Wanda finally successfully landed on the shore, temporarily avoiding the pressure of listing and gambling. In this rescue operation, an important "big brother" took action, and more precisely, the original creditor chose not to force the debt, and may even make additional investments. It's like you owe the money to the king next door, it's due soon, if you can't pay it back, you have to smash the pot and sell iron, but the king next door told you, don't be in a hurry to repay the money first, you can slow it down, and not only don't you have to pay it back first, I'll give you some money, you go back and continue to do a good job, and then talk about it when you have money.
This time, it was actually the old creditor who saved Wanda, and it was the largest creditor - PAG Investment. In 2021, PAG made an investment of approximately RMB18 billion in Zhuhai Wanda Commercial Management and signed a VAM to be listed by the end of 2023. Now, PAG and Wang Jianlin have basically negotiated, and PAG Investment and Dalian Wanda have announced the signing of a new investment agreement. PAG will work with other investors to reinvest in Zhuhai Wanda after the redemption of the investment by Dalian Wanda at the end of the redemption period in 2021. This move not only lifted the crisis of Zhuhai Wanda's listing VAM, but also possibly continued to increase investment in order to pull Wanda out of the dire situation.
So, what is this PAG investment?Many people may not have heard of it, but in the capital circle, many people know about this super predator. To describe it in three words, it is a lot of capital, old qualifications, and hard relationships. Next, let's gossip about this mysterious investment giant.
First of all, the founder of PAG Investment is called Shan Jianwei, a very unfamiliar name, but his mentor should be known to many people, and he also went to China some time ago, that is, Yellen, the United States. Yellen also served as the chairman of the Federal Reserve before and is a proper Wall Street capitalist.
Shan Jianwei was the first batch of students to study abroad after the reform and opening up in the 80s. After graduating, he became a professor of management at the Wharton School, then worked on Wall Street for a long time, became a general manager at JPMorgan Chase, worked at Newbridge Capital, and later joined PAG as an Executive Director in charge of the private equity business unit, focusing on investments and acquisitions.
What is his performance?Here's an example. Do you know that there is a company in the Shenzhen Stock Exchange that is 000001, which company was the earliest?Of course, now this ** belongs to Ping An. 000001 represents the first company to be listed on the Shenzhen Stock Exchange, an honor that belonged to the Shenzhen Development Bank at the time.
Later, Ping An of China spent 16 in 2010$800 million from Shan Jianwei and their company. The Shenzhen Development Bank is Shan Jianwei, and their company only used 1$500 million. Then six years passed, 16$800 million was sold. It is enough to see the energy and ability of Shan Jianwei and the company behind it.
And Shan Jianwei was a big man who was familiar with capital operation more than ten years ago, so will the strength be poor now?
So is this rescue of Wanda and water and fire a "charcoal in the snow" or a "stroke of genius"?
From an economic point of view, this is undoubtedly a shrewd investment decision. First of all, through the agreement with Wanda, PAG Investment not only relieved the pressure of Wanda's listing VAM, but also may make further additional investments. This behavior is known in economics as "portfolio management," which is the practice of diversifying investments to reduce risk and maximize returns.
Secondly, from the perspective of industry trends, with the recovery of China's economy and the expansion of the consumer market, the commercial real estate industry has huge growth potential. With this investment, PAG further expands its presence in the commercial real estate sector, which is in line with its long-term investment strategy and objectives.
Finally, from a personal point of view, as the founder and manager of PAG, Shan Jianwei's experience and ability have been widely recognized in the capital market. His decisions tend to be forward-looking and strategic. Therefore, this rescue of Wanda can be seen as an important practice of his personal investment strategy.
For Wang Jianlin, this respite is in exchange for Wanda's equity, and Wanda will definitely lose some of the initiative in the future, after all, Shan Jianwei is best at equity investment and acquisition.