Wang Sicong who returned, Wang Jianlin who was trapped

Wang Sicong, who has not appeared for a long time, appeared on the hot search as soon as he appeared.

On November 27, Beijing Huanju Commercial Management Co., Ltd. and Tai'an Urban Development Investment Co., Ltd. signed a cooperation agreement on the cultural tourism and fitness center project. Wang Sicong, Chairman of Beijing Huanju Commercial Management Co., Ltd., Li Xin, President, and Ding Yi, Executive President, attended the event and delivered speeches.

According to the official website of the Tai'an Municipal Government, Wang Sicong said during the meeting and exchange before the ceremony that Beijing Huanju Commercial Management Co., Ltd. will take "new scenes, new ways of playing, and new trends" as the starting point, and "complex formats, multiple scenes, and in-depth experience" as the means to go all out to build the Taishan Cultural Tourism and Fitness Center project into a young and micro-vacation destination integrating entertainment and fitness, four-season skiing, sports cool play, youth social networking and parent-child science popularization, so as to realize the integration of culture, business and tourism.

According to the data, the Taishan Cultural Tourism and Fitness Center project is located in the west of Changcheng Road and south of Panhe Park, with a total land area of about 500 acres and a total construction area of about 355,000 square meters, mainly including stadiums, gymnasiums, swimming pools, national fitness halls, cute pet parks, ski resorts, and a total investment of about 3.7 billion yuan.

Tianyancha APP shows that Huanju was established on July 20, 2023, with a registered capital of 10 million yuan. The two shareholders of Huanju are Hangzhou Beizhan Commercial Management Co., Ltd. and Jiuhuan Real Estate Development (Beijing) Co., Ltd., of which Hangzhou Beizhan holds 51% of the shares. Wang Sicong is the actual controller of Hangzhou Cup, with a shareholding ratio of 35%.

Previously, Wang Sicong has been involved in the field of big entertainment, and there is no news that he has stepped into the cultural tourism industry.

Wang Sicong has entered the live broadcast industry since 2015 with Panda TV as the platform, mainly active in live broadcast, e-sports and other pan-entertainment industries, and has built a business territory such as Banana Project and IG team. In March 2019, Panda Live closed down and went out of business, and since then, Wang Sicong's other industries have also faced difficulties. From 2017 to 2019, the equity of a number of companies (Banana Culture, Banana Entertainment, etc.) under Wang Sicong's Banana Project was frozen. On November 14, 2023, Shanghai Banana Plan Film and Television Culture Co., Ltd. added a new information on the person subject to execution, with an execution target of 24,000 yuan.

The big entertainment entrepreneurship encountered ups and downs, which may also give Wang Sicong the opportunity to move to other industries. This attempt at cultural tourism may also be the beginning of his transformation.

From the current point of view, the tourism industry is indeed doing well.

According to data from the Ministry of Culture and Tourism, in the first three quarters of 2023, the total number of domestic tourists was 3.674 billion, a year-on-year increase of 75.5%, and the total domestic travel expenditure of residents was 3.69 trillion yuan, a year-on-year increase of 114.4%. In the third quarter, the total number of domestic tourists was 1.290 billion, a year-on-year increase of 101.9%. The operating income of tourism enterprises has also grown rapidly with the hot tourism market. Due to the popularity of tourism, hotel accommodation, catering and other industries are also in full swing, and data has skyrocketed.

Under the internal circulation strategy system, the future of cultural tourism is promising, and major cities are also ushering in development opportunities. The cultural and tourism cooperation model between Wang Sicong and Tai'an City has also become worth looking forward to. However, due to the popularity of cultural tourism, homogeneous content is also a major problem in the market, and how to make high-quality and sustainable attractive products is the key.

Wang Sicong is indeed a traffic source. Traffic is a science, if you use it well, you will get twice the result with half the effort, and if you don't use it well, you will suffer more.

When Wang Sicong started his business, his father, Wang Jianlin, chairman of Wanda Group, gave him 500 million yuan to break through. Although there were hardships during the period, Wang Sicong has always been brave to forge ahead. During this period, there were also many cases of investment failure. But Wang Jianlin didn't seem to be very angry.

Wang Jianlin once said that this is an opportunity for trial and error. If you don't dare to do it, there will be no result, and the most important thing is to dare to try. And it is normal for young people to have some setbacks, but if you don't have the perseverance of the Yellow River, there may be opportunities in the process of perseverance.

Wang Jianlin also said that if it doesn't work, he will honestly go back to Wanda to work. The father has arranged the future for the child.

When Wang Jianlin said this, Wanda was still in high spirits. But Wanda at this time seems to have encountered some ups and downs.

Wanda submitted its fourth listing application to the Hong Kong Stock Exchange in June this year, but so far, Wanda's IPO has not been approved. Previously, in October 2021, April 2022 and October 2022, Zhuhai Wanda Commercial Management submitted listing application materials to the Hong Kong Stock Exchange three times, but failed to pass the meeting.

It's been three years.

On November 21, Wanda Commercial Management announced that the US dollar bonds originally due in January 2014 are facing certain difficulties in refinancing due to the continuous downturn in the real estate industry and the rising interest rates in the overseas capital market, and there is a certain uncertainty in the approval of Zhuhai Commercial Management, a subsidiary of Wanda Commercial Management, before the end of the year, in order to reduce the company's short-term liquidity pressure, Wanda Commercial Management took the initiative to carry out liquidity management in advance and adjust the repayment plan of the bonds due in January 2024.

On November 27, according to media reports, Zhuhai Commercial Management intends to postpone its listing in Hong Kong until 2026 at the longest, and is currently in discussions with investors.

However, it is rumored that the current investor is not very accepting of this plan, because the time has been delayed for too long, and according to the current environment, it is impossible to predict the future situation, and there are too many changes. Another private equity firm holding Wanda dollar bonds said that if it is said that it may be considered if it is postponed to 2024, it will not be accepted to postpone it directly to 2026!

According to the interim report on corporate bonds disclosed by Zhuhai Wanda Commercial Management at the end of August, as of the end of the first half of 2023, Wanda Commercial Management's cash and cash equivalents balance was 14.692 billion yuan, a significant decrease of 53.44% year-on-year. In addition, the consolidated interest-bearing liabilities were 141.283 billion yuan, of which the interest-bearing liabilities due within one year were 29.257 billion yuan.

Not long ago, Moody's and Fitch, two international rating agencies, successively downgraded Wanda's ratings, which undoubtedly made Wanda's situation even worse.