Joint Wisdom lists on New Third Board listing under Ctrip control
Joint Wisdom recently announced that it has applied for a listing on the New Third Board. Ctrip is the tech firm’s controlling shareholder with a 69.92% stake.
Property data specialist and PMS Joint Wisdom recently announced that it has applied for a listing on the New Third Board. Maohua Sun is the director of Joint Wisdom and Ctrip is the tech firm’s controlling shareholder with a 69.92% stake.
Joint Wisdom builds its business on creating a complete data platform for the hotel industry through a cloud PMS + direct channel + big data mining model. While it relies on mid- to high-end hotel group clients for revenues at present, its direct linked operations is expected to expand its source of income
Its allocated provision for bad debts on accounts receivable was RMB2.8423 million at the end of September 2015, RMB2.0958 million at year end of 2014 and RMB1.9116 million at year end of 2013. It is pointed out in the prospectus that the bad debts grew in the past three years as the company has not been able to collect payments from some hotel clients for its PMS system installations. The company undertakes to improve administration of its accounts receivable and deploy more collections staff to improve payment collection.
Joint Wisdom’s corporate report shows a big drop in net profits in the first three quarters of 2015, after the company acquired Shanghai-based tech company Yishang in November 2014 and was going through initial stages of integrating resources and operations.
Joint Wisdom’s main operations target hotel digital information needs and offer them a complete service package that includes the development, running, analysis and maintenance of administration and operation software. In November 2014 it acquired the hotel industry big data service provider Yishang Internet Technology and began to provide hotels with multi-faceted big data and intelligent products and services to help hotels to increase their level of digitization and set up processes and data operational capacity.
Joint Wisdom is dedicated to creating a complete data chain for the hotel industry that encompasses the pre-check in, check in and check out stages and become China’s leading hotel big data platform. It also produced a cloud PMS + direct channels + big data mining innovative business model based on cloud computing and big data technology.(Translation by David)