On the evening of December 13, Yonghui Supermarket issued an announcement that it intends to transfer Dalian Wanda Commercial Management 143% of the shares, transferred **45300 million yuan, the transaction ** is 6 premium to the book value1.2 billion yuan. Considering that Yonghui Supermarket has held shares for five years, the return on this investment is obviously not high. Just one day earlier, on December 12, Wanda Group announced that it had received the support of investors such as PAG to eliminate the VAM agreement with Zhuhai Wanda Commercial Management (the Hong Kong listing entity actually controlled by Dalian Wanda Commercial Management), but at the same time, Wang Jianlin, the founder of Wanda, also lost his absolute controlling stake in Zhuhai Wanda Commercial Management. On December 13, it was reported that some existing investors chose to withdraw from their investment in Wanda, but the vast majority of investors retained their investments, and new investors entered at the same time. Yonghui Supermarket's announcement also "spoiled" the financial data of Dalian Wanda Commercial Management. As of the end of the third quarter of 2023, Dalian Wanda Commercial Management had total assets of 611.6 billion yuan, net assets of 308.2 billion yuan, and liabilities of 303.4 billion yuan. Yonghui Supermarket withdrew from Wanda Commercial ManagementThe receiver has more cooperation with WandaAccording to the announcement of Yonghui Supermarket, Dalian Yujin *** hereinafter referred to as the "purchaser") intends to purchase the shares of Dalian Wanda Commercial Management Group held by the company from Yonghui Supermarket in cash*** hereinafter referred to as "Dalian Wanda Commercial Management") shares 38.9 billion shares, accounting for 1 of the total share capital of Dalian Wanda Commercial Management43% and 45% for transfers**300 million yuan. 
Yonghui said that the purpose of this asset transaction is to revitalize the company's assets, which is in line with the company's strategy of reducing the scale of investment. As of the date of the announcement, the book value of the equity investment was 39$1.8 billion. According to the company, the equity transaction is at a premium of 6 percent over the book value of the equity1.2 billion yuan, of which the completion of the first phase of the equity transaction will affect the company's pre-tax profit of 2859 in 2023580,000 yuan. The reporter noted that the purchaser of this asset, Dalian Yujin *** referred to as "Dalian Yujin"), was only registered on November 30, 2023, less than two weeks ago, or specifically for this transaction. Tianyan check shows that behind Dalian Yujin, it is actually Dalian Yifang Group, and the final actual controller is Sun Xishuang, the founder of Yifang Group. According to the data, Yifang Group was founded by Sun Shuangxi in 2001, focusing on investment in finance, cultural tourism, education, health and other fields, and has more cooperation with Wang Jianlin's Wanda Group. Yifang Group is a major shareholder of Wanda Commercial Real Estate, Wanda Film, Centennial Life Insurance and other enterprises, and has jointly invested with Wanda Group in Wanda Xishuangbanna International Tourism Resort and Wanda Changbaishan International Tourism Resort. It is worth noting that five years ago, in December 2018, Yonghui Supermarket purchased this part of Dalian Wanda Commercial Management from Sun Xi's hands. At that time, the company signed a share transfer agreement with Dalian Yifang Group and Sun Xishuang to transfer 67.91 million shares of Dalian Wanda Commercial Management held by Dalian Yifang Group, with a transfer of 52 yuan per share and a transfer agreement of 353.1 billion yuan. Now, five years later, Yonghui Supermarket has sold its equity back to Dalian Yifang Group. Considering that the holding period is not short, the premium rate of only slightly more than 15% is obviously not high, and the annualized return is less than 3%. From the point of view of payment methods, it is also relatively "harsh", and the party group pays in eight installments, and the last installment has gone until the end of September 2025. 
Wanda Commercial Management's latest financial data**Assets exceed 600 billion yuan, and liabilities exceed 300 billion yuanAccording to the announcement of Yonghui Supermarket, the pricing of the transaction is based on the financial statements (unaudited) of Dalian Wanda Commercial Management as of September 30, 2023, and the net assets attributable to the parent of Dalian Wanda Commercial Management are 30426.8 billion yuan, 3The net assets corresponding to 8.9 billion shares are 435.4 billion yuan, "on this basis, combined with the current market conditions and competitive situation and other factors, the two parties negotiated to determine the transaction ** is 45300 million yuan. The announcement also disclosed the latest financial data of Dalian Wanda Commercial Management. As of September 30, 2023, Dalian Wanda Commercial Management had net assets of 308.2 billion yuan, total liabilities of 303.4 billion yuan, and total assets of 611.6 billion yuanIn the first three quarters of 2023, Dalian Wanda Commercial Management achieved operating income of 38.8 billion yuan, net profit of 10.8 billion yuan, and net cash flow from operating activities of 17 billion yuan. 
It is worth noting that on December 12, Wang Jianlin's Wanda Group and Wanda Commercial Management had just survived a catastrophe. On the same day, Wanda Group's official website announced that PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement. PAG will work with other investors to reinvest in Zhuhai Wanda Commercial Management after redemption by Dalian Wanda Commercial Management Group at the end of its 2021 redemption period. According to the new agreement, Dalian Wanda Commercial Management holds 40% of the shares, making it the single largest shareholder, and several existing and new investor shareholders such as PAG participate in the investment, holding a total of 60% of the shares. Previously, Dalian Wanda Commercial Management held more than 70% of Zhuhai Wanda Commercial Management's shares. This also means that although the VAM crisis triggered by the end of this year is resolved, Wang Jianlin has also lost his absolute controlling stake in Zhuhai Wanda Commercial Management. According to the information disclosed in the previous prospectus, Zhuhai Wanda Commercial Management's institutional investors include PAG Investment Group, Zheng Yutong family, Country Garden, CITIC Capital, Ant, Tencent and other 22. These investors invested about 38 billion yuan in Zhuhai Wanda Commercial Management in August 2021, of which about 2.8 billion US dollars (about 18 billion yuan) was invested by PAG. Wanda has signed a VAM agreement with these investors, and if Zhuhai Wanda Commercial Management fails to complete the listing work by the end of 2023, Zhuhai Wanda Commercial Management is obliged to repurchase shares from the above-mentioned investors. However, so far, there has been little progress in the IPO of Zhuhai Wanda Commercial Management in Hong Kong, and it is impossible to go public before the end of this year, which means that the repurchase agreement is about to be triggered, which makes Wanda's already stretched cash flow even worse. Now, with the signing of a new agreement, the crisis has been lifted temporarily. According to the China Securities Daily, citing people close to Wanda, some existing investors chose to withdraw from the new agreement, but the vast majority of investors retained their investment in Wanda, "more importantly, there are new investors entering, including some overseas investors."
Edit: Captain's Review: Muyu.