The bull net rang the Nasdaq opening bell, officially landed in the U.S. capital market

Absrtact: Beijing time May 9 night, the way cattle network rang the Nasdaq opening bell, officially landed in the U.S. capital market, the stock code for tour. Then, in a Beijing hotel on the Ocean coast, a celebration cocktail party was held by the cattle net. According to the cattle network May 6 submitted to the SEC

Beijing time May 9 night, the cattle network rang the Nasdaq opening bell, officially landed in the U.S. capital market, the stock code for "TOUR." Then, in a Beijing hotel on the Ocean coast, a celebration cocktail party was held by the cattle net.

The price range for US depository receipts is 9 US dollars to 11 U.S. dollars per share, according to an addendum to the IPO prospectus filed with the SEC on May 6, and its maximum fundraising was reduced from the earliest 120 million dollars to $101.2 million.

At the same time, the document also supplemented the first quarter of 2014 earnings, the data show that the total revenue of 582 million yuan, the year-on-year growth of 56%, the chain growth of 19%, but the net loss also reached 62.8 million yuan, and the same period last year net loss of 5.4 million yuan.

As a follow-up ctrip, Art Dragon, where to go after the fourth Chinese online travel company listed in the United States, passers-by cattle network from the announcement of the initial IPO prospectus was questioned, operating income was referred to "packaging whitewash", "years of loss", and during the major changes in the industry: first Ctrip to where the merger rumors, after the same art dragon together, The final Ctrip investment shares with the same way cattle.

Giants into the bureau, independent listing, the online tourism market is from a single big into the era of princes.

The Mystery of performance

According to the way cattle net Prospectus data show that 2013 years operating income of 1.95 billion yuan, the same time Ctrip the data for 5.4 billion yuan, Yi long for 1.079 billion yuan, to where 850 million yuan. The same way network CEO Wu Zhixiang before the 21st century economic reporting reporter interviewed, said the same way net last year's operating income in 600 million-700 million yuan. Through the simple revenue data comparison, the net is second only to the industry leading Ctrip.

As a result, as soon as the prospectus for the cattle net was announced, the outside world questioned its performance. In the line tourism market, Ctrip, Art Dragon has been regarded as the market's two major players, and then with Baidu shares to where, Tencent investment with the network, both also promoted to compete with the industry leading ranks. and was founded in 2006, biased in Nanjing to focus on overseas travel cattle network, early did not receive too much attention.

Since the cattle network is in the silent period of listing, has not publicly responded to this question. But an equally focused international tour of the OTA founder to the 21st century economic reporter said that this is entirely due to the difference in statistics, the model of the cattle network and Ctrip, Art Dragon is different, the operation is real receipts and payments, so its statistics, turnover is operating income. An Ctrip insider also said that there are problems in the way cattle statistics, the supplier's income also counted into their operating income.

Such statistical caliber is also determined by the OTA model, the OTA founder said. Veteran Ota Ctrip and art dragon are "commission" models, with one of the two main business hotels, for example, it is by entering the hotel passenger flow, so that the deduction Point Commission, also means that Ctrip and art Dragon is not the first to pay for the room, and then sales, only customers stay, the hotel received money to return to Ctrip, the art of a certain proportion of the Commission.

He said that the net is real pay, that is, payment to the supplier, and then guaranteed a certain amount of profit to sell the customer at the sales price, so the revenue statistics include the cost of paying the supplier + gross. And where to go the net is platform mode, to deduct Point Commission and advertising revenue mainly, completely different mode.

In the growth rate, the way cattle nets also a ride dust. According to the prospectus, 2013, the cattle net growth of 75%. Over the same period, to where the net growth of 69.6% Year-on-year, Ctrip and art dragon only increased 30% and 35% year-on-year. The network said that its rapid growth benefited from the overall leisure tourism, especially the rapid rise in the market size of outbound travel. And compared to the pedestrian cattle focus on leisure tourism market, the other three have entered the field later, and the base is larger.

Also focus on the domestic leisure tourism market with the same way network CEO Wu Zhixiang has said that the traditional hotel, air tickets and other categories of growth will continue, but will slow down, now all companies will focus on leisure tourism, the rapid growth of the business, the market potential is great.

Loss of market

Beautiful operating income and high growth rate still can not cover the loss data of the cattle network, according to its latest prospectus shows that the net loss of 79.63 million yuan in 2013, the net loss of 107 million yuan in 2012, 2011 for 92 million yuan, nearly three years of annual losses in 100 million yuan. And this data reached 62.8 million yuan in the first quarter of 2014.

For those who look at many, the loss of the cattle network has been listed in the precedent. Where did you go last year? The net was also listed in the United States at a loss, and its share price hit 89% per cent on the first day. But from the big environment, this WTF, to where nets back Baidu, and in the second half of last year, the Nasdaq market in the rising channel of the bull, and in-transit cattle network before and after submitting the prospectus, the global technology stocks began to plunge big curtain. Therefore, the future of the cattle network is still difficult to predict.

From the issue of pricing, the valuation of the cattle net is closer to the only product will, but whether it can be as thick as a thin hair, or to return to the domestic entire online tourism market and the fundamentals of the cattle network.

From the current business focus of OTA companies, Ctrip overall category layout, still maintain its comprehensive type OTA status; Where to go the network also with the help of platform mode layout; While the art dragon in the hotel business at the expense of investment, last year, its business accounted for 80% of the total income, and the same Cheng is the main domestic online tourism market, Back to Ali of the net and the way cattle nets are eyeing the international leisure tourism. Obviously, the Up-and-comer will be deep in the subdivision field in a short time.

Ctrip's 15 million-dollar stake in the bull and a seat on the board has temporarily avoided a head-on competition with the industry's giants. The OTA founder said, Bai Cheng Net and the way cattle nets have a certain competition, but two models, the former mainly their own research and development products, the latter mainly rely on the aggregation of the major traditional travel agencies, more like a distribution channel. Bai Cheng Network CEO Zengsong before the 21st century Economic report reporters said, Bai Cheng Network currently 60% of products rely on their own research and development.

Different models are also reflected in the cost, the way cattle net prospectus shows that the first quarter of this year, its sales and marketing expenditure of 73.5 million yuan, the same period last year was 13 million yuan. The main input of the model is still the front-end flow and conversion rate.

The OTA founder said that the current biggest problem is the back-end, because relying on traditional travel agencies, its integration capacity is weak, the listing must be combed after the integration of the back end, or as the scale of the expansion of services and products will appear problems.

At the same time, the gross margin of the pedestrian net is also at a low level, even if from 2011 3.1% to the first quarter of this year 7%, but compared to Ctrip to where 70% of the gross margin, which is far below the industry level. And the only product will be listed after the rapid performance also depends on the continuous improvement of Maori.