There is only less than one month left, Wang Jianlin sold Wanda Movies again, and the previous three sales returned 6.7 billion
Wang Jianlin made another move, Wanda Film announced that the company's indirect controlling shareholder Beijing Wanda Cultural Industry Group Co., Ltd. and its wholly-owned subsidiary Beijing Hengrun Enterprise Management and Development Co., Ltd., and the company's actual controller Wang Jianlin intend to transfer their total 51% equity of the company's controlling shareholder Beijing Wanda Investment Co., Ltd. to Shanghai Ruyi Investment Management Co., Ltd.
Seeing this news, many people may feel déjà vu, Wang Jianlin has sold his shares in Wanda Films three times this year. Prior to this, Wang Jianlin had sold 49% of Wanda Investment's shares to China Ruyi, returning 2.262 billion yuan.
Wanda Investment previously held a 20% stake in Wanda Films. Wanda Investment currently has a 51% stake, which is controlled by Wanda Culture, Beijing Hengrun and Wang Jianlin.
According to the price of the previous transaction, Wanda should also be able to withdraw about 2 billion funds this time. Wang Jianlin also transferred 180 million shares of Wanda Film to Lu Lili, who is the de facto wife of the founder of Oriental Wealth, and the transfer price was 2.173 billion yuan at that time.
Subsequently, Wanda Investment transferred 177 million shares of Wanda Film to Shenxian Rongzhi, returning 2.331 billion yuan. However, the major shareholder of Shen County Rongzhi is also Beijing Wanda Cultural Industry Group Co., Ltd.
In the previous three transactions, Wanda withdrew about 6.7 billion funds. For Wang Jianlin, he now has more than 20 days left. Because Wanda Commercial Management took about 38 billion yuan in financing in order to go public, and these financings were signed as a VAM agreement at that time. If Wanda Commercial Management cannot go public by the end of 2023, Wanda will buy back the shares and pay 12% interest.
At present, Wanda's capital is estimated to be under great pressure. Otherwise, Wang Jianlin would not have given up the actual control of Wanda Films. You must know that in addition to Wanda Plaza, Wanda Film is one of the companies that Wang Jianlin attaches the most importance to.
After all, movies are one of the most important links in the entire Wanda business package. Wang Jianlin once said that Wanda Plaza is the most unaffordable asset for him. In fact, Wang Jianlin must be under a lot of pressure at present, in addition to selling the equity of Wanda Film, Wang Jianlin also sold Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza, and Jiangmen Taishan Wanda Plaza to everyone Life. The market expects each plaza to trade at a price of between $1 billion and $1.5 billion.
In this situation, Wanda's liquidity pressure must not be small, otherwise Wanda would not have sold assets so frequently. Wang Jianlin had submitted several listing applications before, but it had been unsuccessful.
Seeing that time is getting less and less, the pressure on Wanda is also increasing. It is reported that Wanda has obtained the "small road" approved by the China Securities Regulatory Commission, but it has not been able to get the "big road". Under normal circumstances, the difference between the two will not exceed half a year.
But Wanda has been waiting for almost 2 years. Seeing that there is less than one month left, Wang Jianlin currently has only two ways to go, the first is to persuade investors to abandon the buyback regulations and convert shares into ordinary shares, so that Wanda can avoid being drawn from the bottom of the kettle.
The second way is to persuade investors to postpone the listing so that Wang Jianlin can temporarily survive the crisis. At present, the China Securities Regulatory Commission has doubts about the operation of Wanda Commercial Management, so it has not approved the "big road" for a long time.
If the time to market can be delayed, Wang Jianlin will have more time to deal with these issues. In fact, Wang Jianlin can also be said to have been killed by Xu Jiayin.
Because of Evergrande's thunderstorm, investors have learned to be obedient. In 2017, Evergrande also signed a 130 billion VAM financing, and in 2020, Evergrande's return to A-share listing failed, so Evergrande had to repurchase shares. However, Xu Jiayin eventually persuaded most of the investors to give up the repurchase right.
But a year later, Evergrande thundered, and as a result, these companies that gave up buying back basically lost their money. At that time, Shandong High-speed insisted on Evergrande to buy back, and in the end they not only got back the principal of 20 billion, but also made billions. But the other investors' money went down the drain. Suning, Guangtian and other listed companies have been affected by these investments.
With Evergrande's experience, these investors in Wanda will definitely be much more careful. Now that time is running out, Wang Jianlin has not yet reached a new agreement with Wanda Commercial Management's investment institutions, and now all parties are also paying attention to this matter, and we will soon have an answer to how things will go.