Yangtze River Business Daily reporter Shen Yourong
Retail chain giant Yonghui Supermarket (601933. SH) announced that the market paid great attention to Wang Jianlin.
On the evening of October 11, Yonghui Supermarket announced that because Dalian Yujin did not pay 300 million yuan to Dalian Wanda Commercial Management Group (hereinafter referred to as "Wanda Commercial Management") for the fourth phase of equity transfer within the agreed time, Yonghui Supermarket had sent a letter requesting the other party to pay immediately, and would file an arbitration with an arbitration institution to pursue the legal responsibility of Dalian Yujin, Wang Jianlin, Sun Xishuang and Dalian Yifang Group.
On the evening of October 13, Yonghui Supermarket further announced that the arbitration application filed by the company with the Shanghai International Economic and Trade Arbitration Commission (hereinafter referred to as "Shanghai International Economic and Trade Arbitration Commission") has been accepted, with a total of 3.859 billion yuan in equity transfer and accelerated liquidated damages.
In 2018, Yonghui Supermarket spent 3.53 billion yuan to acquire nearly 68 million shares (1.5% of the total share capital at that time) of Wanda Commercial Management, which was seeking to be listed on the IPO. In December 2023, Wanda Commercial Management failed to go public, triggering a VAM agreement, Dalian Yujin was established, and Yonghui Supermarket transferred about 389 million shares of Wanda Commercial Management to it at a price of about 4.53 billion yuan. Today, the fourth instalment is overdue.
The incident originated from Wanda Commercial Management, which ran for 8 years in the IPO and switched from A-shares to H-shares, but Wang Jianlin still failed to realize Wanda Commercial Management's dream of re-listing.
In the past 8 years, the market has changed, and Wang Jianlin and Dalian Wanda Group have changed from "buying, buying, buying" to "selling, selling, selling". Now, after selling about 26 Wanda Plazas and losing absolute control of Wanda Commercial Management, Wang Jianlin and Dalian Wanda have survived the current VAM crisis.
It's just that Yonghui Supermarket has publicly collected debts, which makes people wonder whether Wang Jianlin and Dalian Wanda Group have completely gone ashore.
Wang Jianlin was publicly collected by Yonghui Supermarket
Former partners may now face off in court. Yonghui Supermarket will sue the guarantor and debtor, including Wang Jianlin, to recover the creditor's rights.
According to the announcement of Yonghui Supermarket, in December 2023, Yonghui Supermarket sold its 389 million shares of Wanda Commercial Management to Dalian Yujin Trading Co., Ltd. (hereinafter referred to as "Dalian Yujin") for a total transfer price of 4.53 billion yuan.
Pursuant to the transfer agreement signed between Yonghui Supermarket and Dalian Yujin, the transaction price was paid by Dalian Yujin in eight installments.
However, after paying 891 million yuan, Dalian Yujin was in trouble. In July this year, Yonghui Supermarket adjusted the payment method for it, signed a supplementary agreement, allowed the remaining 3.639 billion yuan to be paid in seven installments, and added Wang Jianlin, Sun Xishuang, and Dalian Yifang Group Co., Ltd. as the guarantors of the transaction.
As of the date of the announcement, the transfer of 300 million yuan in the fourth installment (paid in ten installments as a whole) that was originally paid before September 30 has not been paid.
Yonghui Supermarket announced that Dalian Yujin has defaulted, and the company has issued an accelerated expiration notice letter to Dalian Yujin, Wang Jianlin, Sun Xishuang, and Dalian Yifang Group, requiring Dalian Yujin to pay the company immediately, and asking Wang Jianlin, Sun Xishuang, and Dalian Yifang Group to bear joint and several guarantee liability.
On the evening of October 13, Yonghui Supermarket announced that on the 12th, the company received a notice of acceptance of arbitration in Shanghai, and the company had submitted an arbitration application with Dalian Yujin, Wang Jianlin, Sun Xishuang and Dalian Yifang Group. The company requested that Dalian Yujin immediately pay the remaining share transfer price of 3.639 billion yuan to the company, as well as 218 million yuan of liquidated damages for accelerated maturity. At the same time, it requested that Dalian Yujin immediately pay the company 2 million yuan in lawyer's fees incurred in connection with this case. It is requested that Wang Jianlin, Sun Xishuang and Yifang Group bear joint and several guarantee liability for the aforesaid remaining share transfer price, accelerated expiration liquidated damages and attorney fees totaling 3.859 billion yuan.
It all dates back to 2018. Wanda Commercial Management's Hong Kong shares were privatized and delisted, and A-share IPO. Yonghui Supermarket, which has many stores in Wanda Plaza, is expanding, so it invested 3.53 billion yuan to take a 1.5% stake in Wanda Commercial Management from Dalian Yifang Group.
At that time, the real estate market was hot, and if Wanda Commercial Management could go public, Yonghui Supermarket's investment would be rewarded handsomely. But the wish turned into disappointment, and Wanda Commercial Management's IPO has been running for 8 years, and it has still not completed the listing.
According to public media reports, Sun Xishuang is Wang Jianlin's "best partner". As early as 2004, Dalian Yifang Group and Wanda cooperated to develop Beijing CBD Wanda Plaza.
At the end of 2023, Wanda Commercial Management triggered the VAM agreement, and the investor has the right to require Wanda Commercial Management to repurchase shares from the investor and pay compensation for losses. It was on this occasion that Yonghui Supermarket sought to exit.
Dalian Yujin is believed to have been established specifically to undertake the equity repurchase of Wanda Commercial Management, and behind it is Dalian Yifang Group, which is actually controlled by Sun Xishuang. Sun Xishuang, who has a close relationship with Wang Jianlin, is known as Wang Jianlin's helper.
Debt default, apparently Sun Xishuang is in trouble. When adjusting the payment method in July this year, Yonghui Supermarket said that Dalian Yujin currently has short-term capital turnover difficulties, and it is actively disposing of assets to withdraw funds.
Yonghui Supermarket openly collects debts, as a guarantor, can Wang Jianlin get out safely?
Frequently sell assets Wanda to break the siege
Compared with the large-scale buying and buying in previous years, now, the main theme of Wang Jianlin and Wanda is to sell, sell, sell.
The turning point of Dalian Wanda Group and Wang Jianlin began in June 2017 when Wanda stocks and bonds were killed by the double killing. According to public reports at the time, Wang Jianlin, who had a debt of more than 400 billion yuan, promoted the asset-light transformation of Wanda's industry, and frequently sold nearly 100 billion assets to real estate. Looking back now, Wang Jianlin is not only de-real estate, but the real purpose is to "de-debt".
In recent years, Wang Jianlin and Wanda Group have continued to "sell". Sell cultural and tourism assets, sell high-quality, profitable Wanda movies, and frequently sell Wanda Plaza.
According to relevant statistics, in 2024 alone, Wanda will sell 26 Wanda Plazas.
Previously, it was reported that the earliest Wanda Plaza in Hangzhou, Gongshu Wanda, was also put on the shelves, with a sale price of 1.48 billion yuan. However, in the end, Wanda Group denied selling the Wanda Plaza.
Wanda Commercial Management, which has attracted much attention, has been delisted from the privatization of Hong Kong stocks, trying to return to the A-share market and de-real estate restructuring, but still failed to land on the A-share market, and turned to the Hong Kong stock IPO. At the end of 2023, the final gambling deadline has arrived. According to the agreement, Wang Jianlin and Wanda Group need to spend 38 billion yuan of real money to buy back the shares in the hands of investors.
At the last minute, PAG signed a new investment agreement with Dalian Wanda Commercial Management Group, under which PAG will work with other investors to reinvest in Wanda Commercial Management after redemption by Dalian Wanda Commercial Management Group at the expiration of the previous redemption period. Among them, Dalian Wanda Commercial Management Group holds 40% of the shares, which is the single largest shareholder, and several existing and new investors such as PAG Investment participate in the investment, holding a total of 60% of the shares. This means that Wang Jianlin has lost absolute control of Wanda Commercial Management, and is also regarded by the market as a change of ownership of Wanda Commercial Management.
In September this year, the registered capital of the newly established Dalian Xinda Alliance Commercial Management Co., Ltd. (hereinafter referred to as "Dalian Xinda Meng") increased from 16.21 billion yuan to 40.52 billion yuan, and the total investment was changed to 51.3 billion yuan, a decrease of about 8.7 billion yuan from the previous public 60 billion yuan.
The funds were injected by PAG Investment Group, and the senior management team, including the chairman, underwent a major "blood change". The position of legal person and chairman of the board was changed from Xiao Guangrui to Huang Dewei, who is a partner and co-head of private equity at PAG.
Based on this, it can be judged that the 38 billion yuan listing VAM crisis was resolved by Wang Jianlin at the expense of absolute control over Wanda Commercial Management.
At present, how much debt does Wang Jianlin and Dalian Wanda Group still have, and after frequent asset sales, are they safe, and can Wanda Commercial Management get out of the predicament of listing?
Exclusive In-Depth Recommendations:
GAC Group insisted on "not letting this", and its sales fell by 25.6% in the first nine months, and the sales of its four car companies fell or 1 million production capacity was idle
Guotai Junan absorbed and merged Haitong Securities to resume trading, and the brokerage aircraft carrier set sail with total assets of more than 1.6 trillion
Oriental Fortune set a record of 90 billion A-shares in a single day, and the fund increased its net holdings of 432 million shares of Huijin in the second quarter
Xiangxue Pharmaceutical and the actual controller were filed for violating the rules, and the major shareholders frequently reduced their holdings and cashed out about 700 million
8 new car-making forces sold more than 20,000 units in September, Li Auto led GAC Aion, down more than 13%
Ye Guofu walked out of the "ten-yuan store" to explore China's new retail MINISO invested 6.3 billion yuan in Yonghui's gambling fat Donglai model
Guangzhi Technology plans to "whale swallow" a unicorn with a valuation of 20 billion Zhu Shihui's two failed IPOs, and then sought a disguised backdoor listing
AVATR lost 7.1 billion yuan in two and a half years, with a debt ratio of 94.46%, and the delivery volume in the first eight months only completed 36.4% of the annual target
MINISO gambled 6.3 billion yuan on offline supermarkets Yonghui Supermarket lost 7.8 billion yuan in three and a half years, and Ye Guofu was optimistic about the prospects
Shareholders of Kelong New Materials sold their shares at a strange price before the IPO, and accounts receivable accounted for about 60% of revenue
China's shipbuilding 115.15 billion absorption and China Heavy Industry's annual revenue will exceed 120 billion
Yinzhijie lost 570 million yuan in three and a half years, and the three actual controllers cashed out 1 billion yuan, and planned to transfer another 7% equity
The professional reorganization of Yangmei Chemical Industry changed hands to Lu'an Chemical, and the reform of Shanxi state-owned assets landed in the two state-owned enterprises
Three sheep were suspected of misleading consumers and were put on file for a year with an estimated annual revenue of 30 billion and fell into a crisis of trust