Wang Jianlin's "white knight" continues to frantically "sweep goods"?

Kanjian Finance

2024-04-23 08:45Published in Guangdong financial field creators

Wang Jianlin is unlucky, but also lucky.

After the gambling failed, the outside world did not expect that Wang Jianlin and Wanda would land in such a way.

The clock of time was turned back five months ago, Wanda Commercial Management's listing still had no progress, the gambling period was approaching, Wang Jianlin's financial pressure increased sharply, and the huge funding gap became Wang Jianlin's heart disease.

Although since the beginning of the year, Wang Jianlin, in order to cope with the possibility that Wanda Commercial Management may not be able to go public as scheduled, began to dispose of the equity of the core asset Wanda Film in exchange for valuable cash flow.

However, all these efforts did not end in the best way. Although the sale of Wanda Film has obtained some cash flow and reduced Wanda's debt, Wanda Commercial Management's listing is still close to the door.

Most of the time, the situation is stronger than people, and the same is true for Wang Jianlin, the former richest man.

When the outside world speculated how much compensation Wang Jianlin would pay for the failure of the bet, an unexpected solution was exposed to the public.

I have to say that in terms of life and death decisions, Wang Jianlin's courage is rarely matched by entrepreneurs.

On December 12, Wanda's official website immediately released a news that PAG Investment Group and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement.

Under the new investment agreement, PAG will work with other investors to reinvest in Zhuhai Wanda Commercial Management after redemption by Dalian Wanda Commercial Management Group upon the expiration of the previous redemption period. Among them, Dalian Wanda Commercial Management holds 40% of the shares, which is the single largest shareholder, and several existing and new investor shareholders such as PAG Investment participate in the investment, holding a total of 60% of the shares.

More than three months later, the funds landed. Dalian Xinda Alliance Commercial Management, held by Wang Jianlin, has received an investment of 60 billion yuan from 5 institutions.

The price is that Wang Jianlin completely lost control of Wanda Commercial Management.

For Wang Jianlin, a lifetime of hard work finally came to an end in the way of "other people's wedding dresses", which is really embarrassing. But for Wanda, it is also a blessing in misfortune to be preserved in this way.

After the completion of this investment, the valuation of Wanda Commercial Management will drop to 100 billion, and after the completion of this transaction, it is expected that Wang Jianlin's family wealth will shrink, and some institutions predict that only more than 20 billion will remain. Compared with the loneliness of Wang Jianlin's family, PAG Investment Group and Shan Weijian became famous in this acquisition.

It is worth noting that PAG Investment Group's bet on Shan Weijian is not only Wanda, and its sweep in the real estate market has begun.

Wang Jianlin's era is over

In order to save Wanda from the storm, Wang Jianlin made many compromises, including the sale of Wanda's most core assets.

On April 9, Beijing Wanda Plaza Industrial Co., Ltd. underwent a change of equity, which is of great significance to Wanda, because the company owns Beijing Wanda Plaza, where Wanda is headquartered.

Sixteen years ago, Wang Jianlin moved the group's headquarters from Dalian to Wanda Plaza on Jianguo Road in Beijing.

Stepping on the real estate outlet, in just a few decades, Wang Jianlin has completed the "triple jump" of his life, and successfully sat on the throne of China's richest man.

Sixteen years later, the predicament of the industry trapped Wanda, and also "trapped" Wang Jianlin, the former richest man.

After the completion of the equity change, the original wholly-owned shareholders Dalian Wanda Commercial Management, Xiao Guangrui, Hou Hongjun and other Wanda executives withdrew, and were replaced by Kunhua Company, which holds 99.99% of the shares, and Kunyuan Chenxing Company, which holds 0.01% of the shares.

Behind these two companies are New China Life Insurance and CICC Capital.

It is reported that the sale of Wanda headquarters is consistent with the previous sale of Wanda Plaza in other cities, and is still to alleviate liquidity pressure.

After "getting rid of" the Beijing Wanda headquarters, Wang Jianlin immediately followed up with Wanda Films.

Rounds of equity changes indicate that Wanda is landing safely.

On the evening of April 16, Wanda Film issued the "Announcement on the Completion of the Equity Transfer of Indirect Controlling Shareholders and the Change of Control of the Company", which showed that Wanda Culture Group and Wang Jianlin transferred 20% and 1.2% of the shares of Wanda Investment respectively, and completed the industrial and commercial change registration procedures on April 15.

So far, China Ruyi and Ruyi Investment, under the "Ruyi Department", hold a total of 100% of the shares of Wanda Investment, Wang Jianlin and Wanda Investment have been completely separated, and the actual controller of the company has been changed to Ke Liming.

This means that Wanda Films has officially changed hands, and Wang Jianlin's film dream has come to an end.

Looking back at Wang Jianlin's entrepreneurship for more than 30 years, to this day, it is actually more like a microcosm of an industry, and the successive sales of core assets are more like a wordless end, representing the complete end of Wang Jianlin's era.

However, Wang Jianlin's recent rare new foreign investment has attracted the attention of the outside world. Tianyancha information shows that Zhuhai Wanda Ruichi Enterprise Management Co., Ltd. has undergone industrial and commercial changes, and the original wholly-owned shareholder Dalian Wanda Commercial Management Group has withdrawn, and Wang Jianlin has been added as a wholly-owned shareholder. It is worth noting that Wang Jianlin himself has not added any new foreign investment projects for many years, and Zhuhai Wanda Ruichi Enterprise Management Co., Ltd. is currently the only 100% shareholding enterprise under his name.

Shan Weijian continues to sweep the goods?

After saving Wanda Commercial Management, PAG Investment Group and Shan Weijian did not stop, but chose to "continue to sweep goods".

According to market news, on the afternoon of April 20, led by the Haimen District Government of Nantong City, Zhongnan Urban Construction, the controlling shareholder of Zhongnan Construction, negotiated cooperation with PAG Investment Group and Jiangsu Assets and other institutions on debt resolution and equity transactions.

This news was confirmed by Zhongnan Construction, and affected by this, on April 22, Zhongnan Construction's stock price rose to a limit. However, the Shenzhen Stock Exchange immediately issued a letter of concern to Zhongnan Construction, requiring the company to explain the authenticity of the matters mentioned in the above-mentioned media reports and other matters.

According to the data, Chen Jinshi, the actual controller and chairman of Zhongnan Construction, was once the richest man in Nantong, Jiangsu.

On the evening of April 18, Zhongnan Construction issued an announcement reminding that as of that day, the closing price of the company's shares had been lower than 1 yuan per share for 10 consecutive trading days, and there was a risk that the listing might be terminated in accordance with the above regulations.

And this is the second time that the company has warned of the risk of delisting.

According to its released sales data, in the first quarter of 2024, the cumulative contracted sales of Zhongnan Construction were only 4.73 billion yuan, a year-on-year decrease of 38%. In other words, the biggest problem of Zhongnan Construction is actually on the sales side.

On the evening of April 22, Zhongnan Construction released its 2023 financial report, which showed that the company's total revenue in 2023 would be 68.488 billion yuan, a year-on-year increase of 16.01%, and a net loss of 5.292 billion yuan, a year-on-year decrease of 42.37%. It is worth noting that this is the third consecutive year that Zhongnan Construction has lost money. Not only that, in 2023, the company will make a total of 3.085 billion yuan of new asset impairment provisions.

After the release of its financial report, Zhongnan Construction also issued the "Announcement on the Implementation of Other Risk Warnings and Suspension of the Company's Shares", and since April 24, the company's stock abbreviation will be changed from "Zhongnan Construction" to "ST Zhongnan".

According to the company's 2023 annual report, as of the end of 2023, Zhongnan Construction's total assets were about 226.9 billion yuan, and its total liabilities were 206.8 billion yuan, with an asset-liability ratio of more than 91%.

The Shenzhen Stock Exchange's letter of concern and this huge loss financial report are undoubtedly not a good thing for Zhongnan Construction, but if PAG Investment Group can really lend a hand at this time, then it is also possible to completely revitalize the company's assets. For this former 200 billion real estate giant, if PAG's participation is true, then the probability of surviving the difficulties in the future is still relatively large.

Shan Weijian, the head of PAG, has previously publicly stated that he is optimistic about real estate, saying that there is no serious oversupply problem in China, but demand and prices are suppressed by policies.

And PAG Investment Group also matched its words and deeds, bucking the trend and buying Wanda Commercial Management. We believe that with the gradual clearing of the bubble in the domestic real estate industry, PAG Investment Group and Shan Weijian's bottom-buying action will not stop, and the current bottom-buying action is just the beginning.

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