Sun Xishuang is his friend Wang Jianlin and shot again

Sun Xishuang, the actual controller of Dalian Yifang Group.

Sun Xishuang once said bluntly in an interview with ** that he began to invest in Wanda in 1993, Wang Jianlin is a practical person, and my investment in Wanda is to invest in Wang Jianlin.

On the evening of December 13, Yonghui Supermarket announced that Dalian Yujin (hereinafter referred to as "Dalian Yujin") intends to purchase 388,699,998 shares of Dalian Wanda Commercial Management Group held by the company from Yonghui Supermarket in cash, accounting for about 1 of the total share capital of Wanda Commercial Management43% and 45% for transfers**300 million yuan.

According to the Qichacha app, Dalian Yujin was established in November 2023 and is a 100% wholly-owned subsidiary of Dalian Yifang Group, hereinafter referred to as "Yifang Group"), and Sun Xishuang is its actual controller.

Sun Xishuang has a deep relationship with Wanda Group and Wang Jianlin, and has been friends for 30 years.

He once bluntly said in an interview with ** that he began to invest in Wanda in 1993, Wang Jianlin is a practical person, and my investment in Wanda is to invest in Wang Jianlin.

In 2016, Wang Jianlin was interviewed by "A Date with Luyu", and played doubles poker with Sun Xi in front of the camera, showing a rare fresh side.

It is worth mentioning that just one day before Sun Xishuang repurchased Wanda Commercial Management's shares, Wanda Commercial Management signed a new investment agreement with PAG Investment Group. According to the new agreement, Dalian Wanda Commercial Management's direct shareholding ratio will increase from 7016% to 40%, the single largest shareholder;PAG and several other existing and new investors participated in the investment, with a shareholding ratio of 2984% to 60%.

Therefore, Sun Xishuang's move to repurchase the shares of Wanda Commercial Management this time is also speculated by the outside world to help Wanda Group enhance its control over Wanda Commercial Management.

On December 14, a reporter from China Real Estate News asked Wanda for confirmation on this, and the other party said that there is no confirmable caliber at present.

Subsequently, the reporter repeatedly called the online reservation of the party group**, but no one answered.

I have a great friendship with Wanda

Wang Jianlin was interviewed by "A Date with Luyu", and played doubles poker with Sun Xi in front of the camera, showing a rare fresh side. **Screenshot of the program "Luyu has an appointment - a day trip for big coffee".

Throughout the development history of Wanda Group, Sun Xishuang has always been an extremely important partner of Wanda Group.

In 1987, Dalian Xigang Residential Development Company, a subsidiary of the Housing Management Office of Xigang District, Dalian, was established, and soon after its establishment, it faced financial difficulties. In 1989, Wang Jianlin resigned from the director of the ** office of Xigang District, Dalian, and served as the general manager of the company, and made the company profitable. By 1992, Dalian Xigang District Residential Development Company was restructured into Dalian Wanda Real Estate Corporation with a registered capital of 1200 million yuan.

In 2002, Wanda's privatization process was initiated. Dalian Wanda Real Estate Corporation transferred its 30 million shares to Beijing Hexing Investment *** hereinafter referred to as "Beijing Hexing"), with a transfer price of 50 million yuan. At the same time, the shareholder CEFC Trust also transferred its 6 million shares to Beijing Hexing for 12.2 million yuan. So far, Beijing Hexing holds 36 million shares of Wanda, accounting for 30%.

The legal person of Beijing Hexing is Sun Xishuang. According to industrial and commercial data, Beijing Hexing was established in December 2001 with a registered capital of 10 million yuan, and Sun Xishuang, Wang Jianlin and Dong Xuelin held % and 20% of the shares respectively.

From its establishment to its cancellation in 2007, Beijing Hexing had no actual business. Therefore, some voices in the industry believe that the purpose of the establishment of this company is to help Wang Jianlin realize the acquisition of Wanda's state-owned shares.

Sun Xishuang's cooperation with Wanda Group does not stop there.

In 2001, Sun Xishuang established Yifang Group. Since then, the name has often been associated with the Wanda Group.

In 2004, Yifang Group cooperated with Wanda to develop Beijing CBD Wanda Plaza.

In 2007, Yifang Group and Jingliang Group developed Beijing Longde Plaza, and Wanda Cinema was the first batch of main stores to enter.

In 2009, Wanda Group and Yifang Group jointly invested in Changbaishan International Tourism Resort, Dalian Jinshi International Cultural Tourism Zone, Xishuangbanna International Resort, Hainan Sanya International Tourism Zone and other projects, with a total investment of more than 100 billion yuan. Among them, Changbaishan International Tourism Resort has opened in July 2012, and Wanda, Oceanwide and Yifang are the top three shareholders, holding % and 20% of the shares respectively.

In 2010, Sun Xishuang became a shareholder of Wanda Cinema Line, holding 42%, becoming a natural person shareholder second only to Wang Jianlin in terms of shareholding.

In 2011, Dalian Yifang Group moved its headquarters to Beijing, and the headquarters address is the same as the headquarters of Wanda Group, which is located in Wanda Plaza, No. 93 Jianguo Road, Chaoyang District.

In 2014, Beijing Tongzhou Wanda Plaza opened, and the project was jointly developed by Yifang Group and Wanda.

In 2015, when Wanda Commercial (later renamed "Wanda Commercial Management") was listed on the Hong Kong Stock Exchange, Sun Xishuang held 63% equity, is the only natural person shareholder holding more than 5% of the shares.

According to people familiar with the matter, these are just the "tip of the iceberg" of the cooperation projects between Wang Jianlin and Sun Xishuang, and "Wanda has participated in many overseas projects. ”

Shot again for a friend?

My investment in Wanda is to invest in Wang Jianlin. Sun Xishuang's speech in an interview is a great proof of the friendship between him and Wang Jianlin.

However, out of the need for cash flow, Sun Xishuang also had Wanda Commercial Management shares.

In September 2018, Sun Xishuang pledged 82 million shares of Wanda Commercial Management to Orient Asset Management Company. In December of the same year, Yonghui Supermarket signed a share transfer agreement with Yifang Group and Sun Xishuang, intending to acquire about 67.91 million shares of Wanda Commercial Management held by Yifang Group, accounting for 1 of the total number of shares of Wanda Commercial Management5%。The transfer per share** is 52 yuan, and the underlying assets** are about 3.5 billion yuan.

On December 12, Wanda Commercial Management signed a new agreement with PAG, which was seen as a major reason for Sun Xishuang to buy back the above-mentioned shares.

Under the 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 investment redemption period. In August 2021, the existing investors invested approximately RMB38 billion in Zhuhai Wanda Commercial Management, of which PAG invested approximately US$2.8 billion (approximately RMB18 billion), and the existing investors had the right of redemption at maturity in the original investment arrangement.

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. According to the analysis of industry insiders, this change may cause Wanda to lose absolute control over Zhuhai Wanda Commercial Management. Therefore, Sun Xishuang's move to repurchase the shares of Wanda Commercial Management this time is also speculated by the outside world to help Wanda Group enhance its control over Wanda Commercial Management.

In this regard, Bai Wenxi, chief economist of IPG China, said in an interview with a reporter from China Real Estate News that Sun Xishuang's repurchase of Wanda Commercial Management's equity is based on three considerations: First, Sun Xishuang may have seen the development potential of Wanda Commercial Management and believes that this is a valuable investment. Secondly, Sun Xishuang and Wang Jianlin are old friends and have a long-term and deep cooperation, and he may have decided to buy back these shares out of trust and support for Wang Jianlin, and formed a de facto linkage relationship, which also shows his confidence in the future of Wanda Commercial Management. Finally, Sun's share buyback may also be an attempt to rebalance his portfolio and put more money into companies he believes are more promising.

If Sun Xishuang and Wang Jianlin act in concert to enhance their control over Wanda Commercial Management, it will be beneficial for Wanda Group and Wang Jianlin to more actively promote the development of Wanda Commercial Management and formulate a more long-term development strategyOtherwise, Wanda Group and Wang Jianlin may adopt a more cautious strategy to avoid adversely affecting the development of Wanda Commercial Management. Bai Wenxi said frankly.

Sun Xishuang's repurchase of Wanda Commercial Management's equity will have what impact on the future development of Wanda Commercial Management?

Bai Wenxi believes that first of all, it may enhance the shareholder strength of Wanda Commercial Management and improve the company's credit rating and financing ability. At the same time, this may also make Wanda Commercial's share price** and increase the company's market value. Secondly, as an experienced investor, Sun Xishuang's buyback behavior may also send a positive signal to the market, indicating that he is confident in the future development of Wanda Commercial Management. This may attract more investors to pay attention to and invest in Wanda Commercial Management. Finally, Sun's buyback may also prompt other investors to follow in his footsteps, further pushing up Wanda Commercial's share price.

The "mysterious predator" also has its twists and turns

Sun Xishuang, who rarely appears in **, has always made the outside world feel mysterious, but no one has questioned his investment strength.

According to public information, in addition to having a deep friendship with Wanda Commercial Real Estate, Sun Xishuang's Yifang Group is also a major shareholder of Dalian Bank, Centennial Life, Jiangzhong Group, Dalian Zhuanghe Bank and other enterprises.

In addition, Yifang Group also cooperates closely with the local ** in Dalian.

Taking the Dalian Bonded Eco-City as an example, the total investment in urban construction of this super project is as high as 100 billion yuan, and it is a new type of city jointly built by Yifang Group and Dalian City under the "PPP model".

According to the company's data, the main business of Yifang Group is "real estate development, capital investment, and operating property investment", and as of June 30, 2018, the total assets of Dalian Yifang are 260900 million yuan, net assets of 1323.4 billion yuan, operating income of 178.5 billion yuan, net profit 15.4 billion yuan. In 2017, Yifang Group's operating income was 854.5 billion yuan, net profit of about 99.1 billion yuan.

It is worth noting that because the group has not been listed, it has been difficult to inquire about its business status in recent years. However, it can still be seen from the data of various wealth lists that the party group seems to have been hit a lot in the downward stage of the real estate industry.

In the 2016 Hurun Report, Sun Xishuang ranked 50th with a wealth of 30.5 billion yuanIn October 2018, Sun Xishuang ranked 89th on the 2018 Hurun Report with a wealth of 30 billion yuanIn October 2019, the Sun Xishuang family ranked 309th on the 2019 Hurun Report with a wealth of 12.5 billion yuan.

In the past 3 years, Sun Xishuang has shrunk most of his wealth on similar lists.

By 2020, Sun Xishuang's family ranked 497th in the "2020 Hengchang Burnt Fang Hurun Report" with a wealth of 11.5 billion yuanIn 2022, Sun Xishuang was selected into the "2022 Hurun Global Rich List", ranking 2378th with a wealth of 9.5 billion yuanIn 2022, Sun Xishuang's family ranked 703rd in the "2022 Hengchang Burnt Fang Hurun Report" with a wealth of 9 billion yuan. On March 23, 2023, the Hurun Research Institute released the "2023 Hurun Global Rich List", and Sun Xishuang ranked 2451st on the list with a wealth of 9 billion yuan.

Roughly calculated, Sun Xishuang's wealth in 2023 has decreased by 70% compared to 2016.