Wanda Films, which exchanged "first aid" cash for Wang Jianlin several times this year, is really changing hands this time, and the "receiver" is Shanghai Ruyi again.According to the analysis, the transfer of Wanda Film's controlling stake is related to the current financial shortage faced by Wanda, as well as the short-term hopelessness of Zhuhai Wanda Commercial Management's listing on the Hong Kong stock market and the pressure of VAM repurchase agreements.
Wanda Films: Shanghai Ruyi plans to acquire a 51% stake in Beijing Wanda Investment
Wanda Film released an announcement,On December 6, 2023, it was notified that the company's indirect controlling shareholder, Beijing Wanda Cultural Industry Group, and its wholly-owned subsidiary, Beijing Hengrun Enterprise Management and DevelopmentMaleThe actual controller of the companyMr. Wang JianlinThe controlling shareholder of the company held in aggregateThe transfer of 51% equity interest in Beijing Wanda Investment to Shanghai Ruyi Investment Management will result in a change of control of the company if the above matters are finally implemented.
After the company's application to the Shenzhen ** Exchange, the company's ** will be suspended from the opening of the market on December 6 (Wednesday), and the suspension time is expected to be no more than 2 trading days.
As soon as the news came out, the stock price of China Ruyi rose sharply.
The actual controller of Wanda Film may change, and the transferee has produced a number of popular film and television dramas
Wanda Film's third quarterly report data shows that in the first three quarters of this year, Wanda Film's operating income was about 1134.7 billion yuan, an increase of 46 percent year-on-year98%;The net profit attributable to shareholders of the listed company was about 111.4 billion yuan, net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of about 110.3 billion yuan;Net cash flow from operating activities was approximately 379.6 billion yuan, an increase of 127 percent year-on-year69%。From January to September 2023, the company's domestic theaters will achieve a box office of 62200 million yuan (excluding service fees), a year-on-year increase of 676%, an increase of 5 from the same period in 20192%;The number of moviegoers is 1500 million, a year-on-year increase of 687%, an increase of 37%。
As of September 30, 2023, the company has 877 opened theaters and 7,338 screens in China, including 709 directly operated theaters and 6,159 screens, and 168 asset-light theaters and 1,179 screens, with a cumulative market share of 16 in the first three quarters5%。
What kind of company is Ruyi?
Shanghai Ruyi is a dark horse in the film and television industry in recent years, and has invested in the movies "Hello, Li Huanying", "Send You a Little Red Flower", "To Our Dying Youth", etc., and TV series representative works include "No War in Beiping", "Langya Bang", "Miyue Biography" and "Old Tavern".
Shanghai Ruyi is a wholly-owned subsidiary of Hong Kong-listed China Ruyi, and the second largest shareholder behind China Ruyi is Tencent. Earlier, the predecessor of China Ruyi was HengTen Network, a joint venture between Evergrande and Tencent. In October 2020, HengTen Network announced that it would acquire Ruyi Pictures for HK$7.2 billion, and Ruyi Pictures would be listed on the backdoor.
Ke Liming, chairman of the board of directors of Shanghai Ruyi, is a post-80s generation, and the company's 2022 annual report shows that he is only 39 years old, and he once worked as a senior analyst in a hedge management company and invested in a number of well-known film and television works. For most audiences, the biggest perception of Chinese Confucianism is also based on film and television dramas.
Previously, Shanghai Ruyi had already helped Wanda once, and the enterprise investigation showed thatShanghai Ruyi already holds a 49% stake in Beijing Wanda Investment. This happened in July of this year.
According to the announcement of China Ruyi on the evening of July 23,Its wholly-owned subsidiary, Shanghai Ruyi, was valued at RMB226.2 billion yuan took over 49% of the equity of Beijing Wanda Investment. After the equity transfer, Beijing Wanda Investment is 498%, 49% owned by Shanghai Ruyi, and 12%。
At that time, it was reported that Wang Jianlin was to repay his debts, and insiders disclosed that his funds were mainly used to repay debts. Wanda Group will use the funds obtained to repay the principal of the US$400 million debt (about 2.8 billion yuan) due on July 23.
Further back, on July 10, Wanda Investment transferred Wanda Film 1 to Lu Lili, the "boss" of Oriental Wealth800 million shares, accounting for 8 of the company's total share capital26% and 12 for transfers**07 yuan shares, worth RMB 21700 million yuan;On July 17, it transferred shares 1 to its concerted actor Shen County Rongzhi7.7 billion shares, accounting for 8 percent of the company's total share capital14% and 13 for transfers**$17 shares, worth $233.5 billion yuan.
Why did Wang Jianlin sell and sell?
The analysis believes that behind Wang Jianlin's "selling, selling, selling".It is related to the current financial shortage of Wanda and the short-term hopelessness of Zhuhai Wanda Commercial Management's listing on the Hong Kong stock market and the pressure of VAM repurchase.
According to the previous Hong Kong IPO application materials, Zhuhai Wanda Commercial Management, a subsidiary of Wanda Commercial Management Group, is applying for listing on the Hong Kong Stock Exchange, and if it cannot be successfully listed by the end of 2023, Wanda Commercial Management Group needs to pay about 30 billion yuan of equity repurchase money to pre-listing investors.
As of the end of June 2023, Wanda Commercial Management's domestic open market bond stock was 1234.1 billion yuan, and the stock of offshore bonds is about 1.8 billion US dollars.
Wanda has at least 5 Wanda Plazas this year。At the end of September, Wanda transferred its Guangxi Beihai Hepu Wanda Plaza to Hepu Wanghe Real Estate, a local real estate company in BeihaiIn October, Wanda Commercial Management transferred 100% equity of Shanghai Wanda Plaza Real Estate.
*: China News Network.