Tourism industry restart the countdown to Ctrip’s second listing in Hong Kong



It has been rumored for a long time that Ctrip’s second listing in Hong Kong will finally come to an end. With the disclosure of its offering documents, Ctrip’s second listing in Hong Kong has entered a countdown state. After the hearing, Ctrip submitted preliminary information on the website of the stock exchange of Hong Kong on June 4. In the prospectus, Ctrip revealed its performance and new growth space for future performance.

As the largest OTA enterprise in China, Ctrip, which has been listed on Nasdaq, has also attracted much attention in its second listing in Hong Kong. Industry insiders said that with the continuous promotion of the second listing in Hong Kong, the world’s first OTA enterprise listed in the United States and Hong Kong, China will soon be born, and Ctrip is expected to usher in a new round of value revaluation.


旅游业重启 携程赴港二次上市倒计时

According to the prospectus, the net assets of Ctrip group will reach 101.567 billion yuan in 2020, 12.834 billion yuan higher than that in 2018. In addition, in 2020, the gross profit rate of Ctrip group will remain at a high level of 78%, with a fluctuation of ± 2% in the past three years. From the perspective of Ctrip’s revenue structure, accommodation reservation and transportation ticket are the two carriages that drive Ctrip’s revenue. The extended Gaoxing Hotel and air ticket reservation have become the core competitive barriers of Ctrip.

According to the Yiguan report, according to the statistics of the total volume of commodity transactions, in 2019, the top five global travel platforms accounted for 7% of the total market share, of which, Ctrip group accounted for 2.3%, 0.4 percentage points higher than the second place; under the same caliber, in 2019, the top five Chinese travel platforms accounted for 21.5% of the total market share, of which, Ctrip group accounted for 13.7%, which was higher than the last four travel platforms The total market share of the platform is 5.8 percentage points higher.

The prospectus also shows that in 2020, more than 40% of the new trading users on Ctrip platform will come from the third tier and lower tier cities. From 2014 to 2019, the annual compound growth rate of consumers with annual expenditure of more than RMB 5000 will reach 29%.

As of December 31, 2020, Ctrip has cooperated with 1.2 million accommodation partners around the world to provide a full range of accommodation products covering hotels, resorts, residences, apartments, B & B, guest houses, etc.; it has cooperated with more than 480 airlines to provide air ticket products covering more than 2600 airports in more than 200 countries and regions. At the same time, Ctrip provides more than 310000 kinds of local entertainment products in destinations around the world, and more than 30000 partners in other ecosystems.

For investment in development, Ctrip’s prospectus also shows that from 2018 to 2020, Ctrip’s total expenditure on product R & D has reached 28 billion yuan in three years. As of December 31, 2020, Ctrip’s mobile applications have achieved nearly 75% automation support.

Insiders in the industry are optimistic about the future of Ctrip’s IPO documents. According to the Yiguan report, from the macro market point of view, the domestic tourism market is expected to reach 10.1 trillion yuan (1.6 trillion US dollars) by 2025. The global tourism market is expected to resume growth this year and reach a scale of US $7.1 trillion by 2025. Tourism consumption per capita also has great potential. In 2019, the domestic per capita tourism consumption is 158 US dollars per time, far lower than the 873 US dollars per time of American tourists. Therefore, it can be predicted that Ctrip will still have a good performance growth space in the global tourism market in the future.

In fact, in the past 2020, the global tourism market has experienced a low level under the influence of COVID-19. Ctrip, as the largest OTA enterprise in China, has also been hit hard. According to the 2020 financial report released by Ctrip, last year’s annual net operating income was 18.3 billion yuan (about 2.8 billion US dollars), a year-on-year decrease of 49%, and the net profit also turned from profit to loss, with a loss of 3.269 billion yuan. Fortunately, it made profits in the third and fourth quarters of last year through adjustment.

According to Yang Yanfeng, director of the online tourism research center of Beijing Union University, the listing of Ctrip in Hong Kong is also a long planned move. Listing in the market outside the US stock market can be more appropriate to its own market, and at the same time, it can get more investors who have a personal experience in the tourism market to participate in the investment, which is very helpful for Ctrip. At the same time, affected by the epidemic, Ctrip’s main battlefield is still in China. Through the opening up of international and domestic channels, it is more helpful for Ctrip to finance. In addition, there have been many U.S. stock companies switching to a shares or Hong Kong shares before. At present, this is also a major trend faced by enterprises.

Some people in the industry also said that after the adjustment in the low period of tourism, Ctrip is also challenging the position of “first brother” of global tourism through the recovery of domestic tourism market. Whether it can complete the breakthrough with the help of domestic tourism market in the future depends on the impact of global epidemic situation and its internationalization measures.

Beijing Business Daily reporter Guan Zichen intern reporter Wu Qiyun

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