China-Singapore Jingwei, December 12 (Zhang Shunan, Dong Xiangyi) Before the "gambling" deadline came, Wanda ushered in good news.
Bringing in new investors.
According to the latest news on the official website of Wanda Group, on December 12, 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. 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.
Screenshot of Wanda Group's official website.
Not only that, but new investors have also been introduced this time. 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.
Li Shiqi, a partner at Shengchi Law Firm, told V View Financial Report (*ID: VG-View) that after the agreement stipulates that after the redemption of Wanda Commercial Management Group, PAG will work with other investors to reinvest the repurchase money given to them by Wanda to Wanda Commercial Management Group, which means that the water spilled is back, and such an operation will greatly reduce the cash flow pressure of Wanda Group.
Li Shiqi said that this operation not only alleviated the problem of Wanda's tight cash flow, but also released to the market investors' high recognition of the growth potential of Zhuhai Wanda Commercial Management, and also lifted Wanda's VAM crisis.
Wang Yuchen, the chief lawyer of Beijing Jinsu Law Firm, said in an interview with "V View Financial Report" that Zhuhai Wanda Commercial Management was reinvested by PAG Investment Group, which lifted the crisis of listing VAM. It is undoubtedly good news for Zhuhai Wanda Commercial Management, which means that they have received more financial support and the gambling crisis has been lifted.
Of course, this does not mean that all the problems of Zhuhai Wanda Commercial Management have been solved. Wang added that PAG's reinvestment may also bring new issues, such as changes in shareholding structure and the impact that investors may have on the company's operations, and Zhuhai Wanda Commercial Management needs to continue to work hard to achieve their long-term goals.
Screenshot of the latest prospectus of Zhuhai Wanda Commercial Management.
V view financial report" noted that the latest prospectus of Zhuhai Wanda Commercial Management shows that Dalian Wanda Commercial (Dalian Wanda Commercial Management Group) holds a total of about 69 issued shares of Zhuhai Wanda Commercial Management99% interest. Compared with the new agreement, Dalian Wanda Commercial Management Group's shareholding ratio decreased by 2999%。
Zhuhai Wanda Commercial Management submitted the table for 4 degrees.
According to the information disclosed in the previous prospectus, Zhuhai Wanda Commercial Management's institutional investors include 22 companies, including Zheng Yutong's family, Country Garden, CITIC Capital, Ant, Tencent, and PAG Investment Group, and these investors invested about 38 billion yuan in Zhuhai Wanda Commercial Management in August 2021, of which PAG's investment was about 2.8 billion US dollars (about 18 billion yuan). According to the content of the previous VAM agreement, if Zhuhai Wanda Commercial Management fails to complete the listing by the end of 2023, Wanda Commercial Management is obliged to repurchase shares from the above-mentioned investors.
This is basically a fatal blow to Wanda, which is already in dire cash flow. However, under the reinvestment of Zhuhai Wanda Commercial Management by investors such as PAG, it means that the pressure of listing VAM hanging over the head has been eliminated.
Previously, in order to solve the liquidity problem, Wang Jianlin also sold assets, including the sale of Wanda Films.
On December 6, Wanda Film announced that 51% of the company's controlling shareholder, Beijing Wanda Investment, intends to transfer 51% of the equity to Shanghai Ruyi Investment Management, a wholly-owned subsidiary of China Ruyi Holdings, if the transaction is reached, plus the previous transaction, Shanghai Ruyi will hold 100% of Beijing Wanda Investment, which will indirectly hold 20% of the equity of Wanda Film and become the actual controller of Wanda Film.
In 2014, Wanda Commercial was listed on the Hong Kong Stock Exchange. In 2016, Wanda Commercial chose to be privatized and delisted due to the low share price in Hong Kong. After that, Wanda chose to further divest the real estate and established Zhuhai Wanda Commercial Management through restructuring as a new listing entity, and officially withdrew its A-share listing application in 2021 and applied for H-share listing again.
It should be mentioned that Zhuhai Wanda Commercial Management submitted listing applications to the Hong Kong Stock Exchange three times on October 21, 2021, April 22, 2022, and October 25, 2022. On June 28 this year, Zhuhai Wanda Commercial Management submitted its IPO prospectus to the Hong Kong Stock Exchange for the fourth time. (Zhongxin Jingwei app).
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