The "Boss" controversy over the OTA's prospectus

Absrtact: The passers-by are a little annoyed these days. Recently, the company's prospectus has been questioned to be a higher valuation at the time of listing, packaging the revenue data, and only about $200 million of revenue will be packaged at $1.962 billion. At the same time, the competitor Ctrip said its tourism revenue reached nearly 5 times times the way cattle, with

The passers-by are a little annoyed these days.

Recently, the company's prospectus has been questioned to be a higher valuation at the time of listing, packaging the revenue data, and only about $200 million of revenue will be packaged at $1.962 billion. At the same time, the competitor Ctrip said that its tourism revenue reached nearly 5 times times the cattle, with the group tour is 2~3 times, questioning the so-called "with the Regiment tour industry first" argument.

In this regard, the passers-by in the silent period, not response. The industry is of the view that in order to enhance the valuation in the revenue data of the real packaging, but it is in the prospectus of the relevant explanations, is not a cover-up, as to "industry first" to see how to define.

Ctrip questioned the cattle at the same time, Tencent's art dragon and the same way announced joint cooperation, the move was interpreted as a joint challenge "rival" Ctrip.

All kinds of tricks choppy behind, is OTA (online tourism services) field of "eldest brother" controversy.

Questioning the troubled cattle

The application for the IPO only a few days Kung fu, passers-by encountered multiple challenges.

Because it has been unable to solve the profitability problem, the passers-by are questioned the profitability of low. In 2013, the net loss of the owner of the common stock was 139 million yuan, 2012 was 107 million yuan, and the net loss in 2011 was 123 million yuan. In the second quarter of 2012, the ox interest rate was only 2%, reaching 8% in the second quarter of 2013, but then continued to fall to 4% in the fourth quarter of 2013.

The most striking of all is the way cattle are questioned about the revenue calculation of their prospectus.

In the prospectus, the amount of transactions that follow the tour will be confirmed as revenue. And some industry insiders said that online tourism services enterprises ' revenue is generally divided into commission, rather than business flow to calculate. According to this calculation, the 2013 revenue from the cattle will be reduced from 1.962 billion to 201 million yuan. Because of the 2011-year, 2012-2013 consecutive three-year losses, can not calculate the price/earnings ratio, only to use the market rate (total market value divided by revenue) to valuation, so the cattle in the revenue data packaging.

In this regard, the passers-by said that the current period of silence, not to respond.

Long-term research online tourism industry Consulting general Manager Wei Changren Analysis, the way cattle calculation in the prospectus has relevant explanations, there are indeed packaging ingredients, but not to conceal.

"All the difference is because the way cattle will be counted as revenue, that is, a tourist product if the price of 10,000 yuan, if the Commission is divided into 1000 yuan, the actual revenue is 1000 yuan, but now the cattle by 10,000 yuan." But there is no provision in the United States accounting standards that cannot be so calculated, and the bull is not a violation. The reason for the packaging is naturally to upgrade the valuation, after all, the three consecutive years of losses, the financial data must be packaged, this can be understood. "Wei Changren thinks.

The Battle of the industry bosses

In addition to the revenue data is questioned, the way cattle "with the group tour industry First" argument is also challenged.

Ctrip directly questioned said that the public data show that the 2013-year pedestrian cattle, including with the group tour, Self-tour tourism business, including the total turnover of 3.021 billion yuan, Ctrip tourism Business annual turnover of 10.062 billion yuan, is three times times more than the cattle, Ctrip Tourism 2013 turnover, team tour and self-help travel accounted for about half. Passers-by with the group tour of the turnover of 1.89 billion yuan, Ctrip with group tour is 2~3 times, the way cattle have no so-called leading position.

"Now OTA business is more and more fierce, but each family in fact, the focus is different, Ctrip is the richest, so its full business coverage routes, including air tickets, hotels, vacation travel, train tickets, business, scenic tickets, car rental and so on, while the arts dragon because of long-term losses have been ' cut ' off the holiday, business, the current main air tickets and hotels, The same journey and the mother of the donkey to scenic spot tickets, the main team tour cattle. In terms of scale, Ctrip is certainly the industry boss, because its industry coverage of the most complete, so ctrip and passers-by can not be equated with comparison, but to operate a team tour independent Ota look, the passers-by in the peer has indeed a leading position. "Wei Changren points out.

Eric Consulting the latest data show that 2013 online tourism vacation with Group Tour market segment is about 12.29 billion yuan, 17.6% of the way cattle ranked first, Ctrip to 14.1% of the market share ranked second, leisurely tourism network to 5.9% of the market share in the third, the model and the way cattle similar. But Ctrip does not seem to be buying it.

Quite interesting is that in the Ctrip issue and the bull to keep quiet at the same time, Ctrip's "Old opponents" art dragon and "new opponents" together, to the "boss" issued a challenge.

There are Tencent's investments behind the Art Dragon and the same journey, which can be called "Brother Enterprise". Art Dragon Air tickets, hotel business and the same ticket business and there is no conflict, and both have a common "rival"-Ctrip. As a result, the Art dragon and the same way together by the industry interpreted as a response to Ctrip, which is behind Tencent's online travel business.

Not only Tencent, Baidu, Alibaba is also in the overweight online travel. Previously, Baidu has holdings to where the net, Alibaba set up Taobao travel and investment in poor tourism network. Recently, also spread out where to go or with Ctrip joint venture rumors. Multi-party melee, the industry "boss" seems to be easy to master at any time.