This year, Wang Jianlin, a former billionaire, has not had an easy time. For more than a month, Wang Jianlin and his Wanda company have frequently appeared in people's eyes due to a shortage of funds. Wang Jianlin had to sell his property again to alleviate his heavy debts.
Although he sold part of his property, Lao Wang still made a lot of money, but judging from the recent **, his life is not very good. The 69-year-old Wang Jianlin still looks old-fashioned when he appears in public recently, but compared with the past, he has lost a lot of weight, and his eyebrows reveal tiredness and worry that are difficult to hide.
At present, Zhuhai Wanda Commercial Management has no equity transfer contract. This means that the company will not face any downward pressure due to the VAM before the IPO deadline in Hong Kong.
However, Wanda has also made a lot of sacrifices for this, that is, it has lost the absolute control of Zhuhai Wanda Commercial Management.
Just when everyone was worried about the former richest man in the world, a piece of good news resolved Wanda's gambling turmoil. According to the recent announcement, Taimon, a well-known investment institution, will inject capital into Zhuhai Wanda Commercial Management Company again after Wanda's redemption due on December 12.
Although some of the investors have left, most of them still have confidence in Wanda, and even more new investors have participated, many of them overseas. This reflects the investors' great potential for the development of Zhuhai Wanda Commercial Management Company and their confidence in its business development.
It is worth mentioning that in August last year, Zhuhai Wanda Commercial Management Company received 38 billion yuan, while PAG invested about 18 billion yuan, accounting for a large part.
In the midst of the crisis, PAG still believes in Wang Jianlin and is full of confidence in Wanda's future development. In this way, they can be freed from the VAM agreement, which is also a support for Wanda. Zhuhai Wanda Commercial Management Co., Ltd. has 22 investors such as Country Garden, Ant Group, Tencent Group, etc., and with the strong support of PAG, I believe that more investors will soon follow, because as soon as the matter comes out, the situation will become clear.
Wanda's "gambling fight" stemmed from the fact that it received capital injection from financial institutions before its public offering. Zhuhai Wanda Commercial Management Company entered into a VAM agreement with the investors, which required the company to achieve a true profit of 51 between 2021 and 2023900 million yuan, 74300 million and 94600 million yuan. If the expected target is not achieved, Wanda Commercial Management Company will give its ** equity at zero consideration or in cash. In addition, Wanda Commercial Management must buy it back by 2022 at the latest, and pay compensation accordingly.
The first one is easy to do, Wanda's sales have exceeded the third year.
What Wang Jianlin is most worried about is this listing.
Wanda was listed in Hong Kong back then, which was the most regrettable thing for Lao Wang, that is, Wang Jianlin at that time felt that he was not worthy, so he went to Hong Kong to be listed, and as a result, four applications in a row were all rejected.
Hong Kong: You used to be dismissive of me, but now I am your unattainable existence.
After the signing of the new shareholding contract, Dalian Wanda Commercial Management held 40% of the shares and became the company's largest shareholder, while old investors such as PAG and new investors also joined in, accounting for a total of 60% of the company's shares. However, Wanda did not disclose who the new investors were.
However, just like Sun Hongbin, Wang Jianlin also suffered a big loss in this matter.
Sun Hongbin never thought that in the next 22 years, there would be such a great change in the property market. At that time, Mr. Liu convened a meeting of all the employees, and after all the employees stood up, he could only sit down with the consent of Sun Hongbin.
If he can't follow the original plan, Wang Jianlin will face a huge risk and be forced to **Wanda and Wanda Plaza.
Sun Hongbin is the head of the sales department's personnel and finances without authorization, and the person in charge of the branch is Sun Hongbin's own strength, and the group cannot interfere. Sun Hongbin became Lenovo's second-largest executive, known in the industry as a "young Lenovo leader".
Perhaps the brothers who worked with Sun Hongbin also had relatives, and even shouted that Sun Hongbin was the number one person in Zhongguancun. What a glory it was then. Unfortunately, the young Sun Hongbin did not see the crisis coming, but made the decision to betray.
This dates back to six years ago, when Sun Hongbin was infinitely beautiful. He was like a white knight who fell from the sky and gave him a lifesaver at a critical moment. Initially, he invested 15 billion in LeEco and entered the company as the largest shareholder of LeTV;Subsequently, with 43.6 billion **, it won 13 tourism and tourism projects of Wanda.
On one occasion, after obtaining the approval of his superiors, he deposited 760,000 yuan in a friend's company account in order to make the company's cash flow easier. Liu Chuanzhi was very angry when he found out: This is the heir he cultivated by himself!So he called the police **. Soon after, 27-year-old Sun Hongbin was sentenced to five years in prison for $130,000.
In the end, Sun Hongbin made a comeback, taking three steps and making two steps, but he always lacked a little luck, especially the set given to him by Jia Yueting.
In May next year, Sunac officially announced its overseas bonds of 29478,800% maturity date, but unable to pay due to insufficient cash.
However, Sun Hongbin never expected that the injection of funds into LeTV finally made him burst into tears;Six years have passed, and tours and tourism projects are in his pocket.
Sun Hongbin took great pains to do this, and then voted on the plan at a creditors' meeting in Central, Hong Kong, attended by more than 2,000 creditors or ** people.
As a result, it accounted for 98 of the total number of claims3% of creditors voted to pass, far exceeding the qualifying 75%. This is the reason why Sunac China's overseas debt restructuring plan was successfully passed.
Although he has carried out a series of debt restructurings overseas, Sun Hongbin still has to make certain sacrifices, the biggest of which is the diluted stake and the loss of control of the company.
Sunac China will issue a number of 1207.9 billion shares, an increase of 12 times. Sun's stake will be reduced to 2474% instead of 3875%, so he is no longer a major shareholder.
Regarding this, Sun Hongbin said: "I don't care whether I have control, I care about whether the company can survive. ”
Similarly, Wang Jianlin has also raised redemptions through his own property again and again, but he has lost a lot of valuable property. Wang Jianlin also holds more than 30% of the shares of Zhuhai Wanda Commercial Management Company as funds**, in order to win more respite.
According to Tianyancha, Dalian Holding Company now owns 7015% of the shares, but after signing a new investment contract, this ** has dropped to 40%, which is too high. However, taking out 30% of the shares in exchange for their own credibility, plus a period of buffer time, is not a loss.
However, it is not yet clear what will happen to investors to exit, what will happen to new investors, and when the new market deadline will come. Although these doubts persist, the pressure caused by the VAM agreement before the end of the year has been largely eliminated.
The reason why Wanda has been able to survive the difficulties again and again is largely due to the large number of excellent assets in Wang Jianlin's hands. In terms of the business area under its jurisdiction, Wanda Enterprise Management Group is the largest enterprise in the world. The cultural tourism project in 2017, as well as the 400 Wanda that have now opened, have become the most important card in Wang Jianlin's hand.
Recollect. In the past five or six years, every time Wang Jianlin encounters difficulties, it seems that there will be a savior-like figure to get through the difficulties for him. For example, in 2017, Sunac Sun Hongbin and R&F Li Silian acquired 13 tourism companies and 77 Wanda hotels from Wang Jianlin, respectively. Wang Jianlin is also known as the "strong man with a broken arm", avoiding the big ** in the real estate market.
There are still foreign investors, but there are not many of them. The timing of this new rollout is uncertain at this time.
Now, PAG and their investors have become their allies. As the largest unlisted company in Asia, PAG has strong financial strength. The largest shareholder in PAG is Blackstone, an international private investment company. According to public information, PAG's total investment in Greater China is as high as 7 billion US dollars, accounting for 52% of the total funds. Taimeng's Tencent, Lexin Naxue's tea Youran Animal Husbandry and other companies have been listed.
Shan Weijian, co-founder and chairman of PAG, the king of private investors in China and the largest investor in Asia, has repeatedly resolved many troubled companies and companies through mergers and acquisitions, and has been the leader of their extrication from trouble, he is a master of seeking opportunities in the midst of economic crises.
Wanda Commercial Management, for example, has a total of 69 domestic debts in China0.2 billion, and the debt within one year is 187.8 billion. A total of three overseas US dollar bonds, totaling US$1.3 billion, equivalent to about 10 billion RMB. Combined with other arrears such as bank loans and bills, Wanda Commercial Management currently has more than 100 billion yuan in working capital and 66.2 billion yuan in short-term borrowings. Wanda still has 13.3 billion yuan in cash in its bank account, illustrating the enormous pressure on the debt.
As a large private property company, PAG's 494 Wanda buildings, which are closely related to the lives of ordinary people, are undoubtedly an excellent investment opportunity.
Does the revocation of this gamble mean that Wang Jianlin and Wanda Group have survived this crisis?Maybe it won't be so good. Wanda's current financial situation remains grim.
This is also Wanda's best approach at the moment, but no matter how good the product is, there is a limit, and it will soon be sold out. So, what should we do when we are in danger again?