Listed companies that sell lottery machines switch careers to sell mushrooms, spices, etc.
Author |Pusu.
* |Bond Market Watch.
Fucai's first provincial service provider actually defaulted on its debts.
Bond Market Observation "recently learned that China Ecotourism Group, which is mainly engaged in domestic public welfare lottery business, is referred to as "China Ecotourism Group", 1371HK) defaulted on two debts with a total principal amount of over HK$300 million, one of which involved a mortgage on a property held by the company.
Although China Ecotourism Group is a Hong Kong-listed company, its lottery business is mainly in Guangdong, Chongqing and other provinces and cities. In the first half of 2023, the number of winning bids for sports lottery terminals,China Ecotourism Group ranks first in the industry,Its R & D and production of lottery terminal equipment and sales management system,It is also the largest provincial scale in the domestic welfare lottery industry、The highest sales.
In October 2023, Yuwei***, an indirect subsidiary of China Ecotourism Group, received a notice from the creditor bank as the mortgagor, mentioningThe bank has issued a principal amount of 1The HK$6.2 billion loan facility, which has not yet been repaid by Future Technology, has violated the terms of the financing.
The property held by Yuwei Company is secured by the above loan financing, and as of 18 November 2022, the appraised value of the property is approximately HK$3$2.4 billion.
*: Corporate announcements.
In addition, according to the 2023 maturity, annual interest rate 70% principal is about 1The terms and conditions of the HK$5.4 billion convertible bonds, in the event of failure to pay the principal or interest on any bond at maturity, an event of default occurs, and ECT is required to pay the bonds within 3 working days after the payment maturity date.
The terms and conditions of the bond stipulate that the payment and the last interest payment are due on November 10, 2023. On the maturity date, ECT has not paid the principal amount and the last instalment of interest on the bonds.
China Ecotourism Group said it is currently in discussions with creditors and the bondholder to seek their consent and forbearance to suspend action and defer repayment while the debt restructuring plan is developed.
After the occurrence of the above-mentioned debt default, the creditors have appointed Fok Xiyu and Zhou Wei of Fushi Gaozhi as joint receivers and administrators.
In addition, the two debts constitute cross-defaults, and as of December 15, China Ecotourism Group has not received any notice of accelerated repayment of the Future Technology loan. Apart from the above-mentioned cross-defaults, the above-mentioned defaults did not result in the default of other loan agreements of China Ecotourism Group.
It is worth noting that China Ecotourism Group has lost money for 8 consecutive years since 2015 to 2022, with a total net profit loss attributable to the parent company of about 22900 million yuan.
As of June 30, 2023, the total assets of China Ecotourism Group were approximately 46.5 billion yuan, but the total debt reached 59.2 billion yuan, already insolvent. Among the current liabilities, the bank and other borrowings of China Ecotourism Group are about 22.3 billion yuan, convertible bonds about 14.4 billion yuan, cash and bank balances were only 77.64 million yuan, and restricted bank deposits were about 17.93 million yuan.
*: Oriental Fortune Network.
As a leading business and operation service provider with domestic public welfare lottery business, terminal equipment, game products, etc. as its main business, China Ecotourism Group has a serious problem of declining revenue and increasing losses before 2020.
Its loss in 2017 was about 1600 million yuan, and the loss will reach 48.3 billion yuan, the largest annual loss;The revenue has been declining, and the revenue in 2017 was about 19.8 billion yuan, which has dropped to less than 100 million yuan by 2020.
Public information,China Ecotourism Group mainly has three subsidiaries operating fucai、Sports lottery business,Including Guangzhou Lotu terminal technology *** Guangzhou Sanhuan Yongxin Technology *** and Beijing Beynes Digital Technology *** mainly for lottery institutions to provide computer ticket systems, lottery betting terminals, lottery scanners and readers and other core products and services,And won the fucai, sports lottery two lottery institutions recognized.
It is understood,China Ecotourism Group R & D and production of lottery terminal equipment and lottery sales management system,Widely used in many provincial lottery agencies in Fucai and Sports Lottery. While providing technical services for lottery institutions, it has achieved the largest provincial scale and the highest sales volume of the domestic welfare lottery industry.
*: Canned Picture Gallery.
From 2022 to the first half of 2023, China Ecotourism Group's computer ticket business in the welfare lottery and sports lottery markets continued to develop. In the field of fucai, the largest province of fucai served by China Ecotourism Group - Guangdong Welfare Lottery 2022 to the first half of 2023 lottery sales of 2717.2 billion yuan, continuing to rank first in the national fucai provincial market, Chongqing Welfare Lottery sales from 2022 to the first half of 2023 reached 5.5 billion yuan.
In the field of sports lottery, China Ecotourism Group has won the bid for Gansu, Xinjiang, Guizhou, Inner Mongolia, Shaanxi, Shanxi, Sichuan, Guangdong and other provinces sports lottery terminal procurement projects, in Zhejiang, Hunan, Henan, Guangdong, Shanxi, Liaoning, Inner Mongolia, Shaanxi and other provinces to carry out after-sales maintenance services.
In particular, in the field of sports lottery, China Ecotourism Group ranked first in the industry in the number of sports lottery terminals that won the bid in the first half of 2023.
*: Canned Picture Gallery.
The Chinese ecotourism group also sells lottery tickets abroad.
In October 2022, China Ecotourism Group, together with a local partner in the Philippines, obtained authorization from the Philippine National Lottery Organization (PCSO) to carry out the business of selling lottery tickets through personal electronic devices in the Philippines.
China Ecotourism Group previously said that the lottery sales applet in the Philippines has been fully technically prepared for the first phase of the product launch, and it is expected that the POS terminal equipment project and the mobile phone sales lottery project will also be launched one by one in 2023.
China Ecotourism Group has also partnered with the National Lottery Authority of Ghana (NLA) to develop sales channels to sell NLA5 90 lottery games through handheld terminal devices, and for the first time, the payment method of e-wallets has been applied to the Ghana lottery business. The Ghana lottery project has been launched in January 2023, and as of the end of June 2023, the number of handheld terminals deployed has reached more than 3,000 units, and sales have grown rapidly since its launch in January.
In recent years, due to the decline in revenue and the increase in losses, China Ecotourism Group has begun to turn to tourism and health food business, and currently its main projects are Jiyuan Wangwu Mountain and Wulongkou Scenic Area projects.
In March 2023, China Ecological Group and Jiyuan Cultural Tourism Investment Group (hereinafter referred to as "Jiyuan Cultural Tourism Group") signed a "Strategic Cooperation Agreement" to develop the Wangwu Mountain Scenic Area.
The natural forest farm food *** referred to as "natural forest farm") under China Ecotourism has built a forest food network, APP, and WeChat applet, and at the same time opened up Douyin channels, set up live broadcasts, short ** and community operation teams, and formed six forest food platforms such as forest food network, forest food APP, forest food applet, Tmall store, and Douyin store, and also added WeChat ** account and Xiaohongshu promotion channels.
In the first half of 2023, the products of the natural forest farm mainly include wheat protein powder products, mushroom products (hazelnut mushrooms, porcini mushrooms, morels, chicken fir mushrooms), and spice products.
China Ecotourism Group began to expand its eco-tourism and natural health food business in 2020, and the company's performance has grown slowly, with the revenue of China Ecotourism Group increasing to about 1 billion in 2020 from less than 100 million in 20201.3 billion yuan, although the net profit attributable to the parent is still in the red, the loss has increased from about 4$800 million to about $13.9 billion yuan.
It is indeed surprising that the China Ecotourism Group, which sells lottery machines, has been able to lose money for so long, and can it save them by changing their careers to sell food and tourism?Let's keep an eye on this lottery industry "big guy".
Buy lottery tickets, sell lottery tickets, serve lottery tickets, who can make money?Welcome to leave a message in the comment area to discuss.