Is Baicheng Travel.com bankrupt?

On March 1, Baicheng Travel Network, an overseas travel service organization, recently issued an internal notice. Due to the impact of the new coronavirus epidemic, funds cannot maintain the company’s continued operations, and it has decided to close the company and begin liquidation preparations. Below The editor of Jintou will introduce to you whether Baicheng Travel Network has gone bankrupt?

In addition, the notice also mentioned that the company will carry out comprehensive aftermath processing. Due to financial constraints, Baicheng will pay employees’ January wages on March 10 and will no longer pay five insurances, one housing fund and wages for employees.< /p>

The reporter noticed that Baicheng’s official website issued a vacation notice to strengthen the prevention and management of the new coronavirus and effectively prevent the spread of the virus. The company will temporarily take a vacation until March 1st and resume normal work on March 2nd. New visa orders are not accepted.

Public information shows that Baicheng Travel Network was established in 2000. Its main business is an overseas tourism O2O service enterprise, mainly engaged in online visa business, travel vacation services, destination Services, corporate international business travel business, and is one of the largest online visa service organizations in China.

It is understood that Zeng Song, founder, chairman and CEO of Baicheng Travel Network, created China Overseas Tourism Three Huayuan International Travel, one of the largest wholesalers, officially took the helm of Baicheng Travel Network in 2012. Baicheng Travel Network once launched price competition with a visa service fee of 0 yuan, refused full refunds and mobile phone processes, and the number of overseas tourists it served annually exceeded 1 million people.

Baicheng Travel Network received US$10 million in round A investment from Fidelity Asia and Yinruida in March 2008. In March 2014, Ant received approximately US$20 million in round B financing. .In July 2015, Baicheng Travel Network advocated the completion of a 200 million yuan financing led by Qianhe Capital and invested by emerging investment institutions such as Focus Capital, Pig Capital, Boya Capital, etc.

According to submission submitted by Baicheng Travel Network According to the 2018 semi-annual report, Hangzhou Ant Venture Capital Co., Ltd. holds 16 shares. 47% is the second largest shareholder.

In April 2016, Baicheng successfully listed on the New OTC Market and became the No. 1 O2O outbound tourism company. However, after landing on the New Third Board, Baicheng's operating conditions are not optimistic. From 2013 to the first half of 2018, Baicheng Travel's net profits were all in the red, with losses of 17.61 million yuan, 36.63 million yuan, and 39.35 million yuan respectively. yuan, 45.11 million yuan, 27.95 million yuan, 12.86 million yuan.

On July 18, 2019, Baicheng Travel issued an announcement to suspend its signboard on the New OTC Market.