Suddenly! Wang Jianlin's good news! Wanda's gambling crisis has been lifted
Reading guide:Securities Times said,Due to the weak market environment of Hong Kong stocks,Zhuhai Wanda Commercial Management's listing has been repeatedly postponed。 As the "big limit" of the gambling is approaching, this new investment agreement can be said to solve Wanda's "urgent need".
Wang Jianlin ushered in good news!
On December 12, according to the official website of Wanda Group, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement.
PAG will work with other investors to reinvest in Zhuhai Wanda Commercial Management after redemption by Dalian Wanda Commercial Management Group at the end of its 2021 redemption period.
It is understood that the investment amount of existing investors in Zhuhai Wanda Commercial Management in August 2021 is about 38 billion yuan, of which the investment amount of PAG is about 2.8 billion US dollars (about 18 billion yuan), and the existing investors have the right of redemption at maturity in the original investment arrangement.
According to the new agreement, Dalian Wanda Commercial Management holds 40% of the shares, making it the single largest shareholder, and several existing and new investor shareholders such as PAG participate in the investment, holding a total of 60% of the shares. Wanda will work with PAG and other important shareholders to further optimize the company's corporate governance, maintain the stability of the management team, and jointly support the company's long-term development.
In addition, for the issue of listing, new investments will no longer set up VAM agreements.
It is reported that Zhuhai Wanda Commercial Management currently manages 494 large-scale commercial centers in 227 prefecture-level and above cities across the country. In the past two years, the number of commercial centers managed by Zhuhai Wanda Commercial Management has grown from 417 to 494, with an average annual growth rate of about 9%. Zhuhai Wanda Commercial Management is now the world's largest commercial management company in terms of commercial area under management.
Since the investment of existing investors in 2021, Zhuhai Wanda Commercial Management has exceeded its performance target for three consecutive years, with after-tax income of 23.5 billion yuan in 2021, 27.1 billion yuan in 2022, and 29.3 billion yuan in 2023 (estimated), with an average annual growth rate of about 12%. Profit after tax was $5.3 billion in 2021, $7.5 billion in 2022 and $9.5 billion in 2023 (estimated), with an annual growth rate of 34%. In the past three years, the company has paid a total of about 10 billion yuan in taxes, and dividends to shareholders are 4.6 billion yuan in 2021, 6.7 billion yuan in 2022 and 8.5 billion yuan in 2023 (estimated).
AUM is approximately US$50 billion
PAG is an Asia-Pacific-focused alternative investment firm with approximately US$50 billion in assets under management.
In 1997, Toppino co-founded Secured Capital Japan in Tokyo, Japan, which evolved into PAG Real Estate following the PAG merger.
In 2002, Gradel founded the Pacific Alliance Group ($10 million in assets under management), which evolved into PAG Credit & Markets following the PAG merger.
In 2010, Shan Weicheng became Chairman and Group Chief Executive Officer of Pacific Alliance Group, and established a private equity business focused on acquisitions (PAG Private Market Equity), which merged with Secured Capital Japan to become a truly diversified multi-strategy alternative investment firm.
In 2010, under the leadership of PAG's founders, the company integrated its three core strategic divisions – Credit & Markets, Private Equity and Real Estate – into a unified operating platform.
PAG employs nearly 600 people across 10 main offices across the Asia Pacific region. The company's platform is large, offering 13 fund strategies and 30 active funds.
It is also understood that Blackstone Investment invested $400 million in PAG through Pegasus LP in March 2018, with a share of $8.7654 per share, holding 19.99% of PAG's equity.
Shan Weijian, a barbarian at the door
Shan Weijian, the head of PAG Investment Group, has a strong background.
Since joining in 2010 as chairman and CEO, the previously little-known PE firm has quickly emerged into the mainland's private equity industry.
It is worth mentioning that for the previous 12 years, Shan Weijian had been a senior partner of Texas Pacific Group (TPG) and a co-managing partner of Xinqiao Investment Group, and his image as a private equity predator has gradually become famous.
During his tenure at TPG, Shan led a series of lucrative transactions that made the group a pioneer in foreign private equity investment in China and Asia, including leading TPG's subsidiary, Shimbashi, to fame with the acquisition of Korea First Bank, and at the end of September 2004, under the chairmanship of Sin Kwan, the Shimbashi team became the first and only foreign investor to take control of a Chinese joint-stock bank.
A person who has worked with Shan Weijian once said of him, "low-key but very famous in the industry".
After joining PAG, Shan Weijian is still good at playing the "barbarian at the door", including the acquisition of Bikang Pharmaceutical, the absolute control of Zhenai.com, etc.
As one of PAG's three major business segments, real estate has increasingly become one of its investment preferences in recent years.
In 2013, PAG acquired a 65% stake in the Yueda 889 Plaza project in Shanghai, and in 2015, Vanke, together with PAG and Tishman Speyer, acquired Shui On Land's Shanghai Corporate Avenue Phase 3 for approximately RMB3.57 billion and will raise the equivalent of US$509 million in loans.
In November 2017, PAG and China Merchants Shekou jointly established Super Alliance Real Estate L.P., a real estate fund in the Cayman Islands with a total scale of 1.6 billion yuan, in a 4:1 ratio.
The real estate fund quickly acquired 100% of the shares of China Merchants Tower in Shanghai, 100% of the equity interest in China Merchants Plaza in Shanghai, and 91% of the equity interest in China Merchants Tower in the core area of Beijing's business district by way of an offshore transfer agreement, for a total consideration of approximately RMB5 billion.
Interestingly, whether it is an acquisition or a partnership, having absolute control is the common feature of Shan Weijian's investment behavior. In this regard, Shan Weijian once said that the purpose of fighting for control is to change the management of the acquired company and ultimately increase the value of the company, "the acquisition can only be profitable if it creates value".
Source: Real Estate Asset Management Circle, Securities Times
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