Terminated，Instead of abort，Caesar 188bet game、Zhongxin 188bet game announced both on the 5th，Both parties“Tangled”Mergers in the past six months，Towards the end。

What words to use to comment on 188bet game matter？Helpless，or one。Promoted the merger，I have no choice but to do so，The merger is now terminated，Similarly helpless。The things behind them all point to a certain cold winter period，Resistance to uncertainty、Self-rescue。

The merger announced as early as June 188bet game 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 188bet game 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 188bet game Announcement

It’s also good to be in a group，Let go，Caesar 188bet game and Us 188bet game 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 188bet game policy，No signs of loosening；The dawn of cross-border 188bet game appears，But only in Dawn......

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

Reluctantly unite and merge，I am helpless“Let go”

188bet game 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 188bet game 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 188bet game’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 188bet game Revenue 16.1.5 billion yuan，Decreased by 73% year-on-year.25%；Net profit attributable to shareholders of listed companies is -6.9.8 billion yuan，655 year-on-year decrease.74%。

188bet game first quarter of 2021, the situation did not ease much.

UX 188bet game 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 188bet game 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 188bet game、The important shareholder behind Uxin 188bet game，JD.com and Alibaba are direct competitors，Unless there is consistent interest，It is difficult to vote in favor of 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 188bet game long run，How much complementary space and strategic value do the two have?，I still need to put a 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，More time，is the primary consideration。Mentioned in Caesars 188bet game’s previous announcement，The method of this merger is that the company plans to absorb and merge Uxin 188bet game by issuing A shares to all shareholders of Uxin 188bet game，Issue A shares at the same time to raise supporting funds。

“Issue A shares simultaneously 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 188bet game market after the merger of the two giants。

Zhongxin 188bet game focuses on tourism wholesale，Caesar Tourism focuses on retail，There is indeed room for complementary business between the two parties，If merged successfully，Outbound 188bet game 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 188bet game and Us 188bet game with more“Basic ammunition”Until the day when outbound tourism truly recovers。

So，The logic here is: the merger of Caesars 188bet game and Us 188bet game，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，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 188bet game 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 many times on this major asset restructuring plan、Consultation and argumentation。

188bet game、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 188bet game Revenue 7.800 million yuan，34 year-on-year decrease.32%；Net loss 2.5.9 billion yuan，The loss increased by 34% year-on-year.7%。Same period，Zhongxin 188bet game 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 188bet game、Uoxin 188bet game’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 188bet game、Uoxin 188bet game’s losses in the first three quarters of this year exceeded 200 million yuan，Uoxin 188bet game’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，But the loss is not small，The situation is actually more critical。

3、The second year of the epidemic，It is difficult for the two outbound 188bet game 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 188bet game 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 188bet game behind this，It may also be more realistic and "ldquo;Cruel”’s prediction。

How long will the cold winter nights of cross-border 188bet game last?

The current situation of inbound and outbound 188bet game 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 188bet game restrictions。Cross-border 188bet game，From March this year，Many European countries have successively launched vaccine passport programs，Open entry to vaccinated non-EU nationals。These mean that international 188bet game restrictions within Europe have been significantly weakened。

The United States, which once had strict controls on inbound and outbound 188bet game, 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 188bet game 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 mutated virus 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 Omicron strain，The EU decided to launch“Emergency brake”Mechanism，Suspended 188bet game 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 188bet game policies，There is a high probability that a restriction will be added。

Recently, the cultural and tourism authorities and some destinations have reiterated that 188bet game agencies and online 188bet game companies are not allowed to operate inbound and outbound group tours and“Air tickets + hotel”Business，No modification in any form。

China is currently one of the countries/regions with the strictest inbound and outbound 188bet game control measures in the world，Not even one，Dynamic clearing、Strictly prevent input，Related policies“High Voltage”Difficult to go。

The "China Outbound 188bet game Development Annual Report 2021" recently released by the China 188bet game 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 predicted 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，Outbound 188bet game is still basically at a standstill。

The report also mentions，There is great uncertainty in the development of outbound 188bet game in 2022。

The "China Inbound 188bet game Development Report 2021" released by the China 188bet game Academy also shows some key data: 2020，my country received a total of 27.47 million inbound tourists，Down 81% year-on-year。Among them，7.97 million overnight visitors，4.12 million foreign tourists，1.84 million foreign overnight tourists，Down 88% respectively、87% and 93%。Inbound 188bet game has experienced an unprecedented depression in the past 40 years。

China 188bet game Academy prediction，Full Year 2021，my country will receive 31.98 million inbound tourists，Realized international 188bet game revenue of US.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、188bet game、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 188bet game，The waiting time is still expected to be long，The scope of opening will be gradually relaxed。

For domestic outbound 188bet game 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 188bet game mentioned in the announcement，Company Domestic 188bet game、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 188bet game 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 188bet game 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 put forward higher requirements for the chain of comprehensive enterprise services。

As far as 188bet game is concerned, there are also many opportunities and tests.

User base、Destination resource integration capability、Service experience in foreign destinations, etc.，Is the advantage of Caesar 188bet game，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 188bet game 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 188bet game 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 188bet game;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?