Jun Ting Hotel For GEM Listing 75 Million Debt "Evaporation"

In November 15th, the Zhejiang Jun Ting Hotel Management Limited by Share Ltd (hereinafter referred to as "Jun Ting Hotel") updated prospectus prospectus in the SFC. The purpose of this announcement is to offer a public offering of no more than 20 million 135 thousand shares and raise 344 million yuan for high-end high-end hotel design and development projects and integrated management platform construction projects.

The famous hotel in Zhejiang was listed on the new third board in March 7, 2016, listing for second years, seeking A shares IPO. After two years of "coach run", Jun Ting Hotel finally entered the IPO queue audit list this year.

However, on the day of the disclosure of the prospectus in May 17, 2019, Jun Ting Hotel in the new three board system, corrected the 2016 annual report of -2018 for three years, involving a lot of key data such as the revenue and accounts receivable, the rental rate, the rental room price and so on, while the debt in 2017 was directly reduced by 75 million yuan.

Explore gem again

Jun Ting Hotel was established in August 2007 and changed to Limited by Share Ltd in September 10, 2015. It focuses on the operation and management of the high-end high-end service chain hotels.

The prospectus shows that the hotel is mainly located in the Yangtze River Delta city group, and its hotel brands include the "King Pavilion" of the mid-range selected service hotels orient to Oriental Art, the "King Pavilion" in the middle grade apartment hotel, the "night Pavilion Pavilion" in the high-end historical and cultural tourism destination Hotel, and positioned as the "Pagoda Pavilion" of the high-end art and design hotel.

Prospectus disclosure, Wu Qiyuan and Ding He husband and wife together hold 48.54% of the king Ting Hotel, the controlling shareholder and the actual controller, and Wu Qiyuan is the hotel industry senior coffee.

Jun Ting Hotel has a long view of the A share market.

A year after landing on the new third board, Jun Ting Hotel submitted an initial public offering guidance registration registration material to the Zhejiang Securities Regulatory Commission in February 28, 2017. However, it was not until two years later in May 8, 2019 that its guidance was accepted by the Zhejiang Securities Regulatory Commission.

In November 18th, Zhao Huanyan, chief knowledge officer of Huamei Hotel consultancy, told the business reporter in twenty-first Century that the Pavilion Hotel was "exploring the second board after the new three boards". He pointed out that "Jun Ting Hotel began listing guidance in 2017, but it was not very smooth, because the middle end hotel was facing a downward turning point".

According to the prospectus of Jun Ting Hotel, as of now, Jun Ting Hotel has opened 38 hotels, and has signed 24 hotels to open, covering many provinces and cities including Zhejiang, Shanghai, Jiangsu, Anhui, Jiangxi, Hubei, Hainan and so on.

From the two major business segments of "hotel operation" and "hotel management", hotel operations (room service, catering services, meetings, gatherings, short rental services and hotel rental services) are the main source of revenue for the hotel. In 2016-2019 years and 1-6 months, the proportion of revenue from "hotel operation" was 98.8%, 98.33%, 97.19% and 95.5% respectively.

For the development opportunities of Jun Ting Hotel, Zhao Huanyan thinks, "the supply of such hotel rental property is large and the entry threshold is low, so competition is fierce. The high-end hotel has the entry threshold for real estate investment, so the competition is relatively relaxed."

According to Jun Ting Hotel, according to the statistics of guest rooms, its market share in the hotel industry is about 0.12%. In the field of high-end hotel segmentation industry, the company has a market share of about 0.51%, ranking twenty-eighth in the high-end hotel industry.

"The hotel industry is overabundant, but there are not many hotel products that match the market accurately. The high-end hotels are relatively small. Econo Hotel has certain limitations in brand development, especially in terms of cultural tourism. There is no advantage in the cultural tourism industry. If you want the system to build product lines, it is necessary to get diversified financing channels," a senior hotel industry researcher told the economic report in twenty-first Century, November 18th.

75 million debt is written off?

It is worth noting that in May 17th, when the prospectus was disclosed in May 17th, Jun Ting Hotel made corrections to the annual report in 2016, which corrected a number of key data, including the revenue and accounts receivable of major customers, the rental rate, the unit price of rented rooms, the amount of procurement of suppliers and so on.

For example, the five largest clients of Zhejiang Hotel and Business Co., Ltd., in 2016, adjusted their contribution from 18 million 428 thousand and 700 yuan to 19 million 338 thousand and 100 yuan, and Shenzhen Hui Xing International Travel Service contributed 4 million 315 thousand and 500 yuan to 4 million 844 thousand and 800 yuan, and Shanghai volume Asset Management Consulting Co. limited contributed 3 million 629 thousand and 100 yuan to 3 million 652 thousand and 200 yuan.

The accounts receivable of the top five customers of the Jun Ting Hotel have also been adjusted. In 2016, the account age of 4 million 520 thousand yuan in accounts receivable of Zhejiang Hui He business was adjusted from 1 years to 1-2 years.

In addition, it will merge the accounts receivable of Ctrip and its subsidiaries Shanghai Hertz travel agency, the amount from 2 million 530 thousand yuan to 3 million 680 thousand yuan. At the same time, the accounts receivable of Shenzhen Hui Xing International Travel Agency were revised, increasing 53 thousand and 700 to 808 thousand and 900 in 2016 and 284 thousand to 1 million 387 thousand and 700 in 2017.

According to the revised data, accounts receivable increased by more than 1 million 500 thousand in 2016, and accounts receivable increased by about 2 million in 2017, which directly raised the profitability of Jun ting.

In addition, the hotel also revised the rental unit price, the average annual price of 2016 yuan to 434.47 yuan / to 418.68 yuan / room, the average room income from 305.51 yuan / to 294.41 yuan / room, in 2017 made the same amendment.

It needs to be pointed out that the 2017 annual report is more moderate. The action of the Jun Ting Hotel is concerned by the market. Because the amount of loans obtained and returned by the company is incorrect, the cash received from the loan and the cash paid for debt repayment will be reduced by 75 million yuan during the reporting period.

That is to say, the debt of Jun Ting Hotel in 2017 is less than 75 million yuan.

The latest prospectus shows that there are still many loopholes in the management of the hotel.

In the first half of 2016-2019 years, Jun Ting Hotel subsidiary had received 9 administrative penalties for fines and above, involving fire and elevator hazards, unauthorized installation and use of satellite ground receiving facilities, value-added tax invoices, staff health certificates and so on.

However, the sponsor, Anxin securities and issuer lawyer, Shanghai Jin Tian Cheng law firm believe that the above penalties are not a major violation of the law, and will not constitute a substantial obstacle to the listing and listing of the hotel.

As for the above questions, as of twenty-first Century, the economic report reporters did not receive a reply from the hotel.