The crisis has been resolved! The 38 billion yuan does not have to be returned for the time being, what is the origin of the Taimeng that "saved" Wang Jianlin?

In the real estate industry, Wang Jianlin has the strongest crisis handling ability.

When the outside world was still speculating about whether Wanda could survive the difficulties this time, Wanda came with big news. According to Wanda's official website on December 12, 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.

This means that the crisis between Wang Jianlin and Wanda is temporarily lifted. It also means that Wang Jianlin did not get off the table and still has the ability to continue gambling.

For Wang Jianlin, Wanda Commercial Management is the core asset of Wanda.

As early as 2017, Wang Jianlin once said that he wanted to "rebuild" a Wanda overseas, and Wang Jianlin, who was the richest man at that time, was in high spirits, but the crisis of "double killing of stocks and debts" completely exposed the risks of Wanda.

In order to reduce Wanda's debt, Wang Jianlin did not choose to wait or ask for help from the outside world. Instead, he resolutely recognized the situation and disposed of assets, and finally Wanda Cultural Tourism was sold to Sunac, and Wanda Hotel was sold to R&F.

At that time, Wanda, Sunac, and R&F were relatively satisfied. Therefore, Wang Jianlin's emotional intelligence and decisiveness are also the prerequisites for him to be able to handle crises with ease.

From the perspective of the rearview mirror, there are indeed not too many entrepreneurs in the entire industry who can have the courage and courage of Wang Jianlin. For example, later Sunac, in fact, as early as 2020, Sun Hongbin was already aware of some problems in the industry, but Sun Hongbin was not decisive enough at that time, so it led to the later results.

But fortunately, Sun Hongbin was able to shrink the front in time, lend a large amount of his funds to listed companies in advance, and then issue additional funds to Sunac to leave a respite.

Of course, although the VAM agreement forced Wanda and Wang Jianlin into an embarrassing situation, since the beginning of the year, Wang Jianlin has also had to repeatedly sell Wanda Film shares to recoup funds, but what he didn't expect is that Wang Jianlin will finally solve Wanda's problems in this form.

So what is the origin of the invisible PAG Investment Group in resolving Wanda's problems this time, and what role does PAG play in the shareholding structure of Wanda Commercial Management?

What is the origin of PAG?

The crisis was temporarily lifted, and Wang Jianlin could finally breathe a sigh of relief.

So next, the only important thing for Wang Jianlin is to promote Wanda Commercial Management to continue to be listed. According to the data, Wanda Commercial Management's current investment in Zhuhai Wanda is about 38 billion yuan, and the PAG investment group occupies about 18 billion yuan.

Therefore, this company still has a relatively heavy voice in Wanda Commercial Management.

According to the latest agreement, Dalian Wanda Commercial Management holds 40% of Zhuhai Wanda Commercial Management, making it the single largest shareholder, and several existing and new investor shareholders such as PAG participate in the investment, holding a cumulative 60% of the shares.

According to the data, PAG Investment Group was developed from the Pacific Alliance Group, which was co-founded in 2002 by Mr. Gradel, who was a multi-strategy hedge fund manager at the time.

The private equity business was founded by Shan Weijian, who is not only the executive chairman of PAG, but also an independent director and a member of the audit committee of Alibaba Group, as well as managing director of TPG (Texas Pacific) Group.

The company's real estate business was co-founded in 1997 by Mr. Toppino, a pioneer in property and distressed asset investment.

In 2010, Gradel, Shan Weijian and Toppino merged their respective business segments under the PAG brand to create this diversified investment company. The main sectors involved are private equity, private debt, venture capital, real estate and hedge funds.

It is reported that the company's current management scale is about 50 billion US dollars.

In addition, PAG is also one of the investors in Tencent Music, Sinopharm, Nai Xue and other companies, so from this perspective, PAG is sensitive to important investments in the Asia-Pacific region, and has a relatively strong ability to control the market, and the company has played an important role in the reinvestment of Wanda Commercial Management.

Wanda also said it would work with PAG and other important shareholders. Further optimize the company's governance, maintain the stability of the management team, and jointly support the company's long-term development.

Did Wang Jianlin successfully "go ashore"?

So does the lifting of the Wanda crisis mean that Wang Jianlin has successfully "gone ashore"?

The answer is no.

The core of it still lies in whether Wanda Commercial Management can be successfully listed. In other words, in the end, these strategic investors need to exit through an IPO. In addition, PAG Investment Group, which is led this time, is also essentially an equity investment, and it does not interfere with the operation of Wanda Commercial Management.

So, in the end, this reinvestment will also come back to the return and exit mechanism. In addition, Wanda also mentioned that the new agreement reflects investors' high recognition of Zhuhai Wanda Commercial Management's growth potential and its operating capabilities.

In short, Wanda Commercial Management's own hematopoietic ability is still very strong.

According to the data, Zhuhai Wanda Commercial Management currently manages 494 large-scale commercial centers in 227 prefecture-level and above cities across the country. The average growth rate over the past two years has been about 9%.

In terms of finance, from 2021 to 2023, Wanda Commercial Management's after-tax income will be 23.5 billion yuan, 27.1 billion yuan, and 29.3 billion yuan (estimated), and its after-tax net profit will be 5.3 billion yuan, 7.5 billion yuan, and 9.5 billion yuan (estimated) respectively.

In terms of scale, the company is now the world's largest commercial management company in terms of the commercial area currently managed by Wanda Commercial Management.

Kanjian Finance believes that it is based on Wanda Commercial Management's good asset structure and strong hematopoietic ability that PAG Investment Group has made the above choice. The decision not only avoided a run on Wanda, but also gave investors an insurance. Of course, the core question is still whether Wanda Commercial Management can be relisted.

We expect that although the Hong Kong stock market has been relatively sluggish in the past two years, with the end of the interest rate hike cycle, the Hong Kong stock market may pick up in the next two years, and it will be relatively easy and easy for Wanda Commercial Management to go public.

In general, although Wang Jianlin has not completely "landed", basically the potential risk of Wanda has been lifted, and Wang Jianlin only needs to wait for the right time to push Wanda Commercial Management to the market, and he can sit back and relax.