Fast travel technology business single or squeezed performance over-reliance on tax concessions?

Recently, the domestic first professional online games to accelerate service providers, Sichuan Xun Travel Network Technology Co., Ltd. (hereinafter referred to as Xun Travel technology) to be listed in the Shenzhen stock market, its pre-disclosure prospectus shows that it is proposed to raise no more than 250 million yuan for the Intelligent Cloud Accelerator platform (SCAP) optimization and upgrading of technology projects, Marketing Network Platform Technical renovation project, as well as other business related to the operation of capital projects. Some insiders pointed out that with the improvement of the domestic network environment, leaving the days of fast travel to make money will not be more than 5 years. And fast travel technology focused on the network accelerator this segment of the market, its business single and future growth of space constraints brought about by the risk will inevitably. Other insiders believe that if the national tax preferential policies change, or lose the relevant tax policy concessions, will lead to a large change in corporate income tax rates, resulting in a greater impact on corporate profits, the tax concessions on the excessive reliance on the business performance of the business will be unavoidable. China Economic network reporter This call Xun travel science and Technology Dong Office, as of Press, no answer to the phone. Business or due to broadband speed was squeezed April 24, fast travel technology in the Securities and Futures Commission [micro-blog] issued the initial public offerings and IPO prospectus on the gem, the pre-release release shows that its main underwriter for the National Gold Securities (19.09,0.00,0.00%) Co., Ltd., The company intends to raise not more than 250 million yuan, mainly to the need for 109.7 million Yuan Wisdom Cloud Accelerator platform (SCAP) optimization and upgrading of technical renovation projects, marketing network Platform technology transformation projects, and no more than 120 million yuan of other business related to the main operating capital projects. The prospectus shows that the main business of the fast-travel technology is to provide cloud-accelerated services to online gamers, as early as the end of 2008 to develop the first generation of "Xun swims online accelerator." Its latest product is based on the original "SCAP", is smart "smart technology", Cloud "cloud computing", acceleration "acceleration", Platform "platform" abbreviation, meaning that the wisdom Cloud accelerator platform. According to the statistics from Eric Consulting [Weibo], the market share of fast-travel technology in China during 2009-2011 is 21%, 29% and 34%. Like Xun Travel technology President Shu in its certification micro-blog introduced, "card, on the use of fast travel", concise and clear to show that the network accelerator segment of the market is the premise of the slow speed of the current situation. Hequan, academician of Chinese Academy of Engineering, revealed that as of the end of 2012, The average download rate for Internet lines in China is 1.15Mbps, while the Hong Kong SAR is 10.5Mbps, the overall Asia-Pacific or global average rate is 4.64Mbps, our country ranked 80 in this world, and far below the world average. China Economic network reporter learned that China's implementation of the "broadband China" strategy, will promote the city's mega-optical fiber project and broadband rural projects, will significantly improve internet speed. Xun travel technology also in its prospectus prompts, if the network situation canImprove to the game does not exist delay, or delay on the use of game players have no effect, the company's products will face the risk of market space squeeze. Some insiders pointed out that with the improvement of the domestic network environment, leaving the days of fast travel to make money will not be more than 5 years. And fast travel technology focused on the network accelerator this segment of the market, its business single and future growth of space constraints brought about by the risk will inevitably. In addition to the impact of national macro policies, fast travel technology is also facing the large internet companies and online operators to enter the market leading to increased competition, free product competition, bandwidth rental price fluctuations and other risks, and as its main business of the network accelerator industry itself is also the development of immature, the size and low user awareness of the problem. According to the statistics of the iris consultation, as of the end of 2011, the market size of online games has reached 41.38 billion yuan, and the market scale of online games accelerator is only 202 million yuan. and the online game accelerator market growth rate has fallen from 2008 135.29% to 2013 years of 35.71%. Industry insiders believe that with the further development of the B2B2C business model, too dependent on the business model of fast travel technology if the corresponding changes in the model to adapt to change, will also lead to business development is adversely affected. Too much reliance on tax breaks for performance? Fast Travel technology prospectus shows that, according to the "State administration of taxation [micro-bo] on corporate income tax preferential policies of the notice", the company in 2009, 2010 years of exemption from enterprise income tax, 2011 to 2013 to halve the levy of enterprise income tax. It is noteworthy that, beginning in 2014, Xun Travel technology will no longer enjoy the above tax preferential policies. China Economic network reporter learned that 2011-2013, fast travel technology income tax concessions for 2.864 million yuan, 4.46 million yuan, 6.544 million yuan, accounting for the current period of the net profit ratio of 14.13%, 14.43%, 14.27%. During the reporting period, the net profit will be reduced by 2.864 million yuan, 4.46 million yuan and 6.544 million yuan if the travel technology is implemented at 25% of the income tax rate. If the implementation of the 25% income tax companies need to take into account the current income tax costs accounted for in the current period of the net profit ratio of 28.54%, 28.86%, 28.25% respectively. Industry insiders believe that this shows that tax incentives for fast travel technology net profit, its operating performance on the tax preferences over dependence. Since 2014, fast travel technology will no longer enjoy the income tax preferential policies, meaning that its 2014-year net profit will be greatly affected. In addition, Xun travel technology in 2011 made the "High-tech Enterprise Certificate", according to the "Enterprise income Tax Law," and other relevant laws and regulations, it has to apply for 15% preferential tax rate of enterprise income tax eligibility. However, China Economic network reporter learned that, in 2008, the Ministry of Science and Technology, the Ministry of Finance and the State administration of Taxation has issued a joint notice, clear High-tech Enterprise qualification from the date of issuance of the certificate is valid for three years, three years to obtain the certificate of the enterprise can be at 15% of the tax ratePreferential。 This indicates that the aforementioned certificate, which was obtained in 2011, will expire automatically in 2014 and will not be able to continue to benefit from this tax concession if it is not submitted within three months prior to the expiration of its application or is not eligible for review. Industry insiders said that if the national tax preferential policies change, or lose the relevant tax policy concessions, will lead to a large change in corporate income tax rate, which has a greater impact on corporate profits, the preferential tax preferences of enterprises operating performance will not be avoided.