Haiwen News On the evening of January 31, "According to news in the circle, at present, the official website, APP, and small program of Donkey Mother Travel Network can no longer be used normally, and WeChat has been suspended for several months. It is reported that at present, most of the employees of Donkey Mother have been disbanded. It was not possible to pre-order the product and there were only a few employees left. It's a pity!! This rumor appeared on the Internet, pushing the donkey mother travel network, which has faded out of people's field of vision for a long time, to the forefront.
A glorious past
When it comes to the ranking of domestic ** travel platforms, many people will think of well-known platforms such as Qunar Travel, Fliggy Travel, and Tuniu Travel, but in fact, the protagonist of this rumor, Donkey Mother, can compete with the above companies at the peak of his travel, and even have a slight upper hand in some areas.
Founded in 2008, Donkey Mother Travel Network is the embodiment of the outstanding business vision of Hong Qinghua, chairman of Jingyu Group, at that time, Hong Qinghua saw that the Internet tourism industry is a rich mine, so he kept an eye on the self-guided tour market, and cut into the market segment with scenic spot tickets, so that the late establishment of Donkey Mother Travel Network overtook in the corner, and realized differentiated competition with Ctrip, Tongcheng, Tuniu, Qunar and other leaders.
In those years, Donkey Mother developed rapidly as the pioneer of electronic tickets for scenic spots in China, and its share in the self-guided tour market reached 30 at its peak in 20157%, and there are more than 1,000 offline stores.
The development of Donkey Mother itself has also led to the rise of the Jingyu Group behind it, which has been selected as one of the "Top 20 Chinese Tourism Groups" for 11 consecutive years.
From 2009 to 2017, Jingyu Group, led by Hong Qinghua, has raised 5 rounds of financing, with a cumulative financing amount of about 3 billion yuan, including many well-known investment players such as Jinjiang International Group, Sequoia Capital, and Fengsheng Holdings.
The smooth road of financing naturally leads to the exchange, and Jingyu Donkey Mother Group, its parent company, Jingyu Culture, was listed in 2015 and became the "first stock of China's self-guided tour O2O".
Sharp turn
If the glorious road of Donkey Mother Travel Network had continued to this day, there would have been no rumors of this imminent disbandment.
One year after the listing in 2015, Jingyu Culture announced that it would apply for the termination of the listing.
Jingyu Culture's financial report for the first half of 2016 shows that the current revenue was 269.6 billion yuan, up from 10.0 billion yuan in the same period last yearRevenue of 2.5 billion yuan achieved 16302% growth, but the revenue doubled at the same time as there was 2A loss of 5.6 billion yuan, this figure was only 1. in the same period of 201533, the loss almost doubled.
The financial report of rising revenue but aggravated losses made the market doubt the operating ability and sustainable development prospects of Jingyu Culture, which directly led to the termination of the listing announcement issued by Jingyu Culture on March 6, 2017.
Perhaps due to the influence of scenic culture, Donkey Mother Travel Network has a market share of the best in the next few years, and the market share is only 0 in 201915%, even lower than TripAdvisor and Travel.
The epidemic in the next three years dealt a heavy blow to the fragile financial chain of the donkey mother.
As the "king of tickets", the cash flow of the donkey mother has actually been very tight, and many years ago, when competing with Tongcheng and Ctrip, there was even an extreme measure such as 1 yuan ticket that clearly discounted the company's money.
At the same time, the distribution of scenic spot tickets of the donkey mother inevitably requires the relevant downstream enterprises to pay in advance, whether the payment can be paid back depends on the follow-up sales, and the shrinkage of the tourism industry during the epidemic has shuffled a large number of similar enterprises, which directly leads to their own difficulties in repaying, and it is impossible to talk about paying the upstream donkey mother on time.
Finally, in the Internet era, tourism platforms are often backed by big trees, and their revenue structure is relatively scattered. For example, Fliggy is backed by Alibaba, and Alibaba's internal business operations are relatively mature; Qunar mainly does transportation price comparison, and the upstream and downstream operations of major airlines can reduce the risk of payment collection; Ctrip, Tongcheng and Tuniu have similar models, but unlike Donkey Mama, a large proportion of their business comes from "flight + hotel". The donkey mother focuses on the track of tickets, which leads to the problem of a large number of arrears in ticket distribution, and the overall funds of the enterprise will be in trouble due to the lack of other **.
The company responded
In response to the rumors circulating on the Internet that the donkey mother team is about to be disbanded, some people found that their app had been removed by the Ministry of Industry and Information Technology in October 2021 due to the collection of personal information beyond the scope, and the mini program could not be accessed normally for the time being, and the *** part had been stopped.
Donkey mother responded, "The three-year epidemic has had a significant impact on the cultural tourism industry and enterprises. The company's partners and some companies owe more than 2 billion yuan to Feidingwan in arrears, which is difficult to recover for a while, and some banks have withdrawn loans, cut off loans or collected more than 500 million yuan from Feidingwan in disguise. This makes it difficult for the company to achieve cash flow. Some banks sued the company and blocked the account and domain name, which affected the operation of the enterprise. We have been actively communicating with all parties to resolve the issue as soon as possible. ”
Hai Wenjun found by consulting relevant information that Shanghai Feidon Bay Cultural Communication Co., Ltd., the parent company of Donkey Mother, has been entangled in lawsuits recently, and has economic disputes with many banks such as Bank of Ningbo, Industrial and Commercial Bank of China, Agricultural Bank of China, and Everbright Bank.
At the same time, the donkey mother is already unstable internally.
Although most of the company's employees were dismissed, Donkey Mother denied it, "The online closure has caused the business to be temporarily suspended, and the employees are now in a state of rotation or standby, and will resume after the problem is solved." However, some employees said, "Most of the employees have left, and many of the employees who remain are defending their rights, and the current situation is that they continue to be in arrears of wages, and at the same time hint that everyone is looking for jobs and voluntarily leaving." In fact, during the epidemic, the mandatory shift schedule was introduced, and the salary was discounted according to the schedule. ”
The relevant staff also mentioned, "I used to pay my salary on the 15th of every month, but I didn't pay it in January, but after the outbreak, I suddenly received my salary for December today." As for the sudden arrival of wages, some employees speculated, "The stability of the army is coming." A few days ago, a part of the reimbursement was issued, which shows that it is not the money raised yesterday or today, but it has been concentrated in the past two days, and it is necessary to stabilize the internal mood. ”
Today's donkey mother is mired in a huge "triangular debt", if you can't find other investors to inject a certain amount of external funds in a short period of time to open the deadlock, then I am afraid that it is not far from blowing the lamp and pulling wax.
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