Mount Emei and Lijiang tourism: resource expansion is worth looking forward to

China's economic restructuring is undoubtedly a long-term positive consumer enterprises.　　One of the tourist attractions in the tourism companies, such as Lijiang tourism, Huangshan Tourism, Mount Emei, and so on, this batch of enterprises with its scarce resources, not replicable, operating monopolistic foothold, in principle, is an excellent investment variety. It is noteworthy that, although the above scenic enterprises can monopolize the operation, but the general efficiency is low, the performance increase from the increase in passenger and ticket prices, growth is not high and uncertain.　　Based on this, this kind of enterprise should promote the value, or promote the intension growth with the privatization reform, or promote the extension expansion by the shareholder asset injection and the annexation and reorganization. But it is regrettable that the domestic scenic area by the local government control, resulting in large-scale mergers and acquisitions, market-oriented allocation of the road is basically blocked. Second, the scenic resources ownership and the right to cut off, but also make the enterprise lack of privatization of the foothold (and executive equity incentive has not yet become popular).　　The choice of the next ten years or a large state-owned enterprise with a strong shareholder background, through the asset injection expansion of scenic resources, to achieve value promotion. Mount Emei: Can integrate the typical case of Sichuan tourism resources such as Mount Emei, its scenic spot is located in the southwest edge of Sichuan Pendi, with 154 square kilometers of core scenic spots, the highest elevation of 3099 meters, is the national 5 A-level scenic area, the world's natural and cultural heritage.　　2009, the company achieved total operating income of 604 million yuan, an increase of 53.15%, the realization of net profit of 83.85 million yuan, an increase of 275.57%, operating performance further increase. At the end of 2008, the company's actual control of the Emeishan Scenic Area management committee and Leshan giant Buddha Scenic Management Committee integration.　　January 4, 2009, Mount Emei-Leshan giant Buddha Tourism Group Corporation was formally established, two management committee all operating assets are zoned into the new group. Data show that the main assets of Leshan Scenic area, including Buddha Scenic, Oriental Fordu, Wuyou Temple, Cruise, and so on, including a large number of highly profitable assets have not yet entered the platform of listed companies.　　At present, the head office holds 39.62% stake in Mount Emei and has absolute control over it.　　As a result, Sichuan province is rich in tourism resources, but Emei is the only scenic area as the main business of the capital platform, the future in response to the political call, will be increasingly securitization of tourism assets to do strong or big probability events. Lijiang Tourism: The state-owned shareholder sits on rich resources another kind of noteworthy case is Lijiang tourism. The company to Yulong Scenic Area large ropeway, Spruce ping ropeway, yak Ping ropeway three ropeway operation as the main business, in July 2004 listed.　　Since the listing of the stable growth of operating performance, the end of 2009 to achieve net profit of 38.27 million yuan. "The results of Lijiang tourism in the first half of this year may not be as expected. "The famous private equity, Shenzhen Taihe Investment management company investment Director Liang after the investigation to reporters, because the Yulongxue Shan ropeway April 2010 Outage Transformation, is expected to be completed by November this year, this will affect nearly 30 million of the net profit, the end will be reflected directly to the report. "But short-term financial indicators will not hinder the long-term investment value of Lijiang tourism."　　"he said.In addition, compared to the original three ropeway business, Liang more optimistic about Lijiang and the Crown Holiday Hotel operation. "Since opening last year, and the House hotel rental rate and house prices are very stable, 2010 1 quarter of the collection has been over 11 million yuan, but the operating cost of only 5.63 million yuan, gross margin of almost 50%, because just opened the time, hotel depreciation and so on, the next few years Crown Hotel profits will grow rapidly, It is easy for the hotel to contribute 1500 of the average profit per year in the next three years.　　Liang further said. It is noteworthy that, compared to other scenic companies, Lijiang tourism ownership structure is very special. The first is the low shareholding ratio of state-owned capital. Snow Mountain Management Committee through the holding of Snow Mountain tourism Development company 46% of the equity, with the remaining three companies to control Lijiang tourism 22.55% of the shares.　　Compared to a shares of the remaining scenic listed companies: Huangshan Management Committee holds 42% of Huangshan Tourism, Mount Emei-Leshan giant Buddha Management Committee holds a stake in Emei a40%. followed by the company's senior executives through the possession of the West-style garden, the peak company, Yunnan United Foreign Company and other companies to realize the indirect participation in Lijiang tourism, essentially implemented a disguised equity incentive (the company had a privatization program at the end of last year but not implemented).　　With this shareholding structure, Lijiang Tourism has become one of the highest governance structure and operating efficiency among the scenic enterprises in the capital market. However, it is one of the richest people in the capital market to comb the resources background of Lijiang Tourism state-owned shareholder. The main shareholder of snow-capped Mountains Management Committee, control of the big Yulong Scenic spot, 16 major attractions, as well as the Snow Mountain Golf course, impression Lijiang literary performance, etc. three shareholders Yunnan Travel Investment Group, control of Xishuangbanna, Dali, high-quality tourism resources, with Qujing Kirin Hot Springs town, Jinghong gala Hot spring Tourism town, Longling County State Wax Palm Spa, Xishuangbanna Meng Lun tourism town, such as 4 in the investment period of large-scale tourism real estate projects, the total investment size of more than 7 billion.　　From the point of view of financing, the investment of Yunnan Tourism capital is too large, and more securitization needs. In summary, the two major state-owned shareholders have huge resources in vitro, while Lijiang tourism is currently the leading platform of tourism listed companies in Yunnan Province, shareholders through the asset injection method to create a better financing platform, is also a reasonable market expectations.　　The company's future epitaxial growth has plenty of room for imagination. On the other hand, the shareholding structure is dispersed, the privatization of chess to the Lijiang is also the status quo of tourism. As a scenic company, although there are more perfect governance structure to ensure a strong cost control capacity (the company's overall cost rate is lower than the industry average value of about 10%), but also make control of the game more complex. In the future, How to ping (blog) The interests of the state-owned shareholders, the management, the circulation of shareholders, become the expansion of the company extension, and even long-term development of the fundamental issue.