Wang Jianlin wields a knife to "cut meat", and Wanda's movie "changes hands"
Source: Spy Finance (ID: Spy Finance)
As the helmsman of Dalian's "Wanda Department", Wang Jianlin does not seem to dare to "steal" for a moment, and the key is still "debt pressure", which is difficult to relax.
On December 6, Wanda Film announced that the company's indirect controlling shareholder, Beijing Wanda Culture, its wholly-owned subsidiary Beijing Hengrun, and the actual controller Wang Jianlin planned to sell a total of 51% of the company's controlling shareholder, Beijing Wanda Investment, to Shanghai Ruyi.
Wanda Film reminded that the eventual completion of the implementation of the matter will lead to a "change of ownership" of its control. Behind Shanghai Ruyi is China Ruyi, a well-known listed company.
In late July this year, Wanda Film disclosed that Beijing Wanda Culture sold 49% of Beijing Wanda Investment's shares to Shanghai Ruyi for a transaction consideration of 2.262 billion yuan, and Shanghai Ruyi indirectly participated in Wanda Film.
Once the transaction is completed, Wanda Film will become a publicly traded subsidiary of Shanghai Ruyi. Wanda Film, as a high-quality asset of the "Wanda system", has been indirectly cashed out twice after more than 4 months, which is really a helpless move.
From the perspective of equity structure, behind Beijing Wanda Culture is Dalian Wanda Group. At present, Wang Jianlin is most concerned about Dalian Wanda Commercial Management Group and its controlled Zhuhai Wanda Commercial Management Group, which is going to IPO in Hong Kong.
From the perspective of equity structure, Dalian Wanda Commercial Management Group is controlled by Dalian Wanda Group 44.31%, and the indirect cashing out of billions from Wanda Films, Dalian "Wanda Department" can borrow freely.
At the end of November this year, Dalian Wanda Commercial Management involved in the extension of 600 million US dollars of bonds has been approved by more than 99.3% of the total principal of the above-mentioned bonds, and the US dollar bonds will be extended to the end of 2024 and repaid in 4 installments, with the repayment coming from Wanda Commercial Management's rental income and Zhuhai Commercial Management's dividends.
In addition, Dalian Wanda Commercial Management has two overseas bonds of US$400 million, both of which must be repaid until 2025 and 2026. According to the previous disclosure, if Zhuhai Wanda Commercial Management cannot be successfully listed by the end of 2023, the parent company Dalian Wanda Commercial Management must pay about 30 billion yuan of equity repurchase money to the strategic investor of the pro-IPO.
As of the end of September this year, the balance of interest-bearing debt of Dalian Wanda Commercial Management was 190.77 billion yuan, slightly lower than the end of last year, short-term borrowings of 1.608 billion yuan, interest-bearing debts due within one year of 64.6 billion yuan, and monetary funds of 13.27 billion yuan, a decrease of 8.44 billion yuan from 21.71 billion yuan at the end of last year, and the pressure on short-term debt next year is still very great.
Judging from the current situation, the outside world still has a relatively high evaluation of Wang Jianlin and his Dalian "Wanda system", at least for the time being, he has not publicly defaulted, and has been trying his best to raise funds to maintain his commercial credit. At present, banks have increased their support for private real estate enterprises, which may solve the urgent needs of Dalian Wanda.