Wen 丨 real estate third brother
The Ship of Theseus is an ancient thought experiment.
A ship can sail at sea for hundreds of years, thanks to uninterrupted repairs and replacement of parts. The planks and parts on board were constantly being replaced until all the functional parts were not the ones they had in the beginning.
So, is this ship still the same as the original ship?
Or is it already a completely different ship?
If so, but it no longer has any of the original logs; if not, when did it not?
In December 2014, Dalian Wanda Commercial Management, which includes real estate development, commercial real estate holding and commercial real estate operation services, was listed in Hong Kong.
In October 2021, Zhuhai Wanda, which serves commercial real estate operations, has just submitted a prospectus.
In seven years, in the waves of active and passive, the once big ship of Wanda Commerce was divided into three:
Wanda Real Estate, which is responsible for real estate development, Dalian Wanda Commercial, which holds commercial real estate, and Zhuhai Wanda, which is responsible for commercial real estate operation services.
The pioneer who went public on the Hong Kong Stock Exchange this time is the asset-light Zhuhai Wanda.
Over the past seven years, with the advance and retreat of investors, Wanda Commercial's equity has been constantly changing. From the perspective of the shareholding structure, this article looks at the "Ship of Theseus" led by Wang Jianlin and Wanda Commercial.
<h1 class="pgc-h-arrow-right" data-track="82" >, Zhuhai Wanda's shareholding structure</h1>
Zhuhai Wanda was established on 24 March 2021 and submitted a prospectus to the Hong Kong Stock Exchange on 21 October 2021.
For Zhuhai Wanda Commercial Management, its current shareholding structure is as follows:
Dalian Wanda Commercial's direct and indirect shareholding ratio is 78.83%.
The investors who transferred the shares in this PRE-IPO held 21.17% of the shares.
The following is a detailed explanation of the equity of investors and Dalian Wanda Commercial.
<h1 class="pgc-h-arrow-right" data-track="81" > second, investors of Zhuhai Wanda</h1>
From July 2, 2021 to August 30, 2021, Zhuhai Wanda introduced a series of new investors through the transfer of shares from old shareholders. Before the share transfer, Zhuhai Wanda was valued at US$28 billion or RMB180 billion.
As of the date of submission of the prospectus, investors held 21.17% of the company's equity. The list of investors is as follows:
Among the investors of Zhuhai Wanda, the top few holding ratios are as follows:
PACIFIC Invest Asia Pacific (PAGAC): 10% stake. PAG Currently has approximately US$45 billion in assets under management.
Country Garden: 3.589%;
CITIC (including CITIC Capital and CITIC Securities): 2.5039% shareholding;
Ant Technology: 1.4421%;
Tencent: 0.8401%;
GLP Capital + China Merchants Capital: 0.5133%; GLP's current assets under management are about US$89 billion, and in 2019, it reached a strategic cooperation agreement with China Merchants Capital, a subsidiary of China Merchants Group.
Warburg Pincus Investments: 0.5043%: Warburg Pincus currently has approximately $64 billion in assets under management.
United Life: 0.2778%; the actual controller of United Life is Zhongfa Group. Zhongfa Group and Meituan are the major shareholders and second shareholders of Jilin Yilian Bank.
Beijing Qianyuda Commercial and Trade Center: 0.1667% shareholding, suspected of being in the middle plant background.
This round of investors completed their shareholding in Zhuhai Wanda by acquiring 21.17% of the equity of Zhuhai Wanda held by Zhuhai Wanying, a shareholding platform.
Therefore, the purchase price of this round of equity is paid to Zhuhai Wanying, a wholly-owned grandson company of Dalian Wanda Commercial.
That is, the total amount of investors 16.897 billion yuan and the acquisition of equity of 3.3 billion US dollars belongs to Dalian Wanda Commercial.
<h1 class="pgc-h-arrow-right" data-track="80" > third, the shareholding structure of Dalian Wanda Commercial</h1>
Mr. Wang Jianlin is the actual controller of Dalian Wanda Commercial.
Mr. Wang Jianlin's family shareholding:
Wang Jianlin personally directly holds 5.19% of the shares. Wang Jianlin holds 44.31% of the shares through Wanda Group (including 0.88% of Wang Sicong's shares). Ms. Lin Ning personally directly holds 3.18% of the shares.
The Wang Jianlin family holds a total of 52.68% of dalian Wanda Commercial shares.
Employee shareholding platforms: Zhuhai Wenchi, Zhuhai Wenlong and Dalian Wentai, holding 6.97% of the shares, including Wang Jianlin's 3.67%.
(The above data comes from Zhuhai Wanda Prospectus.) ）
Other shareholders hold 43.52% of the shares, including:
14.41% of foreign shareholders: This corresponds to the strategic investment introduced in the first half of 2018: Tencent Holdings, Suning, JD.com, sunac joint investment of 34 billion yuan.
Sun Xishuang personally holds 5.39% of the shares.
Sun Xishuang is the chairman of Dalian Yifang Group Co., Ltd. He has said he has been investing in Wanda since 1993. In December 2018, Yonghui Group took over a 1.5% stake in Dalian Wanda Commercial from Dalian Yifang Group for a consideration of 3.5 billion yuan.
Dong Xuelin personally holds 3.08% of the shares.
In December 2001, Sun Xishuang, Wang Jianlin and Dong Xuelin jointly funded the establishment of Beijing Hexing, and the three of them accounted for 50%, 30% and 20% of the shares of Beijing Hexing respectively. This may show that Sun Xishuang and Dong Xuelin are witnessing Wanda's "small" business community from small to large.
Among the other shareholders are Zhang Dazhong, the founder of Dazhong Electric Appliances, who holds 2.96% of the shares.
(The source of other shareholders' shareholding data is enterprise investigation.) ）
<h1 class="pgc-h-arrow-right" data-track="55" >4. History of equity changes in Dalian Wanda Commercial</h1>
In 2014, Dalian Wanda Commercial Real Estate Co., Ltd., which was listed in Hong Kong, did not have so many well-known shareholders.
Prior to the listing, Wang Jianlin held a 65.6% stake in Dalian Wanda Commercial.
After the dilution of the listing, the 2015 annual report shows that Wang Jianlin holds 50.8% of Dalian Wanda Commercial Company, 34.8% of the domestic shareholders and 14.4% of the H-share public shareholders.
In the past seven years, with the listing, delisting and war investment, the shareholder composition of Wanda Commercial has also become more dispersed and more diversified.
If Zhuhai Wanda Commercial successfully completes the IPO of the Stock Exchange, the equity will be more dispersed and Zhuhai Wanda will become a more public company.
What remains unchanged is that Wang Jianlin still firmly controls Wanda Commerce, whether it is in Dalian Wanda Commercial or Zhuhai Wanda.
At present, the Wang Jianlin family holds a total of 56.35% of dalian wanda business, and through dalian wanda business, the Wang jianlin family holds 44.14% of the shares in the upcoming zhuhai wanda commercial.
At last
Wanda Commercial's shareholding system transformation in 2009 and its pursuit of A-share listing have not been successful so far.
During this period, Taihe Group, which was also developed for real estate, borrowed backdoor in 2010, Blu-ray Development in 2015, and New Town Holdings switched from B to A in 2015, and successively landed on A shares.
In recent years, Wang Jianlin's A-share listing target always seems to be short, and Wanda and A-shares are always a little bit worse.
Does this matter?
In the short term, it seems to be very important. But from the perspective of Wanda's seven years, it seems that it is not so important. Capital never sends charcoal in the snow, some are just icing on the cake and falling stones, and the iron needs to be hard.
From 2014 to 2021, seven years later, the Hong Kong Stock Exchange welcomed Wanda again.
Seven years, Lan Ting has been, Zi Ze Mound Ruins.
Seven years, the clouds cirrus clouds, flowers blossom and fall.
In seven years, the cells of the human body are brand new, but you are still you.
Sheng Ge returned to the courtyard, and the lights went downstairs.
The zanto-filled cicadas are exhausted, and the new autumn wild goose comes.
Wang Jianlin is still the captain of the "Ship of Theseus".
I admire him.
(End of text)
In the text: Dalian Wanda Commercial refers to Dalian Wanda Commercial Management Group Co., Ltd.; Zhuhai Wanda (commercial) refers to Zhuhai Wanda Commercial Management Group Co., Ltd.