Exploring the source of the storm of Guangzhi: the dispute between private state-owned shareholders and the investigation

[May Point Network] A complicated equity dispute is pushing Guangdong's largest travel agency, Guangzhi International Travel Service Co., Ltd., to the vortex center. Since last week, the former chairman of the Guangzhi Tour has been Zheng...

[May Point Network] A complicated equity dispute is pushing Guangdong's largest travel agency, Guangzhi International Travel Service Co., Ltd., to the vortex center.

Since last week, Zheng Bing, the former chairman of the Guangzhi Tour, has been circulating in the industry since he was investigated by double regulations. But until this week, the shareholders of all parties confessed to the above news, and Guangzhi Travel Holdings Fangyi Netcom also responded to Zhengdu with a written statement. However, according to informed sources, in addition to Zheng Bing, the other five natural person shareholders of Guangzhi Travel also accepted the investigation of relevant departments. In April this year, Lu Jianxu, the current chairman of Zheng Bing, who has just succeeded Zheng Bing, has been "disappeared" since September 2. The mobile phone is in a state of shutdown and is estimated to be under investigation.

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According to the current industry's current statement, this “investigation gate” is mainly aimed at the issue of the transfer of equity to the online enterprise Yi Netcom in 2006. There may be problems such as the loss of state-owned assets and illegal operation. It is reported that Swiss Tourism Group, the third largest travel service provider in Europe, has become the sole controlling shareholder of Yi Netcom through the acquisition in 2009. Due to the change in the investment background of the controlling party, the Guangzhi Tour, which previously engaged in outbound travel operations with domestic assets, may still be suspected of illegally continuing to travel abroad.

Easy Netcom seizes the road to power

Guangzhi Travel has a prominent position in the tourism industry. According to the latest “National Travel Agency Business Annual Inspection Sorting” published by the National Tourism Administration, the travel agency entered the national top three with a net income of 1.859 billion yuan last year. As the veteran boss of the Guangzhi Tour, Zheng Bing has always been a powerful figure in the tourism industry in Guangzhou.

However, on March 31 this year, Zheng Bing suddenly resigned as an executive director of Yi Netcom and changed to a non-executive director with a term of office until the end of 2010. In April of this year, Zheng Bing resigned from the position of chairman of Guangzhi Brigade, and was replaced by executive vice president Lu Jianxu. According to the announcement of Guangzhi and Yi Netcom, the above position changes are due to Zheng’s age and personal reasons.

However, some people familiar with the matter said that this personnel change may be related to Zheng’s “suspected corruption” at the beginning of this year, and this time, the “double regulations”, in addition to the “economic issues”, mainly involved the transfer of equity to Yi Netcom before the trip. Some questions.

Easy Netcom Travel is the first European listed travel company in China. Founded in 2000, the Group is headquartered in Guangzhou, China. It has an online travel network platform, Travel Easy Travel Network, Guangdong Sanli Aviation Service Co., Ltd. and China Southern Airlines Netcom. Company, etc. In March 2006, the Lingnan Group of the Guangzhou State-owned Assets Supervision and Administration Commission and Yi Netcom officially signed a cooperation agreement. The latter acquired 28.57% of the shares through the method of increasing capital and shares to Guangzhi, and became the second largest shareholder of Guangzhi. However, shortly afterwards, a person familiar with the matter disclosed to reporters that through the complicated equity transfer, Yi Netcom has become the largest shareholder of Guangzhi Travel, but due to abnormal operations, the company has taken the lead.

The reporter's investigation was informed that after Yi Netcom held 28.57% of the shares of Guangzhi Travel in 2006, the shares held by Lingnan Group and Guangzhi Travel Union Committee were diluted to 35.57% and less than 22.89% respectively. Yi Netcom became the largest shareholder, and it was through the Zheng Bing operation that it acquired the shares of the union from within.

The two giants compete to ignite the fuses?

Although the "secret" of Yi Netcom's first major shareholder in the trip to Guangzhou was kicked out by the media in 2007, and caused the industry to discuss the status of the outbound tour of Guangzhi Brigade, it did not cause the relevant departments to pursue it. Until June 2009, the world's third largest travel group, Swiss Tourism Group (KUONI), with a 31.8% stake in Yi Netcom, triggered another international travel giant, American Express.

In 2006, almost at the same time that Yi Netcom became the second largest shareholder of Guangzhi Travel, Swiss Tourism Group announced that it will set up a wholly-owned travel agency in Guangzhou, Shengjing Tourism (Guangdong) Co., Ltd., and become the first wholly foreign-owned travel agency in Guangzhou. However, according to the group's senior executives, Shengjing Tourism does not qualify for outbound travel.

There are still two “self-retained land” that the Chinese tourism industry has not yet released. One is the outbound travel business of foreign-funded or joint-venture travel agencies, and the other is to hire foreigners as tour guides. However, foreign investment has no advantage in domestic tourism. According to incomplete statistics, more than 90% of the nearly 30 foreign-funded travel agencies in the Mainland are still in a state of loss. Individual travel agencies are even in a semi-discontinued state. Relevant statistics show that the operating income of the tourism business of more than 30 foreign-funded travel agencies accounted for only 2.63% of the total number of international travel agencies, the gross profit margin of tourism business was only 4.21%, and the average gross profit margin of 20,000 travel agencies nationwide was 6.93%.

As early as May 2002, American Express and China Travel Service Co., Ltd. jointly established China Travel Express Travel Service Co., Ltd., holding 49% of the shares. Although American Express subsequently established three joint ventures in Beijing, Shanghai and Guangzhou, it was unable to operate an outbound tour. In addition to the traveler's check business in China, American Express's performance was not good enough.

It is reported that American Express applied to the National Tourism Administration for the qualification to operate outbound travel in China, but was restricted by the Travel Agency Regulations. However, "Swiss Tourism Group has secretly slammed Chen Cang, causing doubts from American Express." Some sources believe that at the request of the National Tourism Administration, this investigation of the equity transfer of Guangzhi Journey was initiated.

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