Sun Xishuang is his friend Wang Jianlin and shot again

Sun Xishuang, the actual controller of Dalian Yifang Group Co., Ltd

Sun Xishuang once bluntly said in an interview with the media that he began to invest in Wanda in 1993, Wang Jianlin is a practical person, and my investment in Wanda is to invest in Wang Jianlin.

China Housing Daily reporter Li Ye丨Beijing report

Sun Xishuang once again shot for his friend Wang Jianlin.

On the evening of December 13, Yonghui Supermarket announced that Dalian Yujin Trading Co., Ltd. (hereinafter referred to as "Dalian Yujin") intends to purchase 388,699,998 shares of Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as "Wanda Commercial Management") held by the company from Yonghui Supermarket in cash, accounting for about 1.43% of the total share capital of Wanda Commercial Management, and the transfer price is 4.53 billion yuan.

According to the Qichacha APP, Dalian Yujin was established in November 2023 and is a 100% wholly-owned subsidiary of Dalian Yifang Group Co., Ltd. (hereinafter referred to as "Yifang Group"), and Sun Xishuang is its actual controller.

Sun Xishuang has a deep relationship with Wanda Group and Wang Jianlin, and has been friends for 30 years.

He once said bluntly in an interview with the media that he began to invest in Wanda in 1993, Wang Jianlin is a practical person, and my investment in Wanda is to invest in Wang Jianlin.

In 2016, Wang Jianlin was interviewed by "A Date with Luyu", and played doubles poker with Sun Xi in front of the camera, showing a rare fresh side.

It is worth mentioning that just one day before Sun Xishuang repurchased Wanda Commercial Management's shares, Wanda Commercial Management signed a new investment agreement with Pacific Alliance Investment Group (PAG). According to the new agreement, Dalian Wanda Commercial Management's direct shareholding will be reduced from 70.16% to 40%, making it the single largest shareholder, while several existing and new investor shareholders such as PAG will participate in the investment, increasing their shareholding from 29.84% to 60%.

Therefore, Sun Xishuang's move to repurchase the shares of Wanda Commercial Management this time is also speculated by the outside world to help Wanda Group enhance its control over Wanda Commercial Management.

On December 14, a reporter from China Real Estate News asked Wanda for confirmation on this, and the other party said that there is no confirmable caliber at present.

Subsequently, the reporter called the online reserved phone number of Yifang Group several times, but no one answered.

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I have a great friendship with Wanda

Wang Jianlin was interviewed by "A Date with Luyu", and played doubles poker with Sun Xi in front of the camera, showing a rare fresh side. Image source: Screenshot of the program "Luyu has an appointment - a day trip for big coffee".

Throughout the development history of Wanda Group, Sun Xishuang has always been an extremely important partner of Wanda Group.

In 1987, Dalian Xigang Residential Development Company, a subsidiary of the Housing Management Office of Xigang District, Dalian, was established, and soon after its establishment, it faced financial difficulties. In 1989, Wang Jianlin resigned from the director of the office of the Xigang District Government in Dalian, became the general manager of the company, and made the company profitable. In 1992, Dalian Xigang District Residential Development Company was restructured into Dalian Wanda Real Estate Corporation with a registered capital of 120 million yuan.

In 2002, Wanda's privatization process was initiated. Dalian Wanda Real Estate Corporation transferred its 30 million shares to Beijing Hexing Investment Co., Ltd. (hereinafter referred to as "Beijing Hexing") at a transfer price of 50 million yuan. At the same time, the shareholder CEFC Trust also transferred its 6 million shares to Beijing Hexing for 12.2 million yuan. So far, Beijing Hexing holds 36 million shares of Wanda, accounting for 30%.

The legal person of Beijing Hexing is Sun Xishuang. According to industrial and commercial data, Beijing Hexing was established in December 2001 with a registered capital of 10 million yuan, and Sun Xishuang, Wang Jianlin and Dong Xuelin held 50%, 30% and 20% of the shares respectively.

From its establishment to its cancellation in 2007, Beijing Hexing had no actual business. Therefore, some voices in the industry believe that the purpose of the establishment of this company is to help Wang Jianlin realize the acquisition of Wanda's state-owned shares.

Sun Xishuang's cooperation with Wanda Group does not stop there.

In 2001, Sun Xishuang established Yifang Group. Since then, the name has often been associated with the Wanda Group.

In 2004, Yifang Group cooperated with Wanda to develop Beijing CBD Wanda Plaza.

In 2007, Yifang Group and Jingliang Group developed Beijing Longde Plaza, and Wanda Cinema was the first batch of main stores to enter.

In 2009, Wanda Group and Yifang Group jointly invested in Changbaishan International Tourism Resort, Dalian Jinshi International Cultural Tourism Zone, Xishuangbanna International Resort, Hainan Sanya International Tourism Zone and other projects, with a total investment of more than 100 billion yuan. Among them, Changbaishan International Tourism Resort has opened in July 2012, and Wanda, Oceanwide and Yifang are the top three shareholders, holding 28%, 27% and 20% of the shares respectively.

In 2010, Sun Xishuang became a shareholder of Wanda Cinema Line, holding 4.2% of the shares, becoming a natural person shareholder second only to Wang Jianlin in terms of shareholding.

In 2011, Dalian Yifang Group moved its headquarters to Beijing, and the headquarters address is the same as the headquarters of Wanda Group, which is located in Wanda Plaza, No. 93 Jianguo Road, Chaoyang District.

In 2014, Beijing Tongzhou Wanda Plaza opened, and the project was jointly developed by Yifang Group and Wanda.

In 2015, when Wanda Commercial (later renamed "Wanda Commercial Management") was listed on the Hong Kong Stock Exchange, Sun Xishuang held 6.3% of the shares, and was the only natural person shareholder holding more than 5% of the shares.

According to people familiar with the matter, these are just the "tip of the iceberg" of the cooperation projects between Wang Jianlin and Sun Xishuang, and "Wanda has participated in many overseas projects. ”

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Shot again for a friend?

"When I invested in Wanda, I invested in Wang Jianlin. Sun Xishuang's speech in an interview is a great proof of the friendship between him and Wang Jianlin.

However, out of demand for cash flow, Sun Xishuang also sold Wanda Commercial Management shares.

In September 2018, Sun Xishuang pledged 82 million shares of Wanda Commercial Management to Orient Asset Management Company. In December of the same year, Yonghui Supermarket signed a share transfer agreement with Yifang Group and Sun Xishuang to acquire about 67.91 million shares of Wanda Commercial Management held by Yifang Group, accounting for 1.5% of the total shares of Wanda Commercial Management. The transfer price per share is 52 yuan, and the price of the underlying assets is about 3.5 billion yuan.

On December 12, Wanda Commercial Management signed a new agreement with PAG, which was seen as a major reason for Sun Xishuang to buy back the above-mentioned shares.

Under the 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 investment redemption period. In August 2021, the existing investors invested approximately RMB38 billion in Zhuhai Wanda Commercial Management, of which PAG invested approximately US$2.8 billion (approximately RMB18 billion), and the existing investors had 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. According to the analysis of industry insiders, this change may cause Wanda to lose absolute control over Zhuhai Wanda Commercial Management. Therefore, Sun Xishuang's move to repurchase the shares of Wanda Commercial Management this time is also speculated by the outside world to help Wanda Group enhance its control over Wanda Commercial Management.

In this regard, Bai Wenxi, chief economist of IPG China, said in an interview with a reporter from China Real Estate News that Sun Xishuang's repurchase of Wanda Commercial Management's equity is based on three considerations: First, Sun Xishuang may have seen the development potential of Wanda Commercial Management and believes that this is a valuable investment. Secondly, Sun Xishuang and Wang Jianlin are old friends and have a long-term and deep cooperation, and he may have decided to buy back these shares out of trust and support for Wang Jianlin, and formed a de facto linkage relationship, which also shows his confidence in the future of Wanda Commercial Management. Finally, Sun's share buyback may also be an attempt to rebalance his portfolio and put more money into companies he believes are more promising.

"If Sun Xishuang and Wang Jianlin act in concert with each other to enhance their control over Wanda Commercial Management, it will be beneficial for Wanda Group and Wang Jianlin to more actively promote the development of Wanda Commercial Management and formulate a more long-term development strategy, otherwise, Wanda Group and Wang Jianlin may adopt a more cautious strategy to avoid adversely affecting the development of Wanda Commercial Management." Bai Wenxi said frankly.

What impact will Sun Xishuang's repurchase of Wanda Commercial Management's equity have on the future development of Wanda Commercial Management?

Bai Wenxi believes that first of all, it may enhance the shareholder strength of Wanda Commercial Management and improve the company's credit rating and financing ability. At the same time, it could also increase Wanda Commercial's share price, increasing the company's market value. Secondly, as an experienced investor, Sun Xishuang's buyback behavior may also send a positive signal to the market, indicating that he is confident in the future development of Wanda Commercial Management. This may attract more investors to pay attention to and invest in Wanda Commercial Management. Finally, Sun's buyback may also prompt other investors to follow in his footsteps, further pushing up Wanda Commercial's share price.

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The "mysterious predator" also has its twists and turns

Mr. Sun, who has rarely appeared in the media, has always been a mystery to the outside world, but no one has questioned his investment prowess.

According to public information, in addition to having a deep friendship with Wanda Commercial Real Estate, Sun Xishuang's Yifang Group is also a major shareholder of Dalian Bank, Centennial Life, Jiangzhong Group, Dalian Zhuanghe Bank and other enterprises.

In addition, Yifang Group also works closely with the local government in Dalian.

For example, the Dalian Bonded Eco-City, which it invested and developed in Dalian, has a total investment of 100 billion yuan in urban construction, and is a new type of city jointly built by Yifang Group and the Dalian Municipal Government under the "PPP model".

As of June 30, 2018, Dalian Yifang had total assets of 26.09 billion yuan, net assets of 13.234 billion yuan, operating income of 1.785 billion yuan and net profit of 154 million yuan. In 2017, Yifang Group's operating income was 8.545 billion yuan and its net profit was about 991 million yuan.

It is worth noting that because the group has not been listed, it has been difficult to inquire about its business status in recent years. However, it can still be seen from the data of various wealth lists that the party group seems to have been hit a lot in the downward stage of the real estate industry.

In the 2016 Hurun Report, Sun Xishuang ranked 50th with a wealth of 30.5 billion yuan, in October 2018, Sun Xishuang ranked 89th in the 2018 Hurun Report with a wealth of 30 billion yuan, and in October 2019, Sun Xishuang's family ranked 309th in the 2019 Hurun Report with a wealth of 12.5 billion yuan.

In the past 3 years, Sun Xishuang has shrunk most of his wealth on similar lists.

By 2020, Sun Xishuang's family ranked 497th in the "2020 Hengchang Burnt Fang Hurun Report" with a wealth of 11.5 billion yuan, and in 2022, Sun Xishuang was selected into the "2022 Hurun Global Rich List" with 9.5 billion yuan

The renminbi wealth ranked 2378th, and in 2022, the Sun Xishuang family will spend 9 billion yuan

RMB wealth ranked 703rd in the "2022 Hengchang Burnt Fang Hurun Report". On March 23, 2023, the Hurun Research Institute released the "2023 Hurun Global Rich List", and Sun Xishuang ranked 2451st on the list with a wealth of 9 billion yuan.

Roughly calculated, Sun Xishuang's wealth in 2023 has decreased by 70% compared to 2016.

Duty Editorial Board: Li Hongmei

Editor in charge: Ma Lin Wen Hongmei

Review: Dai Shichao

China Real Estate News All Rights Reserved

It may not be reproduced or used in any form without authorization

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