Tuniu’s net loss for the five years from 2015 to 2019 was 5.586 billion yuan.
Editor’s note: This article comes from the WeChat public account “Lei Di touch network” (ID: touchweb) , author Lei Jianping.
The former online travel giant Tuniu is on the verge of delisting.
As of May 24, 2020, Tuniu ’s share price was US $ 0.759, with a market value of US $ 93.42 million, which has shrunk significantly compared with the highest peak market value of more than US $ 2 billion.
Tunior issued an announcement a few days ago, saying that the company received a notification letter from the Nasdaq listing eligibility department on May 18, 2020, indicating that the company’s closing price in the past 30 consecutive trading days was lower than the minimum purchase required by NASDAQ The price is $ 1. The notice will not immediately cause the company to be delisted directly.
Nasdaq stipulates that a company whose stock price is less than US $ 1 for 30 consecutive trading days, as long as it reaches US $ 1 for 10 consecutive trading days within the next 180 calendar days, is deemed to have regained compliance.
In addition, due to the impact of the epidemic, Nasdaq has decided to postpone the start of the compliance observation period until June 30 and continue until December 28, 2020. If the compliance is still not achieved on December 28, Tuniu will receive another 180-day compliance observation period.
The NASDAQ notification letter will not have any impact on Tuniu ’s business operations. Tuniu said that the company will take all reasonable measures to restore compliance.
5 years of loss of 5.6 billion, has been ruined by bankruptcy liquidation
After delaying the submission of the 20-F file to the SEC, Tuniu recently officially submitted the 2019 annual report data.
Tuniu’s 2019 revenue is 2.28 billion yuan (about 327 million US dollars), operating loss is 870 million yuan (about 125 million US dollars), and net loss is 729 million yuan (about 104 million US dollars).
Tunior 2015, 2016, 2The net losses in 017 and 2018 were 1.466 billion yuan, 2.422 billion yuan, 770 million yuan, and 199 million yuan, respectively.
This means that Tuniu has a net loss of 5.586 billion yuan in the five years from 2015 to 2019.
As of December 31, 2019, Tuniu held cash and cash equivalents of 295 million yuan (approximately US $ 42.44 million) and restricted cash of 327 million yuan (approximately US $ 46.98 million).
In addition to the increase in cash and equivalents held by Tuniu in 2018, all other years have decreased.
As of December 31, 2019, Tuniu held short-term investments of 1.3 billion yuan (about 187 million US dollars). Tuniu ’s total equity is 2.711 billion yuan (about 389 million US dollars).
Tuniu predicts that due to the pneumonia epidemic, revenue in the first quarter of 2020 will be 114 million to 160 million yuan, a year-on-year decrease of 65% to 75%. It can be expected that Tuniu still has no hope of turning around in 2020 .
Before April 30, Tuniu once went into bankruptcy rumors, Tuniu clarified it for the first time, calling it a rumor. The rumors have deeply realized their mistakes and are willing to make up for their mistakes. apologize.
Tuniu also posted a letter of apology from the rumor writer. The apology letter stated that it had written an irresponsible text without factual evidence. The cattle company has caused a lot of negative effects, and it is very guilty for this, and solemnly apologizes.
It is expected that the global epidemic will continue, and the journey of Tuniu in 2020 will still be difficult.
HNA, JD.com invest in Tuniu floating losses exceed 95%, Temasek reduces holdings
The best time for Tuniu should be in 2015. In May 2015, JD.com and Tuniu jointly announced that Tuniu signed an agreement with investors such as Jingdong. Tuniu received a total investment of US $ 500 million.
JD.com invested a total of US $ 350 million to subscribe for Tuniu shares, including US $ 250 million in cash and provided US $ 100 million in resources and operational support to Tuniu.JD Travel-Vacation Channel website and mobile terminal have 5 years of exclusive commission-free operation rights, Tuniu becomes a preferred partner of JD’s air ticket and hotel business.
In addition, Hony Capital, DCM, Ctrip, Temasek and Sequoia invested US $ 80 million, US $ 20 million, US $ 20 million, US $ 20 million and US $ 10 million to subscribe for the corresponding Tuniu shares.
In November 2015, HNA Tourism ’s strategic investment in HNA ’s HNA Tourism was US $ 500 million. According to the agreement signed by both parties, HNA Tourism subscribed for US $ 16.50 per American Depository Receipt (ADS), or US $ 5.50 per common share New shares issued by Tuniu.
After completion, HNA Tourism replaced JD.com as Tuniu ’s largest shareholder, holding approximately 24.1% of Tuniu ’s shares. Based on this calculation, Tuniu’s valuation was about US $ 2.08 billion. Since then, HNA has also invested tens of millions of dollars to increase its holdings.
As of February 28, 2020, Tuniu CEO owns 5.9% equity and 21.8% voting rights in Dunde. HNA Group holds 27.2% of the shares, has 19.1% of the voting rights, and is the majority shareholder, HNA has 19.2% of the voting rights; JD.com holds 21.1% of the shares, and has 14.8% of the voting rights, and is the second largest shareholder.
As of March 31, 2020, Tuniu ’s shareholding structure
DCM holds 8.6% of the shares and 6% of the voting rights. Unicorn Riches Limited (Hony Capital) holds 7.4% of the shares and 5.2% of the voting rights.
As of February 28, 2019, Dunde holds 5.8% equity and 21.7% voting rights. HNA Group holds 27.3% of the shares and is the majority shareholder. HNA has 19.2% of the voting rights. JD.com holds 21.2% of the shares and is the second largest shareholder. JD.com owns 14.9% of the voting rights.
As of February 28, 2019, Tuniu ’s shareholding structure
DCM holds 8.6% equity and 6.1% voting rights. Unicorn Riches Limited (Hony Capital) holds 7.4% of the shares and 5.2% of the voting rights; Temasek holds 6.7% of the shares and has 4.7% of the voting rights.
Tuniu is backed by HNA and JD.com, but its market value is getting farther and farther away from Ctrip and Tongcheng Yilong. It is outdated in the tourism industry and its position among the top three is not guaranteed. The losses of HNA and JD.com ’s Tuniu investments exceeded 95%.
The market value continues to fall into a downturn, and Tuniu ’s management has also begun to fluctuate. In early April 2020, Tuniu announced that Chief Financial Officer (CFO) Xin Yi had submitted his resignation for personal reasons.
The market rumored that Tuniu executives collectively cut their salaries by 60%, which is not surprising. Previously, Ctrip CEO Sun Jie said that Liang Jianzhang and his salary began at 0 in March; executives also proposed voluntary salary cuts, with a minimum half salary until Industry recovery.
At the difficult moment of Tuniu, Temasek, who had been accompanied by Tuniu, began to “stab”. A document submitted by Tuniu to the SEC on April 6 shows that Temasek has reduced Tuniu ’s holdings and is no longer among the major shareholders.
When JD.com and Tuniu signed a photo together, there were 6 people together. Today, only Liu Qiangdong and Yu Dunde are still in each other’s company. The others have either left or have been announced to retire.