Ruthless Wang Jianlin

There is a ruthless person called Wang Jianlin!

Fiercely, he broke his left wrist with a knife, and immediately cut off his right wrist.

In the past two days, the 38 billion bet at the end of the year was "imminent", and Wang Jianlin suddenly sold the equity of his Wanda Film.

Even today, there is news that Lao Wang is so anxious that he even wants to sell Wanda Plaza in a first- and second-tier city.

The rivers and lakes are in emergency, and the white-clothed knight who came on a horse is actually Ma Huateng!

It's the same Pony who has always been low-key in public!

From now on, all 877 Wanda Cinemas across the country will be "changed from Wang to Ma".

The former richest man Lao Wang's movie dreams and football dreams have been broken in 2023.

Right now, in addition to killing Wang Sicong, the "unscrupulous son" who does not take over, what other cards does Wang Jianlin have in his hand?

In the territory of Wanda Group, hotels and Wanda Plaza have long been sold, sports and movies are gone, and the only thing left is the financial license of small loans and the equity of Centennial Life Insurance.

Wanda Movies, which has been sold three times, is finally no longer surnamed Wang for the fourth time.

On December 6, Wanda Film announced that Wang Jianlin, the actual controller of the company, intends to transfer 51% of the shares of Beijing Wanda Investment Co., Ltd., the controlling shareholder of the company, to Shanghai Ruyi Investment Management Co., Ltd. If the above transaction is finally completed, it will lead to a change in the control of the company, and will be suspended for no more than 2 working days according to the regulations.

Wanda movies can be called Wang Jianlin's heart.

Most people only know that Wang Sicong has a very high film art aesthetic, but they don't know that Lao Wang is a person who really loves movies.

In 2005, Wang Jianlin wanted to open a cinema chain, which was opposed by 99% of shareholders.

At the beginning, Lao Wang's original intention of making movies was actually quite passive: just because he felt that shopping malls could not just buy things, so he engaged in cinemas, karaoke, and video games, and found that the net profit margin of the cinema chain was as high as 17%, exceeding the main business of real estate.

"And the cultural industry can get more policy support", "it is an industry without a ceiling".

From 2012 to 2016, Wang Jianlin ushered in the highlight moment of his film career. In 2012, Wanda acquired AMC, the second largest cinema chain in the United States, for $2.6 billion, announced at the end of 2013 that it would spend 50 billion yuan to build the Oriental Film Metropolis in Qingdao, and in 2016, it acquired Legendary Pictures for $3.5 billion, and then announced a strategic cooperation with Sony's Motion Picture Group

"Fully injected into Hollywood's Big Six".

In the first three quarters of this year, Wanda Film's domestic theaters achieved a box office of 6.22 billion yuan (excluding service fees), a year-on-year increase of 67.6% and an increase of 5.2% over the same period in 2019, and 150 million moviegoers, a year-on-year increase of 68.7% and an increase of 3.7% over the same period in 2019.

While the money is in hand, the word-of-mouth has not fallen, and word-of-mouth movies such as "The Wandering Earth 2" and "All or Nothing" also have Wanda's figure, which has become a rare bright spot in Wanda's predicament.

What's more, the entire film industry is recovering strongly, Alibaba Pictures' revenue in the first half of the year increased by 43% year-on-year, Maoyan Entertainment's revenue in the first half of the year hit a record high in the same period in history, and Hengdian Film and Television's revenue in the first half of the year increased by 40% year-on-year...

Taking advantage of the industry's east wind, Wanda Movies may really be Wanda's hope for a turnaround.

But at such a juncture, such an important and high-quality flip hole card was actually sold!

Since the beginning of this year, Wanda Film's equity has been resold several times, with a cumulative realization of more than 5 billion yuan.

Wang Jianlin once said that making movies is his dream, and although his film dream is no longer complete due to repeated equity sales, at least he is still the actual controller of his dream.

But on December 6, he finally gave up his dream.

We don't need to rub salt in his wounds, after all

Wang Jianlin weighed the results repeatedly.

Ironically, the funder who took over Lao Wang Wanda's film still has a relationship with Xu Jiayin.

In 2020, HengTen Networks acquired Ruyi Pictures for HK$7.2 billion, achieving a backdoor listing.

HengTen Network marks Boss Xu's ambition to enter the film industry, and has also invested in many works like "Hello, Li Huanying", which have been successful at the box office.

In 2021, Evergrande, which was struggling to operate, could not continue to liquidate HengTen Network.

Selling Wanda Movies doesn't count.

On December 7, some media revealed that Wanda Group planned to sell its Wanda Plaza in first- and second-tier cities in exchange for liquidity.

At present, it is in talks with insurance institutions, but Wanda has not disclosed which insurance institutions it has contacted.

After the 2017 sale of the century, Wanda seems to have been in one

Survived the crisis, but not completely

The image of the people.

And this year,

Finding money and cashing out is the daily life of Wang Jianlin, the former richest man.

In April 2023, in the face of surging public opinion, Wang Jianlin convened a group of executives and held an internal meeting.

China Economic Times reported that despite the sluggish atmosphere at the meeting, Wang Jianlin still passionately emphasized that difficulties are only temporary and phased, and that confidence and determination should be achieved.

"Never lie flat!"

After that, when he appeared in people's eyes again, he had long lost the entrepreneurial demeanor that he was not angry and arrogant, and was replaced by a thin figure and a haggard face.

What he suffered was not his debts, but the painful parting he had to make in order to resolve his debts.

No matter how successful Wanda Group is, it can only provide nourishment for Wang Jianlin's dream.

His real dreams were to play football and make movies, two of the most glorious Roman pillars in Wanda's former business empire.

Two collapsed in quick succession this year.

Wang Jianlin's football dream has been done for 30 years.

In the early 90s of the last century, Wanda was just a little-known small real estate company in Dalian, and Wang Jianlin, who had some money in his pocket, chose to invest in Dalian Football Club.

In the years that followed, the team continued to leave a mark in the history of Chinese football - four Chinese Football League A champions, 55 games unbeaten and once ranked first in Asia in the FIFA rankings, and at its peak, more than half of the players of the Chinese national team were from Dalian Wanda.

Compared with Xu Jiayin, who invested 100 million yuan to become the owner of the Guangzhou football team, we believe that Wang Jianlin's love for football is deeper.

Until 1998, because of a controversial penalty, Wang Jianlin was furious and personally announced that Wanda Group would withdraw from football.

But how can the love be easily parted, since then, Wang Jianlin has done youth training and sponsored the national team. At the end of 2015, he integrated Atletico Madrid, Infront Sports, and World Ironman to establish Wanda Sports, even in 2017, Wanda put everything that could be sold on the shelves, and Wanda Sports was also a non-sale hidden in the boudoir.

After all, dreams are priceless, money can pay debts, but money can't be kicked as a ball.

In the end, it turns out that there is nothing that cannot be sold, it is just that the situation is difficult enough, and the bid is not high enough.

In July 2019, Wanda Sports landed on the NASDAQ, and 517 days later, Wanda Sports was delisted despite the embarrassment that half of its market value had evaporated.

At the same time, Wanda, which is in a deep liquidity crisis, has to set its sights on the few remaining assets.

In August, an Infront Sports spokesperson confirmed the claim that Wanda would be sold. A month later, it was reported that a company was interested in the deal, and the two sides were in further negotiations.

If the sale is successful, it will mean the disappearance of Wanda Sports, and Wang Jianlin's 30-year football dream will wake up.

Compared with Xu Jiayin's withdrawal from the Chinese Super League in 2021, Wang Jianlin persisted for two more years.

I lost two beloved ones in a year, but there was no other way to survive.

Just by doing this, can you really live?

What kind of huge hole does it need to be

Wang Jianlin, who was in his prime, suffered the pain of losing his beloved several times?

Back in 2014, Wang Jianlin, who first ascended to the position of China's richest man a year ago, sounded the gong for listing on the Hong Kong Stock Exchange, and Dalian Wanda Commercial Real Estate Co., Ltd. (Wanda Commercial) was listed.

On the day of listing, Wanda Commercial broke, and then with a round of bull market in A-shares and Hong Kong stocks, Wanda Commercial's share price rose to HK$78, and then the bear market came, Wanda was not spared, in February 2016, Wanda Commercial fell to around HK$31.

In fact, as early as 2015, Wang Jianlin, who was re-elected as the richest man, had plans to let Wanda Commercial return to A listing, and the market in 2016 strengthened his idea.

"Wanda Commercial is different from ordinary real estate companies... It cannot be valued by a simple real estate company, the Hong Kong stock index is less than 5 times, and the market value is still lower than the net assets.

This low valuation is unbearable for Wanda",

It was Wang Jianlin's determination to privatize Wanda Commercial.

In 2016, Mr. Wang led the privatization of Wanda Commercial, bringing in a bunch of outside investors to pay a deal consideration of up to HK$34.4 billion.

Investment is not charity, what is valued is the rate of return in black and white. Outside investors are on the condition that if Wanda fails to list on the A-share market by the end of August 2018, Wanda will buy back all its shares and pay 10% and 12% interest to domestic and foreign investors. Wang Jianlin, who was at the peak of his career at that time, didn't think much about it, and signed the gambling agreement.

He once spoke in a speech in China

"Harvard, Yale might as well dare to break through",

Wang Jianlin, who believes that love and hard work will win, should not believe in fate.

But in 2016, the gears of fate began to turn.

Time has become a strange circle for Wang Jianlin that he can't get out of, and all kinds of past decisions, intentional or unintentional, are all at the key nodes in the future, like whistling bullets.

After the 2017 Century Sale, Wanda Commercial has no hope of returning to A. In 2018, Wang Jianlin brought in giants such as Suning, Sunac and JD.com, and these companies wiped their butts against Wanda's previous failed to complete the bet.

But wiping the ass also depends on the rate of return, even if there are many good brothers like Sunac Sun Hongbin among the investors, they can only give a friendly price at most.

As a result, history repeats itself, and Wanda once again signed a VAM agreement, requiring Wanda Commercial's net rental income in 2019 to be no less than 19 billion yuan, and it must complete the listing by the end of 2023.

It is not mandatory to be listed on the A-share market, which is already to give Lao Wang face.

But Lao Wang's luck is really bad. In 2019, Wanda Commercial's actual performance failed to meet the VAM requirements, and the epidemic followed three years later, leaving Wang Jianlin with only one way to go public.

In March 2021, seeing that there was no hope for A-share listing, Wang Jianlin pinned his hopes on the Hong Kong Stock Exchange. At that time, Wanda announced the introduction of 3 billion yuan of strategic investment from the Zhuhai State-owned Assets Supervision and Administration Commission, and set up an asset-light company as the main body of listing in Hong Kong, and Zhuhai Wanda Commercial Management was established.

In order to increase valuations, pre-IPO financing is inevitable, and history repeats itself.

In September of the same year, a group of star capital entered the game, and also put forward a requirement for Wanda to complete the listing by the end of 2023.

In October, Zhuhai Wanda Commercial Management submitted a prospectus to the Hong Kong Stock Exchange, which had made great efforts to delist five years ago.

To date, Zhuhai Wanda Commercial Management has submitted the table four times, whether it is a fate or a coincidence, counting this time, Wanda Movies has also been sold four times.

In the seven years since the delisting in 2016, time has become a closed loop for Wang Jianlin, and all the complicated VAM agreements and all the smiles in front of investors have turned into one sentence:

HKEX loves me again.

In March this year, when Wanda Group was applying for the issuance of 6 billion corporate bonds, it received an inquiry letter from the China Securities Regulatory Commission. It is mentioned that if Zhuhai Wanda Commercial Management cannot be listed by the end of this year, it will have to pay about 30 billion yuan of equity repurchase money to pre-listing investors.

30 billion, whether it is a large amount depends on who you compare it with.

On April 20 this year, Wanda Real Estate Group Co., Ltd. was listed on the list of defaulters for failing to fulfill its 1 billion capital obligations.

1 billion can't be paid, you let him take out 30 billion, rupiah?

In June this year, Wanda Group's consolidated interest-bearing liabilities were 141.283 billion yuan, of which 29.257 billion yuan were interest-bearing liabilities due within one year.

30 billion, that is, a quarter of the total interest-bearing liabilities, is nothing in this way.

But if Wang Jianlin had chosen to stay in the Hong Kong Stock Exchange back then, not to be a hero for a while, to leave a sound financing channel, and not to start gambling again and again, maybe Wanda Movies would not have to be put on the shelves once, and even Wanda Sports would have survived.

The valuation system of the Hong Kong Stock Exchange, which was not looked down upon at the time, and the chic delisting of the year, have now been confirmed to be perhaps the most wrong decision Wang Jianlin has ever made.

Crazy, it's actually Wang Jian

Lin's character undertones.

Whether it's the classic "a small goal of 100 million", or the other half of that speech:

"Tsinghua University and Peking University are not as bold as they are."

The listeners all thought that Wang Jianlin was talking about the rise, and he was just talking about it.

I never thought that this was the origin of the Wang family.

When Wang Sicong returned to China after graduating from the University of London, he was criticized by Wang Jianlin for not understanding China's human feelings.

He also said that his alma mater is too powerful, and he can only rank in the middle and bottom, if he is in Qingbei, he will definitely be one of the best.

For a long time, Wang Jianlin and Wang Sicong, the father and son, left the impression of-for-tat and mutual intransigence, but judging from the fact that they both took the Qingbei Kaishabu, the tacit understanding between the father and son seems to have always existed.

Wang Jianlin once said that Wang Sicong grew up in the United States, and his personality is not as gentle as himself.

He should be referring to Wang Sicong, who has just returned to China, with a private jet and a luxury car, who is scared when he sees people on social media, and he has been banned for a year.

But Wang Jianlin didn't go so gentle. In the 80s, Wang Jianlin served as the director of the Dalian Xigang District Office.

Wu Xiaobo described that era in "Thirty Years of Turmoil": "All the young people encouraged each other with words like 'Let's go to the sea.'" In such an atmosphere, Wang Jianlin was inspired by a certain kind of inspiration.

He decided to leave his post without pay and took over a company with a debt of 1.49 million and on the verge of bankruptcy.

Radical and flying, in the genes of the Wang family, this is the capital of Wanda's fortune, and it is also the culprit who has plagued Wang Jianlin for 7 years.

After his comeback, Wang Sicong also stood beside his father, and took a photo with the bigwigs he once despised like his father, with a serious expression, not like before, wearing a sweatshirt, slacks and sneakers, which was his last stubbornness.

He went against the norm and did not do e-sports, but signed a cultural tourism project with a total investment of 3.7 billion yuan with the Tai'an Municipal Government, as if he was finally going to take over his father's class.

But who can say for sure, the past that trapped the 70-year-old Wang Jianlin will be the future that the 35-year-old Wang Sicong is striding towards?

Reference:

"Wang Jianlin Failed to Bet Again" business figure

"Wang Jianlin Continues to Sell, Sell, Sell" business figure

"Wang Sicong, Towards the Father's Battlefield" Chinese businessman Taoluo

The chief character view of "Wang Sicong Still Don't Want to Take Over".

When the era of great differentiation comes, public opinion is torn apart and information is overflowing. What you lack is not information, but professional judgment.

Zhigu Circle is written by Yan Jiuyuan and Dr. S, with the participation of researchers such as Uncle Lu Kou and Huang Hancheng, and tens of thousands of words of research and research every week, and finally condenses a high-standard internal research and judgment.

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