The Epidemic Situation Led To The Loss Of Tourism Industry. The "Small Manyao" Landmark Planned To Be Listed, And The Scenic Spot Management Enterprises Piled Up IPO To Replenish Blood

A few days ago, Guangzhou tower, a new third board enterprise, announced that the company recently submitted the application materials for the company's IPO guidance and filing to Guangdong securities regulatory bureau. Guangdong securities regulatory bureau has published the company's guidance filing announcement document on its official website on January 14, 2021. At present, the company is receiving the guidance of CSC.

According to public information, Guangzhou tower is the main operator of Guangzhou landmark project "xiaomanyao". It was founded on May 18, 2004, formerly known as Guangzhou Xinxin TV Tower Co., Ltd. its main business includes planning and design of tourist attractions, development and management, etc. In February 2017, Guangzhou tower was officially listed on the new third board. However, for more than three years, Guangzhou tower has not conducted any financing or restructuring, nor has it conducted any transaction in the new third board market.

At the end of last year, Guangzhou tower just passed the relevant bill at the general meeting of shareholders to replace the continuous supervision organization from CITIC Securities South China Co., Ltd. (formerly known as Guangzhou securities) to China CITIC construction investment, paving the way for the IPO.

It is worth mentioning that in the past 2020, affected by the new crown pneumonia epidemic, the domestic tourism industry suffered heavy losses in the first half of the year, and Guangzhou tower also lost more than 10 million yuan. In the view of industry insiders, Guangzhou tower announced its IPO at this time, or relying on the smooth listing channel under the registration system to sprint the A-share market and "invigorate blood" in financing.

In fact, in addition to Guangzhou tower, the reporter noticed that in recent months, many cultural and tourism enterprises, such as southern cultural tourism, Huaqiang Fangte, Shaanxi tourism, Qingdu tourism, have successively rushed to IPO, and joined the queue of more than ten scenic spot enterprises which are still on the way of IPO.

Guangzhou tower sprint IPO

According to the public information, Guangzhou tower mainly provides tourists with special tourism services and supporting leisure, high-end catering, Pearl River tour and souvenir sales services. Relying on its unique tourism resources and outstanding brand attraction, Guangzhou tower carries out various value-added services including shop leasing, high-end exhibitions, advertising, wedding and so on.

In terms of equity structure, Guangzhou tower is a wholly-owned enterprise controlled by state-owned enterprises. The controlling shareholder, Guangzhou Urban Construction Investment Group Co., Ltd., holds 90%. The actual controller of the company is Guangzhou SASAC. Another shareholder, Guangzhou Radio and television station, holds 61.895 million shares, accounting for 10% of the share capital of Guangzhou tower.

As the main operator of "small waist", Guangzhou tower has grown rapidly in recent years. From 2015 to 2019, the company's revenue increased from 485 million yuan to 691 million yuan, and the net profit attributable to the parent company increased significantly from 28.8042 million yuan to 144 million yuan.

In terms of business segments, ticket and catering revenue are the main business sources of the company. In 2019, of the total revenue of 691 million yuan of Guangzhou tower, the revenue of ticket entertainment is 359 million yuan, accounting for 51.95%, and the income of catering segment is 117 million yuan, accounting for 16.93%. In addition, the Pearl River cruise ship and commodity sales of Guangzhou tower achieve 97 million yuan and 32 million yuan respectively.

But in 2020, affected by the new crown pneumonia epidemic, Guangzhou tower will have a large amount of losses.

In the first half of 2020, Guangzhou tower received a total of 250000 visitors, a decrease of 850000 person times or 77% year-on-year. During the same period, the company realized a consolidated operating income of 102 million yuan, a year-on-year decrease of 68% and a loss of 64.55 million yuan, compared with the same period of last year, the company made a profit of 68.69 million yuan.

"In the past two years, the willingness of scenic spots to land in the capital market has been significantly accelerated, especially in 2020, when the epidemic situation is under great pressure. Even though the epidemic situation has been effectively controlled, many scenic spots have experienced the adjustment of carrying capacity, and their income will certainly be under pressure, so they need to rely on capital market financing to replenish their blood." A researcher from a private equity firm in South China was interviewed.

However, although the threshold of financial indicators for gem listing has decreased under the registration system, Guangzhou tower may still face greater capital pressure. According to the announcement, Guangzhou tower will resume operation on May 10, 2020.

Up to now, the third quarter report of Guangzhou tower in 2020 has not been released. However, judging from the performance of Listed Companies in the same industry, although the performance of Guangzhou tower has recovered rapidly in the second half of 2020, there may still be greater operating pressure in the whole year.

In the first three quarters of 2020, under the influence of proper control of domestic epidemic situation and return of outbound tourists to China, the performance of scenic spots in the third quarter of 2020 was significantly higher than that of the China Daily News. However, the total revenue in the first three quarters of 2020 decreased by 55.19% year-on-year, and the net profit attributable to the mother decreased by 99.68%.

Take Songcheng performing arts, a leading enterprise on the gem, as an example. In the first three quarters of 2020, its revenue totaled 619 million, a year-on-year decrease of 71.96%, net profit attributable to the parent was 134 million, with a year-on-year decrease of 89.47%, and the net profit of non return to parent was 111 million, with a year-on-year decrease of 89.84%. 22 million of the non recurrent profits and losses were mainly from government subsidies and investment income. In the third quarter of 2020, the company realized a revenue of 336 million, a year-on-year decrease of 57.45%, and the net profit attributable to the parent company was 94 million, with a year-on-year decrease of 80.64%.

In the view of many industry insiders, although the fourth quarter performance of Guangzhou tower is expected due to favorable factors such as national day, Christmas day and new year's day, the overall performance of the whole year will still be under pressure.

However, as a scenic spot management enterprise, Guangzhou tower still has abundant cash flow. As of June 30, 2020, the company's monetary capital is 268 million yuan, which is significantly higher than 142 million yuan on December 31, 2019. The total assets of the company are 3.132 billion yuan and the net assets are 1.259 billion yuan.

Scenic spot management enterprises listed

It is worth mentioning that in addition to the Guangzhou tower, there have been a number of small and medium-sized scenic spot enterprises impacting IPO recently.

Among them, Shaanxi tourism, which is the IPO of "World War II", is the most concerned. At the end of 2020, Shaanxi tourism issued an announcement on the new third board, saying that it plans to apply for IPO and be listed on the main board of Shanghai Stock Exchange, and officially suspend trading on the new third board from December 21, 2020.

Prior to that, in July 2017, Shaanxi tourism announced that it had submitted listing guidance filing materials to Shaanxi regulatory bureau of China Securities Regulatory Commission and accepted it. At that time, the company was receiving listing guidance of Huajing securities.

Shaanxi tourism said that in the future, once the company submitted the application materials for IPO and listing to the China Securities Regulatory Commission or the authorized audit institution and accepted, the company would apply for suspension of trading in the stock transfer system, but there was no further progress.

In 2020, due to the impact of the epidemic, Shaanxi's tourist attractions will be suspended and tourists will "return to zero", and its performing arts, cableway passenger transport, tourism catering and other business sectors will be closed one after another.

In the first half of 2020, Shaanxi's tourism performance income was 15.0203 million yuan, a year-on-year decrease of 81.50%, passenger transport income of tourist ropeway was 27.1576 million yuan, a year-on-year decrease of 82.50%; tourism and catering income was 12.3626 million yuan, a year-on-year decrease of 49.86%.

Before that, in 2019, Shaanxi tourism achieved a revenue of 637 million yuan, a net profit of 161 million yuan attributable to the parent, and 161 million yuan of non net profit, slightly higher than that of Guangzhou tower.

Specifically, Shaanxi's tourism performance income was 221 million yuan, accounting for 34.70% of the business income; tourism ropeway and passenger road income was 355 million yuan, accounting for 55.78% of the business income; tourism and catering income was 57.381 million yuan, accounting for 9.01% of the business income.

Like Guangzhou tower, Shaanxi tourism is also controlled by state-owned assets. Shaanxi Tourism Group Co., Ltd., the controlling shareholder of the company, holds 47.59%, and the actual controller is Shaanxi SASAC. In addition, Ningbo Fengwen equity investment fund partnership (limited partnership) and other institutions are among the top ten shareholders.

In addition to Shaanxi CITS, the 21st century economic reporter noticed that Qingyuan shares, Zhonghui travel and other tourism companies that had been in the new third board had already launched IPO. Recently, southern cultural tourism, Huaqiang Fangte and Qingdu tourism also started IPO counseling.

"Both state-owned and private tourism enterprises are speeding up capitalization in recent years. On the one hand, with the support of the government, cultural and tourism groups have been set up in various places to integrate local state-owned tourism resources. The listing of cultural and tourism assets can better activate the value of local tourism resources. In addition, with the upgrading of consumption and the chain expansion of scenic spots, the market competition is fierce, and enterprises need to obtain more capital Jin seeks development. " The above-mentioned private sector personage pointed out.