not have to choose to merge as a relatively passive party。

After all, JD.com is already playing an important role in Caesars 188bet app download。

Message from April last year，JD.com’s wholly-owned subsidiary invested 4.500 million yuan to participate in the fixed increase of Caesars 188bet app download，After the private placement is completed，its shareholding ratio reaches 7.37%。

At the same time，The cooperation between JD.com and Caesars 188bet app download also includes: 1、Caesar 188bet app download has incorporated business 188bet app download products and spiritual consumption products into the JD ecosystem，Supplement the product supply chain of Caesar 188bet app download under the secondary channel "Business 188bet app download" on JD 188bet app download Channel；二、JD uses the channel resources of its online platform to promote the expansion of Caesars 188bet app download market space，Caesar 188bet app download takes advantage of its offline stores，Both parties jointly explore the "Internet + store" marketing model。

Summary，The cooperation between the two parties is mainly capital、Resource、Products and channels, etc.，This is the cooperation between Zhongxin and Alibaba，Relatively similar。

In addition, JD.com once transferred its shares in Tuniu，Transfer all to Caesars Group，The “binding” between JD.com and Caesar，188bet app download deeper than Zhongxin and Ali。

Pending merger completion，JD.com and Alibaba are bound to face the problem of competition and cooperation，Based on the existing situation，Alibaba is likely to be a relatively "weak" party。If Caesar’s Faith merges in the end，188bet app download can be guessed that Ali chose to "give in"。

There is a content in the "Cooperation Intention Agreement" of the merger of Caesars Trust: After the signing of this agreement，The two parties will discuss the specific transaction plan for this merger、Exchange price、Credit and Debt Processing、Employee placement、Negotiate arrangements such as the protection mechanism for dissident shareholders。

Screenshot source: Caesars 188bet app download Announcement

Is Alibaba a dissenting shareholder?？Possibly；Will Alibaba quit?？Also possible。

If 188bet app download comes true, why did Ali choose this way?

Alibaba took over Feng Bin’s share transfer at that time，It is inevitably related to the relatively low stock price at that time (JD.com’s participation in the private placement of Caesars Tourism also has this meaning)，As well as Zhongxin 188bet app download as one of the leading companies in outbound tourism，There is also the consideration of strong alliances to satisfy each other’s demands。But the recovery of outbound 188bet app download will take a long time and there are many uncertainties，It is also not easy for Uoxin 188bet app download to develop in the domestic tourism market、Resource integration is difficult, etc.，Will affect Alibaba’s search for supply chain support、Confidence or enthusiasm for new retail practices，Far water cannot quench near thirst，This also affects Alibaba’s support for Zhongxin，It is difficult to maximize the interests of both parties in a short period of time，Alleviation of the dilemma or crisis of Zhongxin 188bet app download，The effect may be limited，There are helpless factors when choosing to merge。

We must first survive the long dark night

Caesar 188bet app download, which plays an active role in this merger，In fact, performance、There are also many problems or challenges in business and other aspects，But because it is relatively early in the domestic tourism market，Tengnuo’s response space is larger than that of Uxin 188bet app download，The overall fundamentals are better than Zhongxin。

Caesar 188bet app download 2020 financial report display，Its operating income for the year is approximately 16.1.5 billion yuan，Decreased by 73% year-on-year.25%；Net loss attributable to shareholders of listed companies is approximately 6.9.8 billion yuan，655 year-on-year decrease.74%。

In addition, its revenue in the first quarter of this year is 2.400 million yuan，67 year-on-year decrease.91%；Net loss attributable to shareholders of listed companies is 9409.470,000 yuan，YoY expansion of 46.52%。

So，The merger of Caesars 188bet app download and Us 188bet app download，From the current situation, it is more like a union of "brothers and sisters" under the ice of outbound 188bet app download，While the core support business of outbound 188bet app download still has a long waiting time to recover，Is it wise to merge the two?？

Although the current stock price of Uoxin 188bet app download has fallen due to the impact of the epidemic，The cost of merging will be relatively low，But Caesars 188bet app download is actually similar，Considering that the merger will be carried out in the form of stock exchange，Strictly speaking, the price is not that low。

The merger of the strong，It’s a “choice” for either party，Especially when both sides are in a bad situation、When there are potential unknown risks。But 188bet app download a “choice”，Except as a last resort，Both parties should also consider everything。

The merger of Caesars 188bet app download and Us 188bet app download，Of course there are many challenges and even risks，Some risks may even intensify，Looking at it from a more positive and optimistic perspective，What could be possible？After real merger，1+1 is greater than 2，How big could this be？

Mentioned in public reports on June 15th，In response to Caesars 188bet app download’s plan to merge with Us 188bet app download，Caesar Tourism related staff told the media，Zhongxin 188bet app download is mainly engaged in tourism wholesale，Caesar Hotel is mainly engaged in retail，The businesses of both parties are complementary to a certain extent，The merger of the two companies is mainly due to strategic considerations。If the integration can be successful，No matter from the market、Products or destination resource control will have different influences。

This is the first level of logic for the merger of the two，But also second、Third level logic。

The reason why it is said to be the first level of logic，It lies in the so-called complementarity，Compared to the current situation，Just a later comment，Before outbound 188bet app download is fully resumed，The complementary effectiveness of both parties will be greatly reduced。And the second、Third level logic，It lies in this complementary space，Will bring many new possibilities。

Caesar 188bet app download、The first thing Uxin 188bet app download must consider is how to “survive” the “dark night” before outbound 188bet app download resumes，Domestic tourism market becomes dependent，There are two variables:

First, Caesar 188bet app download、Uxin 188bet app download’s existing business in the domestic tourism market、New layout，Can the loss of inbound tourism be appropriately offset?。Caesar 188bet app download mainly focuses on airline food、Railway catering、Yisheng Financial (Tourism Finance)、Tax-free and other fields，Uxin 188bet app download mainly broadcasts on Internet celebrities、Tax-free and other fields。Both parties are tax exempt、There will be more possibilities for collaboration and mutual promotion in the development of domestic tourist destinations (such as Hainan)，Help business and revenue expansion，But the scale of these businesses is still small，Opinion for improvement in performance、The role of coping with difficulties is still limited；

The second is after the merger of both parties，Bank credit that can be integrated and utilized、Financial support may be increased，Also considering the position and potential development space in the future outbound tourism market after the merger，The support from capital or financial institutions is stronger than before the merger，Maybe bigger，Overall utilization of these funds，Combining priorities，Help combat and weaken the impact of outbound 188bet app download，Better survive。

Caesar 188bet app download announced in the announcement that the company plans to acquire and merge Utrust 188bet app download by exchanging shares by issuing A shares to all shareholders of Utrust 188bet app download，Issue A shares at the same time to raise supporting funds。

Note the last sentence “simultaneously issuing A shares to raise supporting funds”，Strive for more capital support after the merger，The meaning is obvious。

And if you survive the "dark night"，The strategic significance of the merger between the two parties will be more revealed，Their businesses are complementary，Including making the supply chain thicker and longer，Supply and demand are getting longer and deeper，Improve efficiency，And improve market competitiveness、Opportunity acquisition、Market share expansion, etc.，Everything will appear。

Caesar 188bet app download once mentioned，The outbound tourism industry has indeed passed the stage of rapid growth (2016 was the watershed，Rapid growth in 2015 and before)，It believes that the outbound tourism industry has entered a relatively gentle stage。At this stage，The competition includes the thickness and length of the supply chain、Service efficiency，And user conversion efficiency and frequency, etc.，The merger of Caesars 188bet app download and Us 188bet app download，It will be helpful in these areas。

And if there are more achievements in the outbound 188bet app download market in the future，For their business segment in the domestic 188bet app download market，It may also bring synergy effects。

These are optimistic perspectives，Before they move towards a promising bright future，Still the same sentence，We must first go through the still long "dark night"。