The dismissal of president and vice president of Mango. com and the reorganization of Mingyou World may cause changes

Original title: Both presidents and vice presidents were dismissed from office. Mango Network was reorganized and suspected of being in trouble.

On February 20, it was widely rumored in the industry that China Travel Service Headquarters issued a notice of dismissal from the former president and vice president of Mango Network Co., Ltd., stating that "Bai Ming no longer serves as Mango Network Co., Ltd. President and Bai Yan no longer serves as vice president of Mango Network Co., Ltd." In this regard, the reporter learned from a person familiar with the matter that such adjustments have indeed been made, but the company has not yet announced the news. At the same time, the reporter also asked the China Travel Service Headquarters for confirmation, but as of press time, the other party did not respond.

Last year, Bai Ming served as chairman and general manager of Mingyou Tianxia, and Bai Yan joined Mango as director and deputy general manager of Mingyou Tianxia. The former served as president of Mango Net Co., Ltd. since March 30, 2016, and the latter served as vice president of Mango Net Co., Ltd. since February 18, 2016. Mingyou Tianxia executives entered Mango. com with Mingyou Tianxia's reorganization of Mango. com. The plan announced by Mingyou Tianxia shows that "After Mango. com and Mingyou Tianxia achieve synergy, Mingyou Tianxia's experienced professional management team will be stationed in Mango."

According to public information, in April 2014, China Travel Service Hong Kong sold Mango Net as a non-performing asset to China Travel Service Group. Since then, Mango Net merged with China Travel Service Headquarters. At the end of December 2015, Hong Kong China Travel Group, the parent company of Mango. com, announced the introduction of Mingyou Tianxia International Tourism Investment (Beijing) Co., Ltd.(hereinafter referred to as "Mingyou Tianxia") and Shenzhen Runheng Investment Management Co., Ltd.(hereinafter referred to as "Shenzhen Runheng") as strategic investors to increase capital and restructure. As part of the reorganization of Mango. com, Hong Kong China Travel Service Group established a wholly-owned subsidiary Mango Development on February 10, 2016. On February 21 of the same year, Mango Development established Mango Holdings. According to the latest restructuring plan announced by Mingyou Tianxia on May 16, 2016, after the capital increase, Mango Development holds 40% of Mango Holdings, Mingyou Tianxia holds 10%, with a corresponding capital increase of 77.5 million yuan. Ligao Group holds 29% of the shares, corresponding to a capital increase of approximately 225 million yuan, and Shenzhen Runheng holds 21% of the shares, corresponding to a capital increase of 163 million yuan.

However, it is worth noting that in the latest restructuring plan, Mingyou Tianxia's shareholding in Mango Holdings dropped from 39% to 10%. At the same time, another variable is that on December 3, 2015, Mingyou Tianxia planned to subscribe for new shares of Linghu Pharmaceutical, the parent company of Ligo Group, for approximately HK$600 million. In June 2016, Pilot Pharmaceutical issued an announcement stating that the capital injection agreement was invalid because certain preconditions for the capital injection agreement had not yet been reached. Another industry insider who declined to be named said: "Mango has seen many people leave recently."

At the same time, Analysys analyst Zhu Zhengyu said that the exit of Bai Ming and Bai Yan is also related to Mango's performance."After Mingyou Tianxia management entered Mango, Mango's performance and profits did not meet expectations." According to the "Quarterly Monitoring Report on the China Online Vacation Tourism Market for the Third Quarter of 2016", Mango's market share in the third quarter of 2016 was 0.5%, an increase of nearly 0.1% compared with the third quarter of 2015. In the second quarter, this figure decreased by 0.1 percentage points compared with the same period in 2015. Although Mango. com, which is backed by "national team players", does not lack resources, in the transformation of Mango. com in recent years, the people in charge are all big shots of the Hong Kong China Travel Service."Mango. com lacks Internet genes in its actual development, which is also what Mango. com should pay attention to in the future."

Editor: Nancy