Wanda Commercial Management's 4th IPO failed again.
According to the Beijing News, the Hong Kong Stock Exchange recently disclosed that Wanda Commercial Management's prospectus failed again, which is the fourth time that Wanda's listing has failed in two years.
According to Wang Jianlin's previous VAM agreement with investors, after the failure of the listing, Wang needs to take 38 billion yuan to repurchase shares, and also have to bear an annual interest rate of 8%, adding up to more than 400 small goals.
However, this time Wang Jianlin did not panic, because half a month ago, the big thunder on Lao Wang's head had been dismantled.
On December 12, Wanda Commercial Management announced that PAG would reinvest in Wanda with other new investors, and Wanda, whose fate was hanging by a thread, was revitalized again.
After more than 30 years in the business world, 70-year-old Wang Jianlin finally turned the corner in the face of the crisis again, and we will talk about the story behind this crisis in detail.
In 2021, Wang Jianlin signed the famous VAM agreement with more than 30 investment institutions and enterprises, and PAG accounted for nearly half of the total investment with an investment of 18 billion yuan.
Now that Wanda's listing is blocked, whether it will face the recourse of sky-high bills depends mainly on the face of PAG.
As long as Taimeng does not turn against Wang Jianlin, then even if others want Wang Jianlin to redeem it, it will be difficult to cause fundamental harm to Lao Wang.
Therefore, Taimeng insisted on betting on Wang Jianlin, and as soon as the news came out, everyone knew that Lao Wang was stable this time.
However, in recent years, the economic situation has become very fast, and investors who used to have deep pockets are now in different situations.
Soon after PAG announced that it would continue to invest in Wanda, Country Garden, one of the investors, announced that it would exchange about 3 billion yuan in cash for the shares in Wanda**.
Country Garden is in such a hurry to clear Wanda shares, and it is also a last resort.
At present, Country Garden is in a deep predicament, Yang Huiyan even said that she wants to "smash the pot and sell iron" to save the company, the company's domestic and foreign debt restructuring is still difficult to negotiate, and the task of ensuring the delivery of the building is very heavy.
It is said that in order to save money, Country Garden even canceled the free lunch and public car for all executives, and Yang Huiyan herself did not have a special car.
In less than 3 years, Lao Wang's investors have undergone such a huge differentiation, who will choose to stick to Lao Wang, and who will choose to quit?
After PAG announced that it would continue to invest in Wanda, the man behind PAG became the focus of everyone's attention, and he was Shan Weijian, who was the same age as Wang Jianlin.
Shan Weijian's experience is quite legendary, from joining the queue to recommending him to go to college, to studying in the United States, becoming a student of the current ** Yellen in the United States, and then to "giving up teaching and business", and entering Xinqiao Capital to complete the acquisition of the First Bank of Korea and become famous.
Since then, Shan Weijian has led Xinqiao's acquisition of Shenzhen Development Bank, setting a record for foreign ownership of a mainland commercial bank, which is also the only record so far.
Since then, Shan Weijian has realized that China's economy is about to rise by leaps and bounds. In the following time, Shan Weijian chose to "reposition" China.
In the past ten years, he has invested in well-known companies such as Baotou Steel Group, Wilmar International, Lenovo, Alibaba, etc., and has achieved rich returns, which has also earned him the title of "King of China's Private Equity".
From 2019 to 2021 alone, PAG's revenue reached 4$3.6 billion, $6$3.8 billion, 7$3.7 billion, with a staggering CAGR of 3002%！
The huge amount of money made by investing in domestic enterprises has made Shan Weijian firmly bullish on domestic enterprises, although Wanda's listing has been blocked, it does not affect Wanda itself as a high-quality enterprise.
According to Wanda's financial report, the company manages a total of 420 Wanda Plazas, and the occupancy rate can basically reach 100%.
For many cities in China, Wanda Plaza is equal to a commercial center, and the influence and appeal of this brand make Wanda Commercial Management not lack cash flow.
Therefore, there is no need for Shan Weijian to "press" Wang Jianlin at this juncture, as long as Wanda can continue to develop, it is not too late to talk about benefits in the future.
Moreover, Lao Wang made huge concessions to the investors led by Shan Weijian in terms of shares.
In the 2021 VAM agreement, investors accounted for 2117%, and the new agreement in which investors account for 60% of the shares, which means that Wang Jianlin not only endures the pain of cutting flesh significantly, but also may lose absolute control of Wanda, and Wanda will have the possibility of "changing hands" in the future.
Although there are a lot of losses, the debt of more than 40 billion yuan can be alleviated, which still makes Lao Wang breathe a sigh of relief. In addition, there is no "VAM" content in the new agreement, which also means that there is no longer a "deadline" for Wanda's listing.
Then Lao Wang can sit back and relax?
A look at Wanda's bills will give you the answer.
According to Wanda's semi-annual report, the company will repay interest-bearing liabilities by the end of 2023 by 158400 million, and 134 interest-bearing liabilities to be repaid in the first half of 20241.7 billion.
These two debts alone are close to 30 billion yuan, and you must know that these are short-term debts that must be repaid within 6 months.
In addition to this, Wanda has 113026 long-term interest-bearing debts, these more than 1,000 small goals, even if the principal is not repaid, the interest alone is an astronomical amount.
Some people will ask, didn't you say that Wanda is not short of cash flow?
You must know that having cash flow does not mean that there is a surplus, business operations, employee salaries, these need cash support, and it is impossible for Lao Wang to use all the cash in his hand to repay debts.
Not long ago, Lao Wang gave Wanda Movie ** to Ruyi, just to cope with the short-term debts that are about to mature, in addition, Lao Wang also sold several Wanda Plazas this year, all to repay debts.
So it's too early to say that Lao Wang can sit back and relax, if you have to say when Wang Jianlin can sit back and relax?I think only Lao Wang succeeded in ringing the bell at the Hong Kong Stock Exchange.
We also hope that day will come soon. Kunpeng Project