Be grounded by IATA! Forty-five bank accounts in Tenbon were frozen, and the crazy expansion led to a fatal crisis.

Tenbon International (quotation: 300 178), which was "banned" by IATA and took over the employees, businesses and customers of competitors, has developed rapidly. Now this scene is staged again, but the protagonist of the "ban" has become himself.

Tenbon International announced on August 2 1 that the company and its subsidiaries Shenzhen Tenbon Aviation Service Co., Ltd., Tenbon Tourism Group Co., Ltd. and Chengdu Tenbon E-Commerce Co., Ltd. received the Notice on Termination of Passenger Transport Sales Agency Agreement issued by the International Air Transport Association. According to the relevant regulations of the International Air Transport Association, the International Air Transport Association terminated the passenger transport sales agency agreement signed with the above-mentioned companies, and cancelled the qualifications of the above-mentioned companies as passenger transport agents recognized by the International Air Transport Association. But it does not affect the above companies BSP(Billing & amp； ; Settlement plan (BSP) is an air passenger sales agency business other than settlement.

This announcement means that there are 1 1 companies involved in the arrears of Tenbon Company and its subsidiary BSP. Up to now, nine companies have received termination notices. On August 9, Tenbon International announced that due to the arrears of BSP tickets by the International Air Transport Association, the total amount of BSP tickets owed by the parent company and some subsidiaries was about 2,654,387,000 yuan.

Debt-ridden and removed from the International Air Transport Association

On August 10, Tenbon International announced that it had frozen 45 bank accounts of the company and its subsidiaries, three of which were related to the loan contract dispute of Shenzhen Branch of Fubon Huayi Bank Co., Ltd., and the reasons for freezing the remaining accounts were unknown.

Tenbon said that the frozen bank accounts involved the company and its subsidiaries, basic account, ordinary households and fund-raising households, which would have a certain impact on the company's production and operation management. At present, the company and its subsidiaries are actively negotiating with banks to seek solutions. On the other hand, the company has deployed to speed up accounts receivable collection, streamline bad business, and ensure that the impact of litigation matters on the company's operations is minimized.

It is reported that Tenbon International has been banned from debt collection by relevant airline ticket agents since August, 2002, because it owes RMB 2170,000. According to relevant sources, the amount owed by the low-level air ticket agent is about 50 million yuan, which has affected more than 200 small and medium-sized air ticket agents.

Tenbon's capital chain mine has long appeared. On May 24 this year, Tenbon International announced that the shares of the company held by the controlling shareholder Tenbon Group and the actual controller Zhong were frozen and waiting for freezing. According to the letter of explanation issued by Tenbon Group, the company has received the court ruling information related to judicial freezing, involving the freezing of 4,962,200 shares, accounting for 2.57% of the company's shares and 0.8% of the company's total share capital, mainly because the respondent of Tenbon Group applied for pre-litigation property preservation due to contract disputes.

As of May 24th, the controlling shareholders and their concerted actions held 654.38+93 billion shares of the company, accounting for 365.438+0.32% of the company's total share capital; The total number of shares of listed companies held by it is 65.438+69 billion shares, accounting for 87.37% of its shares and 27.36% of the company's total share capital; The company has accumulated 65.438+0.52 billion shares of listed companies, accounting for 78.92% of the shares held by the company and 24.71%of the company's total share capital; The number of shares of listed companies to be frozen held by the company is 1.8 1 billion shares, accounting for 93.59% of the shares held by the company and 293 1% of the total share capital of the company.

Air ticket distribution business is the cornerstone of Tenbon's international business logic, and air ticket resources are regarded as the traffic entrance of Tenbon's international tourism products by the company. For Tenbon International, which started as a ticket agent, BSP's cash sales authority will be suspended, and it will be impossible to obtain ticket resources from IATA and distribute them to earn income. At the same time, it will also have a direct impact on Yi Rong, a micro-loan company relying on the air ticket industry chain. At one time, small loan companies contributed nearly 70% of Tenbon International's net profit.

Why does Tenbon International "vertically and horizontally" A shares?

It is worth mentioning that the broken capital chain of Tenbon International and the current situation that BSP business was "blocked" by IATA made Tenbon International suddenly repeat the mistake that Guangzhou Zongheng Tiandi Company, a once-annexed competitor, attracted market attention due to the broken capital chain, huge debts and being blocked by IATA, and this incident has also become an important factor in Tenbon's expansion.

Back in the first half of 20 14, the market value of Tenbon International at that time was only 3 billion. As a listed company in the BSP\B2B field of air tickets, Tenbon International lacked fundamentals at that time, its own industry did not have much to watch, and its market position in this industry was not stable, which was the general view of many researchers and fund managers at that time. A person from a joint venture fund company in Shenzhen once told China, a securities broker, that the industry concentration in the BSP\B2B field of air tickets is too low, the profit is too thin, and there are many market participants, while Tenbon International has not formed a large market share in this field, and there are competitors that Tenbon International is very afraid of in South China.

The competitors that made Tenbon International very jealous were Guangzhou Zongheng Tiandi Company, Shenzhen Tengbang Company and Guangzhou Zongheng Company, which were the best in the domestic BSP air ticket field at that time. Tenbon International has its own plans after its A-share listing. According to the media reports at that time, the average daily air ticket transaction volume of Zongheng Tiandi in 20 13 ranked third among the national counterparts, ranked first in South China, and ranked first in the national air ticket sales volume in 20 13. Country Garden, China Post and Opal Lighting (quotation 6035 15, consulting unit) are all its main customers. According to the media reports at that time, the internal documents of CAAC showed that in 2065.438+03, the global turnover reached 654.38+06 billion yuan.

However, it is such a giant in BSP field that late payment frequently appeared in May of 20 14. At that time, the media reported that as of September 20 14, 17, there were still13.26 million BSP tickets unpaid in Zongheng Tiandi. According to IATA statistics, there were still1150,000 BSP arrears to be paid by the guarantee company AVIC Xingang. Some media reports pointed out that the debts of Zongheng Tiandi and its group companies involve banks, funds, small loans and investment companies, and the actual total debt scale is close to 2 billion.

Subsequently, Zongheng Tiandi suddenly announced the sudden death of Chairman Chen Zeliang. 20 14, 18 In the afternoon of September, Tenbon International suddenly rose in the last ten minutes, rising by 3.38%, much better than the 0.8% increase of the Growth Enterprise Market Index that day. From 20 18, September 2065438 to the last trading day of 20 14, the share price of Tenbon International increased by about 18% during this period. However, if we consider the news that the capital chain of Guangzhou Zongheng Tiandi broke in May 2065438+2004, the share price of Tenbon International rose by 7 1% from May of that year to the end of that year, when most companies on the Growth Enterprise Market performed poorly. Thunderstorms all over the world made Tenbon International a great success, and this wave of market also lasted for 12 months, which made Tenbon International enter the bull market state ahead of schedule and remained "bull" until May of 20 15.

Shortly after the death of the chairman of Guangzhou Zongheng Tiandi, Tenbon International established a wholly-owned subsidiary in Guangzhou. Tenbon International has also responded to events such as the break of the capital chain of Zongheng Tiandi, the death of the chairman and the ban of BSP by IATA. Tenbon International said that the business scale of Guangzhou Zongheng Tiandi is a large-scale agency enterprise in South China, and Tenbon Company, which expects accidents, deeply regrets the occurrence of this incident. After the collapse of Guangzhou, some merchants and customers chose the company as a supplier to purchase, which increased the company's business volume year-on-year; At the same time, the company newly established Guangzhou Tengbang Electronic Technology Co., Ltd., and former colleagues also joined Guangzhou Tengbang one after another. By the end of 20 14 10, there were about 100 employees, mainly engaged in the international air ticket business that the company focused on developing.

After the break of the capital chain of Zongheng Tiandi was banned by IATA, Tenbon International actually completely ate the BSP market and important customer resources of Zongheng Tiandi. The number of corporate customers for air tickets has increased rapidly from 654.38+08 million in the middle of 2065.438+04 to 3,000 in 2065.438+05 and 5,000 in early 2065.438+06. At that time, the core customers of Tenbon's international air ticket business included Alibaba, Shenzhen Stock Exchange, Guosen Securities (002736), First Venture Securities (002797), China Merchants Fund, China Railway Second Hospital, KPMG and other large Internet companies and financial institutions.

Crazy expansion leads to "fatal" crisis

After benefiting from the collapse of competitors, Tenbon International held the position of the industry leader, and Tenbon began a crazy external expansion.

20 14 10, Tenbon International and its affiliated companies acquired 65% equity of Cai Wensheng Xiamen Xinxin Tourism for 65438+95 million yuan;

From 2065438 to August 2006, Tenbon International and its affiliated companies invested/kloc-0.70 billion yuan in Suzhou Octopus Tourism;

20 16, 12, Tenbon International completed its contribution to Qianhai Reinsurance Co., Ltd., and Tenbon International contributed 300 million yuan, accounting for10% of the equity;

20 17 12, Tenbon Group, Tenbon International and other companies invested in the acquisition of Maldivian Seaplane Company, and Tenbon International invested100000 USD;

2065438+June 2008, Tenbon International acquired about 42% equity of Xiyou International Travel Service for 330 million yuan;

20 18 10, Tenbon International plans to 1800 million acquire 60% equity of Qiaoqu Culture, a theme park operator.

Tenbon has also set up branches in major cities in China, such as Guangzhou, Chengdu, Xiamen, Qingdao, Hangzhou, Nanjing, Xi, Tianjin and Beijing. Most of these branches were acquired and established by Tenbon International in the past few years. According to the annual report of Tenbon International, there are as many as 20 newly established subsidiaries in 20 17. At the same time, Tenbon International and its parent company also launched online stores, only in 2006.

According to the announcement issued by Tenbon International at the end of last year, the pledge ratio of actual controller and chairman Zhong has reached 65,438+000%. At the end of last year, Zhong, the chairman of Tenbon International, failed to raise enough additional funds within the specified time, and the 65,438+08 trust plan for increasing profits was forced to be liquidated, which led Zhong to passively reduce his shareholding in Tenbon International.

20 19, the problem of ticket giant Tenbon International is getting more and more serious. On May 25th this year, due to a contract dispute, the respondent applied for pre-litigation property preservation, and Tenbon International disclosed the announcement that the major shareholder was frozen by the judiciary. As of the date of announcement, Tenbon Group and its concerted actions hold1930,000 shares of the company, accounting for 3 1.32% of the company's total share capital. The total number of shares of listed companies held by the company is 65.438+69 billion shares, accounting for 87.37% of the shares held by the company and 27.36% of the total share capital of the company; The company has accumulated 65.438+0.52 billion shares of listed companies, accounting for 78.92% of the shares held by the company and 2.471%of the company's total share capital; The number of shares of listed companies to be frozen held by the company is 1.8 1 billion shares, accounting for 93.59% of the shares held by the company and 293 1% of the total share capital of the company.

On June 10, Tenbon Group Co., Ltd. (hereinafter referred to as Tenbon Group) announced that due to short-term cash flow difficulties, the company failed to pay the annual interest of "17 Tenbon 01"2019 to the account of China Securities Depository and Clearing Co., Ltd., which involved interest funds/kloc-

On June 1 1, Tenbon International announced the completion of the actual controller change. /kloc-In June, 2009, Zhong, the actual controller of Tenbon Group, the controlling shareholder of Tenbon International, signed the Voting Rights Entrustment Agreement with Shenzhen Daikin Investment Consulting Co., Ltd. (hereinafter referred to as "Daikin Investment") to transfer its shares in the company. Daikin Investment will become the single shareholder with the largest share of voting rights of listed companies, and Shijin holds the equity of Daikin Investment 100%, so Shijincheng is the actual controller of Tenbon International.

According to media reports, an international person in Tenbon said that the voting entrustment was decided by a strongman of Tenbon Group-after the voting right was transferred to Shi Jin, the bank credit of listed companies would not be affected by Tenbon Group, which could cut off the risks of listed companies and groups and make the company develop better. Some market participants also believe that in addition to the above factors, Tenbon International also hopes to lead the changed Tenbon International to achieve a second venture from "air ticket core" to "tourism core" with Shi Jin's professional experience in the tourism industry.

However, it is not easy for Tengbang, which is caught in the debt crisis and banned by the International Air Transport Association, to get out.

The semi-annual results of 20 19 disclosed by Tenbon International show that the estimated net loss attributable to shareholders of listed companies in the first half of 20 19 is 35 million yuan? C 4000 million yuan, a profit of 226.9648 million yuan in the same period last year. Considering that Tenbon International's profitable business is actually in the small loan business-supply chain financial services in the airline ticketing industry, that is, Yi Rong Company, a wholly-owned subsidiary of Tenbon International, because its small loan business has contributed at least 50% of the profits of listed companies for many years, the loss in this semi-annual report means that Yi Rong Company, as the main source of the company's profits, has also been affected by the debt crisis. The operational capacity of the latter is closely related to the scale of funds. Tenbon International also said in the report that due to the macroeconomic impact, the financing progress of enterprises was slower than expected, the shortage of operating funds slowed down the original strategic layout, business expansion was limited, and its performance declined compared with the same period of last year.

Tenbon International has benefited a lot from the fall of its competitors, but its actions show that it does not seem to have learned any lessons from the fall of its competitors. Now, Tenbon International has announced that its nine subsidiaries have been terminated by IATA, and the company's ticket distribution business is equivalent to being banned by IATA. In particular, the forbidden subject also includes Tenbon Tourism Group, which is the most important part of Tenbon's international transformation and built by its new boss Shi Jin. This means that Tenbon International will face the problem of air ticket delay when promoting its tourism products, and the strategy of promoting the sales of tourism products with air tickets will face great challenges, which will be a loss for Tenbon International, which seeks to open up the tourism industry.