Yu Minhong's cultural and tourism map has been expanded.
Recently, according to Tianyancha's business data, Taimei (Beijing) International Travel Agency Co., Ltd. (hereinafter referred to as "Taimei International") has undergone a business change. The original wholly-owned shareholder Tianjin Vision Contemporary Technology Co., Ltd. has withdrawn, and Beijing New Oriental Wokaide International Education Travel Co., Ltd. has been added as a shareholder, holding 100% of the shares with a subscribed capital of 5 million yuan.
Time Finance has noticed that all relevant executives of Taimei International have undergone a complete replacement. According to business information, on December 12th, two members of the original shareholders resigned, and the current legal representative, director, supervisor, and financial officer are all related personnel of New Oriental. Among them, Yang Zhihui, Executive President and Chief Financial Officer of New Oriental Group and President of New Oriental Culture and Tourism Group, serves as a director of Taimei International.
After acquiring Emperor Charter Travel and Chongli Ski Town, and buying another travel agency, what is Yu Minhong's next move?
Yu Minhong has acquired another son, founded by former general Zuo Hui
There is not much public information about Taimei International.
According to business information, Taimei International was established in 2016 with a registered capital of 5 million yuan. Its business scope mainly includes domestic tourism business and inbound tourism business; Outbound tourism business; Undertake exhibition and display activities; Conference services; Ticket agency; Airline ticket sales agent.
At present, Taimei International does not have any direct or indirect foreign investment companies. However, according to the penetration of equity, prior to this acquisition, Tao Hongbing was the ultimate beneficial owner and actual controller of Taimei International, with a final beneficial stake of 46.382%.
According to Tianyancha's related information, Tao Hongbing is the Vice President of Lianjia, the largest real estate brokerage company in China, and serves as a senior executive or actual controller of companies such as Vision Mingde (Beijing) Holdings Group Co., Ltd., Beijing Zizi Culture and Tourism Technology Co., Ltd., and Beizhuang Technology (Beijing) Co., Ltd. In other words, Tao Hongbing is a former veteran of the founder of the Shell series, Zuo Hui.
In previous public information, Tao Hongbing and Zuo Hui had a very close relationship. In addition to being an old general of the Chain family, they were also close friends who had known each other for more than ten years. At the end of 2011, Tao Hongbing founded Gaoce Real Estate Brokerage, and at that time, Zuo Hui invested 40 million yuan, becoming the second largest shareholder; In 2015, Gaoce was merged into Lianjia, and Tao Hongbing joined Lianjia's executive team, where he pioneered Beike's new house business and served as Lianjia's Senior Vice President and General Manager of Lianjia's New House Business Unit.
In January 2018, Tao Hongbing resigned from his position as Vice President of Lianjia and founded Yuanjing Mingde (Beijing) Holdings Group Co., Ltd. (hereinafter referred to as "Vision"), serving as Chairman and venturing into the field of urban renewal. According to a report by Southern Weekly, Tao Hongbing once stated that before Beike went public, Zuo Hui sold three to four billion yuan of old shares and invested 95% of the profits in Vision.
Although both Vision and Lianjia's main investors include Zuo Hui, the two companies are independent of each other. According to reports at the time, Zuo Hui was only a pure financial investor in terms of vision and did not participate in the company's daily operations and decision-making.
Judging from the establishment of Taimei International in 2016, the company may have been established during the period when Lianjia was engaged in tourism real estate business. In May 2016, Lianjia established the "Lianjia Travel" business segment, which has landed in Hainan and Yunnan, targeting the demand for purchasing vacation properties. At that time, Tao Hongbing was in charge of the real estate sector of Lianjia Travel. Public information shows that Tao Hongbing has invested in companies such as Hainan Beiwo Environmental Travel Agency Co., Ltd. and Xishuangbanna Beiwo Environmental Travel.
However, based on the publicly available information, the current development of Taimei International's related businesses is not significant. On December 16th, Time Finance contacted New Oriental Culture and Tourism regarding the intention and business expansion direction of the acquisition. As of the time of writing, no response has been received.
Big expansion, New Oriental Culture and Tourism will independently go public in the future
From the perspective of investment entities and executive members, this cooperation is more dominated by New Oriental Culture and Tourism.
According to business information, the chairman of Beijing New Oriental Wokaide International Education Travel Co., Ltd. is Yu Minhong, and Yang Zhihui is the director and manager, with Beijing New Oriental Culture and Tourism Co., Ltd. holding 100% of the shares.
New Oriental Wokaide is one of the investment entities of New Oriental Culture and Tourism. Since the establishment of New Oriental's cultural and tourism business last year, New Oriental Wokaide has successively set up local cultural and tourism subsidiaries in Zhejiang, Sichuan, Guangdong, Jilin, Hubei and other places.
According to Time Finance, as of December 16th, New Oriental Wokaide has successively opened 64 local cultural and tourism subsidiaries in the past year, and its cultural and tourism territory has rapidly expanded. This acquisition of Taimei International is a rare external investment by New Oriental Wokaide.
However, since the establishment of its cultural and tourism business, New Oriental's expansion ambitions have gone beyond that. As early as September last year, New Oriental teamed up with Shenqi Capital to lead the investment in Emperor Charter Travel, completing a total financing of 200 million yuan.
In February of this year, a wholly-owned subsidiary of New Oriental Group invested 370 million yuan in Zhangjiakou Chongli Taiwu Enterprise Management Co., Ltd., which indirectly holds shares in Hebei Zhangjiakou Chongli Taiwu Ski Town. Recently, multiple skiing related businesses have appeared in the New Oriental cultural and tourism projects.
According to the salesperson's introduction, during the winter vacation of 2025, New Oriental Culture and Tourism will have eight major study themes, 20+ice and snow resorts, 30+professional ski resorts, and other related study or tourism routes for the ice and snow season. On December 13th, Weifang New Oriental Culture and Tourism launched New Oriental Ski Theme Camp and other events.
At the same time, New Oriental Group is constantly integrating its internal cultural and tourism business, including merging the international study tours, research and base education businesses of New Oriental's youth sector into the cultural and tourism department. As a result, the scale of New Oriental Cultural Tourism has further expanded.
In April of this year, the new headquarters of New Oriental Culture and Tourism Group, located in the New Oriental Building in Haidian, Beijing, was unveiled. Yu Minhong also announced that Culture and Tourism will go public separately in the future, becoming the third listed company selected by New Oriental and Oriental.
In the first quarter of the fiscal year 2025 (three months ending August 31, 2024), New Oriental's net revenue increased by 30% year-on-year to $1.435 billion, of which the cultural and tourism business revenue was approximately $90 million, equivalent to RMB 640 million.
During the conference call, the management mentioned that the company's newly integrated cultural and tourism business experienced significant growth in the quarter. This quarter is currently at the peak of summer tourism, and New Oriental has launched high-quality overseas study tours and domestic study camps for K-12 and college students, with a year-on-year increase of 221% in revenue. The management believes that starting from the fiscal year 2025, the cultural and tourism business will bring meaningful revenue contributions. This is only the first year, and we need more time to prove the products and business models of tourism. But we have confidence in the development of the tourism industry
Yang Zhihui had previously predicted that the tourism revenue of New Oriental in the fiscal year 2025 would be around 1.2 billion yuan. However, it also stated that as the tourism business is a newly developed business and is currently in the investment period, it is expected that the business may lose about 100 million yuan in the 2025 fiscal year, but the tourism business is expected to achieve profitability in the 2026 fiscal year. Compared to the current size of New Oriental, New Oriental Culture and Tourism is still relatively weak in terms of revenue scale and profitability.
At the same time, after Dong Yuhui went solo, New Oriental Culture and Tourism also faced a "close combat" with his peers. Times Finance found that during a recent live broadcast with Hui, Dong Yuhui stated that he had already established contact with Fujian Culture and Tourism; In November, Xi'an Chanba International Port announced that it would work together with Huitong to create a new cultural and tourism IP in Shaanxi.
Earlier, after its establishment, Dong Yuhui opened up the "Yueshan River" section and focused on cultural and tourism programs; In the past two months, Dong Yuhui and his subsidiaries have invested in the establishment of some cultural and tourism related companies, such as Changge Youhe (Beijing) Technology Partnership Enterprise (Limited Partnership) established on December 6th, with business scope including tourism development project planning consulting, ticketing agency services, and passenger ticketing agency.