Terminated，Instead of abort，Caesar Travel、Zhongxin Travel announced both on the 5th，Both parties“Tangled”Mergers in the past six months，Towards the end。

What words to use to comment on this matter？Helpless，or one。Have pushed for merger，I have no choice but to do so，The merger is now terminated，Similarly helpless。The things behind them all point to a definite winter period，Resistance to uncertainty、Self-help。

The merger announced as early as June this year，The overall situation is not favored by the market，Possible game between shareholders of both parties、The merger may involve monopoly，And more importantly, the possibility that 1+1 is greater than 2，All are constraints。

In explanation of reasons for merger termination，Caesar Travel mentioned: In view of this major asset reorganization, it adopts the method of absorption and merger，Involving many links，Affected by the COVID-19 epidemic and changes in the market environment of this transaction，Continuing to promote this major asset restructuring may face greater risks of uncertainty......Both parties have jointly decided to terminate this transaction。

Screenshot source: Caesars Travel Announcement

It’s also good to be in a group，Let go，Caesar Travel and Us Travel are facing a situation that may be more severe in the past two years since the epidemic: performance losses continue，And overall it is worse than last year；High-pressure outbound travel policy，No signs of loosening；The dawn of cross-border travel appears，But only in Dawn......

There is still an unknown end to the winter road ahead.

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Caesar and Zhongxin initially chose to merge，I feel quite helpless，It can be said that it has to be merged。

Some companies whose main business is outbound tourism have collapsed under the impact of the epidemic，Reveals the severe crisis that the epidemic brings to survival，Caesar、Uoxin’s business is huge，The family is rich，Relatively outstanding anti-epidemic ability，But the impact is also deeper，The sense of oppression brought about by the epidemic is rising。

Performance is an intuitive reflection.

Before the merger was announced，Zhongxin Travel’s 2020 revenue 16.1.3 billion yuan，Decreased by 87% year-on-year.27%；Net profit attributable to shareholders of listed companies is -14.1.2 billion yuan，2158 year-on-year decrease.19%。

Same period，Caesar Tourism Revenue 16.1.5 billion yuan，Down 73% year-on-year.25%；Net profit attributable to shareholders of listed companies is -6.9.8 billion yuan，Decreased by 655 year-on-year.74%。

In the first quarter 188bet app download of 2021, the situation did not ease much.

UX Travel Financial Report Display，Its revenue in the first quarter of this year is 8517.010,000 yuan，Decreased by 92% year-on-year.54%；Net loss attributable to shareholders of listed companies is 7463.690,000 yuan，Loss increased by 156 year-on-year.82%。

Same period，Caesar Tourism Revenue 2.400 million yuan，Decreased by 67% year-on-year.91%；Net loss attributable to shareholders of listed companies is 9409.470,000 yuan，YoY expansion of 46.52%。

Merge，More are believed to be both“Self-help”Action，But there were multiple uncertainties from the beginning:

1、JD.com、Alibaba is Caesars Travel、The important shareholder behind Uxin Travel，JD.com and Alibaba are direct competitors，Unless there is consistent interest，It’s hard to vote for this merger；

2、Both sides are in great difficulties or even crises，It is difficult for mergers to have direct positive effects，In layman’s terms，Similar to two injured elephants supporting each other，The downside is that it is more of a drag on both parties，And in the long run，How much complementary space and strategic value do the two have，One more question mark。

But in“Peaceful Years”The rare merger of the two giants finally appears，At least it illustrates the danger of the market situation，For both parties, they finally made a decision that changed each other's destiny。

Survive first，Hold on for more time，is the primary consideration。Mentioned in Caesars Travel’s previous announcement，The method of this merger is that the company plans to absorb and merge Uxin Travel by issuing A shares to all shareholders of Uxin Travel，Issue A shares at the same time to raise supporting funds。 

“Issue A shares at the same time to raise supporting funds”，This is one of the important reasons for the two sides to unite。Behind is，New possibilities in the future outbound travel market after the merger of the two giants。

Zhongxin Travel focuses on tourism wholesale，Caesar Tourism focuses on retail，There is indeed room for complementary business between the two parties，If merged successfully，Outbound travel market in the future、Integration and control of products and more destination resources，May have more space for discourse，Thus achieving a thicker and longer supply chain in terms of outbound tourism products and services，Go long and deep at both ends of supply and demand，Reducing costs and increasing efficiency，Improve competitiveness，Seeking more market expansion opportunities、Higher market share。

Of course，These are the prerequisites for establishment，Both are built on the merger of Caesars Travel and Us Travel with more“Basic ammunition”Until the day when outbound tourism truly recovers。

So，The logic here is: the merger of Caesars Travel and Us Travel，Shows the capital market more growth potential and greater return space in the future，Attract more capital and timely support。The capital is betting on having more funds to survive the epidemic，Caesar+Public Faith can 1+1 be greater than 2，188bet app Have higher ability to conquer cities and territories in the international market in the future，Does not even rule out the possibility of monopoly。This is a bit“Which came first, the chicken or the egg”meaning。

Refer to Caesars Travel Announcement，its mentioned，The company and relevant parties conducted due diligence on both parties to the transaction、Audit、Valuation and other work，And the two parties have communicated multiple times on this major asset restructuring plan、Consultation and argumentation。

Caesar、Some senior executives of Utrust have recently resigned or personnel changes，Should be somewhat related to the ongoing merger。

However, the performance situation of both parties continues to be pessimistic.

First three quarters of this year，Caesar Tourism Revenue 7.800 million yuan，34 year-on-year decrease.32%；Net loss 2.5.9 billion yuan，Loss range increased by 34% year-on-year.7%。Same period，Zhongxin Tourism Revenue 4.7.6 billion yuan，Decreased by 64 year-on-year.64%；Net loss 2.0.5 billion yuan，Loss narrowed by 32% year-on-year.9%。

Look at these data in more detail:

1、Caesar Travel、Uoxin Travel’s revenue in the first three quarters of this year has declined significantly year-on-year，And Caesar’s proportion is only more than half of the public’s belief，Indicates that the performance recovery of both parties is not in good condition，Caesar is relatively better，It should mainly be due to the improved performance of its domestic business，This will bring more possibilities for its subsequent recovery，However, the corresponding business layout and expansion also bring greater losses，The hard days are still not short；

2、Caesar Travel、Uoxin Travel’s losses in the first three quarters of this year exceeded 200 million yuan，UX Travel’s losses are narrowing，But its revenue dropped significantly year-on-year，Indicates that the recovery of its business is more difficult，The business space that can be moved may be relatively smaller，The situation is actually more critical，The situation is actually more critical。

3、The second year of the epidemic，It is difficult for the two outbound tourism giants to reverse the decline in performance，It is difficult to see substantial changes in the short term，Next year is expected to be even more difficult。

Caesar Travel mentioned in the announcement，The reason for the termination of the merger is that this major asset reorganization takes the form of merger by absorption，Involving many links，Affected by the COVID-19 epidemic and changes in the market environment of this transaction，Continuing to promote this major asset restructuring may face greater risks of uncertainty。

There may be a rationale for resuming outbound travel behind this，It may also be more realistic and“Cruel”’s prediction。

How long will the cold winter nights of cross-border travel last?

The current situation of inbound and 188bet sports betting app download Outbound tourism is still relatively complicated.

Regional differentiation and new uncertainties are two key words.

Take Europe as an example，As early as June last year，EU members have lifted mutual travel restrictions。Cross-border travel，From March this year，Many European 188bet sports betting app download countries have successively launched vaccine passport schemes，Open entry to vaccinated non-EU nationals。These mean that international travel restrictions within Europe have been significantly weakened。

The United States, which once had strict controls on inbound and outbound travel, has recently loosened its controls。Incomplete statistics on benefits，Currently available in Indonesia、Thailand、Cambodia、United States、Italy、Argentina、India, Australia and other countries proposed new policies to reopen borders，Cross-border travel within the region、More hope is emerging in terms of personnel mobility。Talk on the positive side，The recovery trend of cross-border tourism is improving。

But the emerging Omicron variant is adding new variables。

December 3rd local time，WHO official said，From what she learned，The Omicron strain of the new coronavirus variant has appeared in at least 38 countries and regions around the world，Relevant cases have been reported in 6 regions under the jurisdiction of WHO。

WHO recently pointed out，The Omicron strain poses the risk of a surge in infection cases globally“Very high”，And may bring&ldquo to some areas;Serious consequences”。

As early as November 26th，To slow down the spread of the Omicron strain，The EU decided to launch“Emergency brake”Mechanism，Suspension of travel to and from Botswana、Swaziland、Lesotho、Mozambique、Namibia、Flights from South Africa and Zimbabwe。Follow the recommendations of the European Center for Disease Control and Prevention，Many European governments have adopted stricter epidemic prevention measures。

Currently&ldquo about Omicron;Toxicity”Still under study，The extent of its impact on cross-border tourism remains to be seen。Based on the current information，Omicron has not had much influence on China，But for China’s relevant inbound and outbound travel policies，There is a high probability that a restriction will be added。

Recently, the cultural and tourism authorities and some destinations have reiterated that travel agencies and online travel companies are not allowed to operate inbound and outbound group tours and“Flight + Hotel”Business，No modification in any form。

China is currently one of the countries/regions with the strictest inbound and outbound travel control measures in the world，Not even one，Dynamic clearing、Strictly prevent input，Related policies“High Voltage”Difficult to go。

The "China Outbound Tourism Development Annual Report 2021" recently released by the China Tourism Academy shows，The number of outbound tourists in 2020 is 2033.40,000 people，Decrease of 86 year-on-year.9%。2021，The number of outbound tourists is forecast to be 25.62 million，17% year-on-year recovery compared to 2019，Compared to 2020，27% year-on-year increase。Compared to the scale of over 100 million trips before the epidemic，188bet sports betting app download Outbound tourism is still basically at a standstill。

The report also mentions，There is great uncertainty in the development of outbound tourism in 2022。

The "China Inbound Tourism Development Report 2021" released by the China Tourism Academy also shows some key data: 2020，my country received a total of 27.47 million inbound tourists，Down 81% year-on-year。where，7.97 million overnight visitors，4.12 million foreign tourists，1.84 million foreign overnight tourists，Down 88% respectively、87% and 93%。Inbound tourism has experienced an unprecedented depression in the past 40 years。

China Tourism Academy prediction，Full Year 2021，my country will receive 31.98 million inbound tourists，Realized international tourism revenue of US$20.8 billion，18% and 23% year-on-year growth respectively，Recovered to 22% and 16% respectively in 2019。

There is one more detail，China on November 22nd—At relevant ASEAN summits，High-level national officials put forward 5 suggestions on future China-ASEAN relations，includes“Build a friendly homeland together”，It proposed“Actively considering the orderly resumption of personnel exchanges after the epidemic，Continue to promote culture、Travel、Think Tank、Media、Exchanges in women and other fields”。

After the epidemic、Orderly Recovery，are two core words，all points to“Safety”，Delay time、Control scale，Used to roughly compare the opening of inbound and outbound tourism，The waiting time is still expected to be long，The scope of opening will be gradually relaxed。

For domestic outbound tourism companies，The above information can actually be regarded as winter、Important reference for the night maintenance period。

We can only turn to the domestic market to seek new opportunities.

Caesar Travel mentioned in the announcement，Company Domestic Travel、Business in core sectors such as catering continues to recover，And actively seek new retail business and various businesses in Hainan，Accelerate business transformation and upgrading。

August this year，Caesar Travel announced the largest structural adjustment this year，Newly created destination block，Form new retail、Food、Four main business segments of destinations and tourism，And make significant adjustments to the senior management teams of its four major sectors。

Caesar Travel is seeking more expansion in destination business，There is plenty of room for development in the destination，It can also become a platform for the coordinated development of various businesses of Caesars Tourism。

New product supply、New consumption conversion、New branding，The epidemic has pushed up the various existing demands of the destination itself。New destination in service，It may test the outstanding blessing effect of enterprises in single-point services，Or it may put forward higher requirements for the chain of comprehensive enterprise services。

As far as Caesar is concerned, there are also many opportunities and tests.

User base、Destination 188bet app resource integration capability、Service experience in foreign destinations, etc.，Is the advantage of Caesar Travel，But the domestic destination environment is different，Accumulation is not enough，Existing users and destination products also“Out of touch”Situation，This affects the use of advantages。

Cooperate with local travel companies，Start“Light outdoor, slow vacation”Tibet·Lingzhi Theme Tourism Season，Involving destination marketing、Product creation、New retail and other cooperation；And launch the second headquarters in Hainan，More products and services launched in Hainan。These are two typical destinations to observe Caesar Travel in the domestic tourism market。

The epidemic has brought about the return and transformation of outbound tourism consumption，Tibet or Linzhi、Hainan due to region、Differences in resource conditions and tourism experience，There is more potential to be tapped in the mid-to-high-end tourism consumption market，This has something to do with outbound travel;Same approach but similar purpose”Where。But the intensive farming requires ability，Need more time。

How to get out of the dark night of unknown length?