Lei Jianping reported on October 22
Zhuhai Wanda Commercial Management Group Co., Ltd. ("Wanda Commercial") submitted a prospectus to the Hong Kong Stock Exchange yesterday for listing in Hong Kong.
Wanda Commercial Management was preparing to list on the A-share market, but the road back to A-shares is very difficult. In March 2021, Wanda Commercial Management announced that it was withdrawing from the A-share IPO team that had been in line for nearly six years.
Wanda founder Wang Jianlin has also been the richest man in China many times, and Alibaba founder Ma Yun waved Fang Shuo, with these years of selling and selling, the status of the jianghu has declined a lot, but it still makes Evergrande Xu Jiayin and SOHO China Pan Shiyi envious.
Annual profit declined for two consecutive years
The transformation of Wanda Group is not smooth, and it has been hit hard by the epidemic in 2020.
Wanda Group has been on the road of selling and selling since 2020, and in November 2020, Wanda sold its Chicago property project. This is Wanda's second overseas property sale after selling the ONE project in London, the Spanish Building, the Gold Coast in Australia and the Sydney project. Wanda has emptied all five of its overseas real estate projects.
In May 2021, Wanda Group repaid its holdings in AMC and withdrew from the board of directors of AMC, retaining only the minority stake of AMC, accumulating US$1.476 billion.
Wanda Commercial, as its core business, has not returned to its pre-2019 dominance.
As of June 30, 2021, Wanda Commercial managed 380 commercial plazas with a gross floor area of 54.2 million square meters under management. In 2018, 2019 and 2020, the average occupancy rate of Wanda Commercial's commercial plazas under management (excluding parking spaces) was 98.8%. As of June 30, 2021, Wanda Commercial had 162 reserve projects, including 133 independent third-party projects.
According to the prospectus, Wanda Commercial's revenue in 2018, 2019 and 2020 was 11.023 billion yuan, 13.437 billion yuan and 17.196 billion yuan, respectively;
Wanda Commercial's gross profit in 2018, 2019 and 2020 was 4.552 billion yuan, 4.581 billion yuan and 6.344 billion yuan respectively, compared with 4.513 billion yuan in the first half of 2021 and 2.679 billion yuan in the same period last year.
Wanda Commercial's profits in 2018, 2019 and 2020 were 2.022 billion yuan, 1.248 billion yuan and 1.112 billion yuan respectively, which can be seen that wanda commercial's profits have continued to decline for two consecutive years.
Wanda Commercial's revenue in the first half of 2021 was 10.636 billion yuan, an increase of 42.7% from 7.453 billion yuan in the same period of the previous year, and the profit for the period was 656 million yuan, down 19.7% from 817 million yuan in the same period of the previous year. It can be seen that the first half of Wanda Commercial's 2021 is to increase revenue, but it has reduced profits.
As of June 30, 2021, Wanda Commercial held cash and cash equivalents of $6,551 million, compared to $13,248 million for the same period last year.
It can be seen that Wanda Commercial's cash holdings and cash equivalents continue to decrease.
Among them, Wanda Commercial reduced cash and cash equivalents by 5.147 billion yuan in 2020, and decreased by 2.812 billion yuan in the first half of 2021. If the cash and cash equivalents held by Wanda Commercial continue to decrease, it will pose a great danger to Wanda Commercial.
Family door misfortune: Wang Sicong lost 2 billion
Of course, Wang Jianlin's frustration in the business field in recent years cannot withstand the obscurity brought about by the indisputable anger of his son Wang Sicong.
Once, when Wang Jianlin was the richest man in China, Wang Sicong was called "the national husband", but when Wang Jianlin went downhill, Wang Sicong's life was not good.
In November 2019, Wang Sicong was listed as an executor by the Second Intermediate People's Court of Beijing Municipality, with an enforcement target of more than 150 million yuan. Since then, Wang Sicong has been issued a consumption restriction order by the Shanghai Jiading District People's Court, and the applicant for the restriction order is Cao Yue, a well-known game anchor of Panda Live.
The reason for Wang Sicong's predicament was the collapse of Wang Sicong's entrepreneurial project Panda TV, which in turn triggered an investment dispute.
Wanda has cut off Wang Sicong, and Wanda Group once said, "The company has not provided any debt guarantees for Wang Sicong, the son of Chairman Wang Jianlin, and has no capital transactions with the enterprises it controls." ”
Since then, Hong Kong media have exposed that Wang Sicong's mother took 100 million yuan to pay off her son's debt. By the afternoon of December 26 of the same year, the last consumption restriction order issued by the Beijing No. 2 Intermediate People's Court against Wang Sicong had been revoked.
For the Wang Jianlin family, which has a big family, the disaster caused by Wang Sicong naturally has a family to support, and if it is not good, Wang Sicong can also choose to go to Wanda Group to take over.
However, Wang Sicong, who has always been not doing business, went further downhill after the collapse of Panda TV, and even in 2021, in the process of chasing a female Internet celebrity, he was called "licking the dog", and his image fell to the bottom. Wang Sicong is in his 30s, still has not established a family, and has become the laughing stock of the industry, which is perhaps the most unconscious thing for Wang Jianlin.
Tencent and Country Garden are shareholders
Wanda Commercial is chaired by Qi Jie, executive directors are Xiao Guangrui and Wang Zhibin, non-executive directors are Ms. Zeng Maojun, Han Xu and Chen Qi, and independent non-executive directors are Dr. Xue Yunkui, Liu Jipeng and Wang Xiaojun.
In January 2018, Tencent Holdings, as the main initiator, signed a strategic investment agreement with Suning, JD.com, Sunac and Wanda Commercial in Beijing, investing 34 billion yuan to acquire about 14% of the shares held by investors introduced by investors introduced when Wanda Commercial Hong Kong H shares were delisted.
Before the Wanda Commercial IPO, Wang Jianlin directly held 5.19% of Dalian Wanda Commercial and 44.31% of Dalian Wanda Commercial through Wanda Group, in addition, Zhuhai Wenchi held 1.7%, Zhuhai Wenlong held 0.98%, and Dalian Wentai held 4.29%.
Wang Jianlin holds 36.58% of the equity of Zhuhai Wenchi, 4.53% of the equity of Zhuhai Wenlong, and 70.11% of the equity of Dalian Wentai. Wang Jianlin's wife, Ms. Lin Ning, holds a 3.18% stake in Dalian Wanda Commercial;
Wang Jianlin holds a 98% stake in Dalian Hexing, and 2% is held by Wang Jianlin's son, Wang Sicong. Dalian Hexing holds 99.76% of the equity of Wanda Group, and Wang Jianlin directly holds 0.24% of the equity of Wanda Group.
Dalian Wanda Commercial holds 78.83% of the equity of Zhuhai Wanda Commercial Management Group Co., Ltd., and investors hold 21.15% of the equity of Zhuhai Wanda Commercial Management Group Co., Ltd.
These investors include 22 companies including Tencent, Ant Group, CITIC Capital, Starsmith, United Life Insurance Co., Ltd., Country Garden Services, Jinyi Global (a wholly-owned subsidiary of Country Garden), China Merchants Steamship, Chow Tai Fook Cheng Yu Tong Family, PAG and six executives, who hold a total of 21.17% of the shares.
Among them, Country Garden holds 1.7945%, CCP Wing Investment Limited holds 1.7857%, Jinyi Global holds 1.7945%, and Shanghai Yunxin Venture Entrepreneurship holds 0.9778%;
Tencent holds 0.7222% through Huang River Investment and PAGAC holds 3.5714%.
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