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Whose ＂cheese＂ will China Evergrande liquidate？

After China Evergrande (hereinafter referred to as Evergrande) issued the liquidation order, the outside world launched a comprehensive discussion on the giant company, the most critical of which is what the company will go through in the next stage, which assets will be disposed of, and how will it end?

In order to better sort out the next step of Hengda, Blue Whale Finance and Huisheng International Capital President Huang Lichong, who has many years of experience in workout and bankruptcy reorganization, made in-depth exchanges and detailed combing.

The Hong Kong court issued a winding-up order to China Evergrande, the Hong Kong-listed platform with the stock code 03333.hk, which means that the company to be wound up is also an asset at the level of the listed platform, including the sale of shares held in subordinate "subsidiaries" and the potential liquidation (if found to be of material economic significance).

After the appointment of the liquidator, the work of the liquidator will also be carried out around the listing platform, including the disposal of physical assets, brands and intangible assets, but it is not responsible for solving the problems of all its subsidiaries, which is not a matter for the liquidator to consider. The matter for the liquidator to consider is how to get the most debt recovery for the creditors of the listed company. The recovery of shareholders will not be given priority. According to Evergrande’s situation, if there is no workout, the shareholders will basically have zero recovery.

What is winding up? Who does the liquidator serve?

This is the first step in understanding Evergrande’s next direction. According to Huang Lichong, the so-called liquidation means that the liquidation officer will dispose of the assets of China Evergrande listed companies after confirming that Evergrande is bankrupt, including valuable assets and the equity of its subsidiaries. However, from an "economic" perspective, only some assets and equity that can bring income to creditors will be dealt with, and the part that cannot bring debt recovery will not be cleaned up first. Whether to clean up without bringing debt recovery depends on the responsibility given to the liquidation officer by the court.

Liquidation and Bankruptcy. Conceptually, one is a means and the other is a legal definition. Liquidation is the process of closing down a company, in which the company’s assets are sold to repay debtors. This forced liquidation occurs when creditors, courts, or other interested parties demand that the company be dissolved. The ultimate purpose of liquidation is to end the existence of the company, realize the company’s assets, and distribute them to creditors in accordance with legal priority. Bankruptcy is a legal process that often involves the forced liquidation of a company, in which the company ceases operations and its assets are sold to pay off its debts.

The liquidator did not liquidate the assets of Hengda’s listed company at all levels, and liquidating the parent company did not mean that the subsidiary would be liquidated. The subsidiary would only be sold or apply for voluntary liquidation if the creditor recovery was increased. Because the liquidator’s responsibility was only to recover the last valuable assets for his creditors and shareholders, the subsidiary without recovery value would not be touched.

If the liquidated assets have no recovery value, but instead generate a lot of costs for the subsidiary, there will also be a statutory liability issue for the liquidator. The liquidator cannot spend too much of the liquidated company’s funds to bring valuable recovery to creditors.

In the process of disposing of assets, it is necessary to consider the cost comprehensively and maximize the return of creditors. The interests of Hengda equity holders are among the secondary considerations. This is the test of the liquidator. He needs to weigh which assets are worth clearing and find the corresponding receiver.

According to public information, Alvarez and Marsal, the liquidator appointed as China Evergrande, is an internationally renowned enterprise rescue and liquidation company.

After the appointment of a liquidator, what assets can he dispose of? Does he have the right to dispose of domestic assets?

Huang Lichong said that although the liquidator theoretically has the right to appoint directors of subsidiaries and then appoint directors of next-level companies to deal with all domestic and foreign assets of Evergrande, it must be sorted out according to the equity ownership relationship, and the creditor’s rights of non-listed companies can be repaid according to each level before distribution.

From the perspective of liquidators, they mainly serve the creditors of listed companies, considering that the assets that can be distributed to shareholders or creditors after liquidation may mainly come from overseas rather than domestic. Because most of the assets in China are mortgaged or preserved by domestic creditors, even if someone takes over, after distributing them to secured debtors and non-mortgaged domestic creditors, the assets that can achieve income distribution are estimated to be very small, or even zero.

For projects with ownership in China, the liquidator will send a letter informing them that the sale, disposal or major decisions of assets must be approved by the liquidator, but generally will not interfere with or even participate in the operation of domestic projects.

Huang Lichong believes that although Hengda has said that it will steadily promote the normal operation of the group’s business, after the liquidation order is issued, it will definitely have an impact on Hengda’s business operation. In the future, project companies in various regions can only seek "self-help" and "self-governance", and the flexible capital scheduling support from the group will be reduced. Coupled with the blessing of the liquidation order, the initiative and enthusiasm of Hengda’s management may be affected, and the layoff of redundant employees will also be accelerated.

How to deal with the subsidiaries of listed companies that cannot be sold by the liquidator in the future?

Mr. Huang said the assets could be wound up voluntarily and a new liquidator appointed by the court. He did not rule out a future workout with domestic creditors with the support of white warriors at the subsidiary level, and finally out of the control of China Evergrande.

Regarding China Evergrande’s Hengda property and Hengda Automobile, Huang Lichong said that property companies are likely to seek a sale, and Hengda Automobile may find it difficult to find a takeover target in the current environment, and it is difficult to say whether it will eventually follow in the footsteps of China Evergrande.

Huang Lichong pointed out that according to the bankruptcy liquidation schedule of Shenzhen Guangyao Group, the former took seven years, while for China Evergrande, which has a large amount of debt and a complex structure, the time to complete the liquidation will undoubtedly be longer.

Data show that as of the first half of 2023, Hengda’s total debt was 2.3882 trillion yuan, excluding the advance payment of the debt was 1.7842 trillion yuan, and the total assets were 1.7439 trillion yuan.

Huang Lichong estimates that after the entire Hengda Group is completely liquidated, Hengda’s relevant stakeholders, including suppliers, joint venture shareholders, shareholders of listed companies and various groups and group subsidiaries, after creditors recover the remaining value, including the previous share price loss, the estimated cumulative loss may reach 2.50 trillion yuan.

Hong Jinbao was shocked to hear of his ＂death＂： Thousands of people called to ask if I was dead

　　





　　A generation of kung fu superstar Samuel Hung was misinformed of his death


　　





　　


　　On December 9, the Modern Express reported: "A generation of kung fu superstar Hong Jinbao passed away suddenly last night. After the reporter learned of the bad news from his colleagues in Hong Kong, he urgently contacted a senior official of the Hong Kong Emperor, who confirmed the news."


　　West China Metropolis Daily reported on December 10It was not uncommon for a man to change his mind, and the woman in question always seemed to be the last to know. When someone else called and found out that he was dead, there was probably nothing more "broken" than this, but yesterday this scene really happened…


　　Yesterday, a media outlet in Nanjing published a shocking piece of news – "Kung Fu Superstar Hong Jinbao Rumored to Have Died", which claimed that Hong Kong kung fu superstar Hong Jinbao died suddenly on the evening of December 8. The rumor was later confirmed by a senior official of the Hong Kong Emperor. After the news was published on some websites, it immediately attracted a lot of attention from readers, and the entertainment industry was even more shocked. Even Hong Jinbao’s friend Jackie Chan expressed concern about it. After several confirmations, our reporter connected to Hong Jinbao and exposed the true face of this fake news.


　　A. The media


　　The circle was shocked by the sudden death news


　　The report said that a generation of kung fu superstar Hong Jinbao died suddenly last night. After the reporter learned of the bad news from his Hong Kong counterpart, he urgently contacted a senior official of the Hong Kong Emperor, who confirmed the news. By the time of the reporter’s deadline, the cause of Hong Jinbao’s death was not clear, except that he did not die in Hong Kong. When the Hong Kong media got the news, they rushed to Hong Jinbao’s home and a bar he invested in in Hong Kong to inquire about the situation. It is reported that on November 30, Hong Jinbao was still in good health when he attended the event in Guangzhou.


　　When the news came out, like a bomb, it became the headline news of various entertainment websites, and many websites also launched the life and commemoration of Hong Jinbao. "The death of a generation of kung fu superstar Hong Jinbao, the cause of death is unknown", "It is reported that Hong Jinbao passed away, and his junior brother Yuan Hua was shocked when he heard of it", "Jackie Chan was in a hurry when he heard the news of his death". On some websites, "In Memory of a Generation of Kung Fu Superstar Hong Jinbao", there is also a tribute article, which reads: "When it comes to kung fu movies, we cannot fail to mention Hong Jinbao. In my impression, many kung fu movies of Hong Jinbao can be called classics, and he is worthy of the title of kung fu superstar. However, while we are enjoying the charm of Hong Jinbao’s kung fu, the sudden death of a generation of kung fu superstars is


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A generation of kung fu superstar Hong Jinbao is rumored to have passed away, Emperor executives confirm


"Samuel Hung’s death" caused a commotion, and the reporter in question shouted "It’s been fixed"


The eldest son of Hong Jinbao denied the news of his father’s death, and the reporter’s misinformation led to an oolong


　

Hexi District Gangyunli Community Docking Institute of Physical Education Quality Volunteer Service Resources Sports Guidance into Community Sports Fitness More Scientific Scan Code Read Mobile Editio

　　Tianjin North Network News:Gangyunli Community, Yuexiu Road Street, Hexi District, is an old community, with half of the population over 60 years old. There is a fitness team in the community, and the old people hope to have professional teachers to guide them. Volunteers from Tianjin Institute of Physical Education came to the community yesterday to give you professional sports guidance.

　　The volunteer team first brought a traditional martial arts performance to the residents, with one stroke and one style flowing, and the spirit infected the community residents. In order to let the elderly in the community better participate in fitness exercises, the students took everyone to start eight brocade sessions. Volunteers also brought body fat testing instruments to help the old people make a more reasonable fitness plan. Sun Wenyuan, a 69-year-old resident, is a social sports instructor. Today he comes to study with a task. Sun Wenyuan said: "We must play Baduanjin for morning exercises and evening exercises every day. Today, I just want to study again, learn from each other’s strengths, and go back to communicate with more players. " Some residents said: "We hope that they will come to the community often, and then teach us softball and fitness dance to drive our elderly people to participate in fitness activities."

　　Since this month, the Hexi District Committee of the Communist Youth League has launched the action of caring young volunteers to help the elderly, and introduced young teachers and students from different universities and colleges to serve the community. Li Yiran of the Youth Development Department of the Hexi District Committee of the Communist Youth League said: "We have contacted Tianjin Institute of Physical Education, Tianjin Conservatory of Music, Tianjin University of Finance and Economics, Tianjin Labor and Social Security Technician College and other universities to provide health clinics, opera guidance, mobile phone classes and other activities to match the specific needs of residents and ensure that our high-quality volunteer service resources can accurately connect with various communities."

　　Yang Chunhui, the person in charge of Hong Kong Yunli Community, introduced Beijing Opera, poetry recitation, dance and other projects. Professional teachers went to the community to help them develop the community, and at the same time trained some cultural community backbones to better help the community develop. (Jin Yun News Editor Sun Chang)

Breaking news! WANDA CINEMAS changed hands： The new boss will be the post-80s generation!

On the evening of December 12th, WANDA CINEMAS officially announced that it was no longer Wang Jianlin’s company.

WANDA CINEMAS Co., Ltd. (hereinafter referred to as "the company" and "WANDA CINEMAS", 002739) announced that Beijing Wanda Cultural Industry Group Co., Ltd. (hereinafter referred to as "Wanda Cultural Group"), its wholly-owned subsidiary Beijing Hengrun Enterprise Management Development Co., Ltd. (hereinafter referred to as "Beijing Hengrun"), the actual controllers of the company Wang Jianlin and Shanghai Ruyi Investment Management Co., Ltd. (hereinafter referred to as "Ruyi Investment").Signed the Equity Transfer Agreement,It is planned to transfer 51% equity of Wanda Investment, the controlling shareholder of the company, to Ruyi Investment, with a total transfer price of 2.155 billion yuan.If the above matters are finally implemented,The actual controller of the company was changed to Ke Liming. The company’s shares have resumed trading since the market opened on December 13th, 2023.

According to public information, China Ruyi (HK0136) controls its subsidiaries by agreement, and the latter holds 100% of the actual rights and interests of Shanghai Ruyi, and Ke Liming, Chairman of the Board of Directors of China Ruyi, holds 99% of the shares of Shanghai Ruyi.

China Confucianism was originally named "Hengteng Network", which was composed ofEvergrandeJointly funded with Tencent, afterEvergrandeIn November 2021, Tencent withdrew its capital, and then became the major shareholder of China Confucianism and Italy through three rounds of additional issuance. At present, Tencent Holdings (0700.HK) holds 19.12% shares of China Ruyi through its wholly-owned subsidiary Water Lily.

The withdrawal of real estate leaders from film and television investment and the takeover of Internet giants are also regarded by the industry as a landmark acquisition event in China cinema industry. In the film and television drama industry, China Confucianism and Italian film industry as the main body, to carry out related business development. Although it is not well-known outside the film and television industry, Confucianism and Italian Film also participated in the production of popular films such as "To the Youth We Will Die", A Little Red Flower and Moon Man.

WANDA CINEMAS: Actual controller.

Will be changed to keliming, and the stock will resume trading.

On the evening of December 12, WANDA CINEMAS announced that the company had recently received a notice that Wanda Culture Group, Beijing Hengrun and Mr. Wang Jianlin signed the Equity Transfer Agreement with Ruyi Investment, which they intend to hold respectively.Wanda Investment holds 20%, 29.8% and 1.2% equity (holding 51% equity of Wanda Investment in total).Transferred to Confucianism and Italy, the total transfer price is 2.155 billion yuan.

After this transaction, the controlling shareholder of the company is still Wanda Investment, and Ruyi Investment holds 51% equity of Wanda Investment. Ruyi Investment is a wholly-owned company of Keliming.Ke Liming indirectly controls 20% of WANDA CINEMAS’s equity through Confucianism and Italian investment, and the actual controller of the company will be changed to Ke Liming.The company’s shares will resume trading on Wednesday, December 13, 2023.

Before this transaction,Wanda Investment, the controlling shareholder of the company, holds 20% of the company’s shares, Wanda Culture Group, Beijing Hengrun,Wang Jianlin holds a total of 51% of Wanda Investment.Wang Jianlin indirectly controls 30.9% equity of WANDA CINEMAS through Wanda Investment and its concerted actors Wanda Culture Group, Shenxian Rongzhi Xingye Management Consulting Center (Limited Partnership) and Lin Ning.The actual controller of the company is Wang Jianlin.

Mr. Ke Liming holds 16.34% of the total share capital of China Ruyi Holdings Co., Ltd. (hereinafter referred to as "China Ruyi"), and China Ruyi controls Shanghai Ruyi Film and Television through an agreement.Production Co., Ltd. (hereinafter referred to as "Ruyi Film and Television") holds 49% equity of Wanda Investment.

After this transaction, the controlling shareholder of the company is still Wanda Investment, and Ruyi Investment holds 51% equity of Wanda Investment. Ruyi Investment is a wholly-owned company of Keliming, who indirectly controls 20% equity of WANDA CINEMAS through Ruyi Investment.The actual controller of the company will be changed to Ke Liming.

In addition, China Ruyi Film and Television, which is controlled by Ruyi through an agreement, holds 49% of Wanda Investment, and Ke Liming also holds 16.34% of the total share capital of China Ruyi. After this transaction, Wang Jianlin indirectly controls 10.9% equity of WANDA CINEMAS through Wanda Culture Group, Shenxian Rongzhi Xingye Management Consulting Center (Limited Partnership) and Lin Ning.

After the completion of the 51% equity transfer, it can be said that Wang Jianlin cleared all the equity of Wanda Investment he held. This is undoubtedly a major turning point for WANDA CINEMAS.

An internal employee of WANDA CINEMAS told the reporter of national business daily on the phone earlier that in October this year, the administrative director and financial director sent by China’s Confucianism and Italy took the lead to settle in WANDA CINEMAS, but other businesses have not changed significantly at present. "As a terminal, even if there is a change, there will be a lag, or the impact is not so great."

Wang Jianlin once made no secret of his ambition for the cultural industry. Many years ago, when faced with the news that Disneyland had settled in Shanghai, he boldly declared that it would be difficult for Disney to make a profit in the next 20 years. He clearly realized that China’s real estate industry has developed for more than 20 years, and in another 15-20 years, this industry may gradually shrink. In order to ensure the sustainable development of Wanda, he understands that the company must turn to diversified fields such as culture and tourism.

In order to realize this transformation, Wanda carried out a major overseas merger and acquisition as early as 2012, and acquired AMC Entertainment Holding Company, the second largest cinema in the United States, which was the first overseas merger and acquisition in China film history. Since then, Wanda Cinema has successively launched a fixed-income plan since July 2015, and plans to acquire 100% equity of Hoyts, the second largest cinema in Australia, and 100% equity of Muwei Fashion and Chongqing Shimao Cinema Management Company, a domestic film data company.

Wanda also owns its own listed company, wanda cinema line, which is in the leading position in the domestic industry and is regarded as an important quality asset of Wanda Culture Group by the outside world. However, affected by the epidemic situation in recent years and other factors, WANDA CINEMAS has also experienced some difficulties. According to the financial report data, in 2019 and 2020, the company lost 4.729 billion yuan and 6.669 billion yuan respectively. Although it achieved a slight profit in 2021, it fell into a loss again in 2022, with a net profit loss of 1.923 billion yuan.

The above-mentioned employees in WANDA CINEMAS told reporters that in recent years, the benefits of Wanda Real Estate have been sluggish, and they often need the support of business management and cultural groups.

Today, Wang Jianlin bid farewell to the original film and television dream.

"Before the epidemic, Wang Jianlin expressed his dissatisfaction with WANDA CINEMAS at the year-end summary meeting for two consecutive years. After the annual party, he will come to our floor, which impressed me deeply. He said in a bad tone that the cinema earned less and the company didn’t keep idle people. The film industry as a whole is only tens of billions a year, which can’t help the big group. " The employee recalled Wang Jianlin’s deep impression on the film and television business.

CFF20LXzkOwNfsay86cib4p0S2T0NfBIZicSMl7tYnKBaibmLibs8uIQI1mZYasibU5KFf6wlMM5EENdMic3ibFTHCmUw.pngWho’s Cleming?

Born in April 1983, Ke Liming is a layman in the film industry. After graduating from abroad, he entered the investment bank. However, after the financial crisis, Ke Liming decided to start a business and began to invest in film and television.

The magical divine comedy "Little Apple" was once a smash hit, and the trader behind it was Ke Liming, and "Little Apple" was also the propaganda song of the film "The Old Boy Raptors Crossing the River" that he was the owner of the real controller.

As an investor and producer, Mr. Ke Liming once led and invested in films such as Keep You Safe, Exchange Life, Moon Man, Hello Li Huanying, A Little Red Flower, Animal World, Sewing Machine Band, never gone, To Our Dying Youth and so on, as well as Love at Nine Bends, Old Chinese Medicine Doctor, Old Tavern, Frontier of Love, No War in Beiping and Langbang.Among them,Guaranteed issueHi, Mom,Won 5.414 billion domestic box office, ranking third in the film history.

This year’s summer file exploded the movie "She Disappeared", and Confucianism and Italian film and television also participated in the investment. The box office of the film has reached 3.467 billion yuan. In addition, this year’s main films of the company include "Warmth" and "Keep You Safe".

At present,ColiminHe is the executive director and chairman of China Ruyi and the executive president of Pumpkin Films Limited.What he is in charge ofmiddlecountryConfucianism(Formerly known as "Hengteng. com"Complex "),frontAs a Masge setGroup, mainly engaged in investment and trading of securities, providing financing, property investment and manufacturing and selling photographic products and accessories business.

In 2015,EvergrandeAfter the acquisition of the group, the Group and Tencent Holdings changed its name to Hengteng Network Group. At that time, the company was mainly engaged in Internet business.

On October 26, 2020, Hengteng Network announced that it had wholly acquired the entire equity of Ruyi Film and Pumpkin Film through allotment and issuance of shares and subscription of equity, and made a comprehensive transformation to an Internet technology enterprise, focusing on creating streaming video services; In January 2021, Hengteng Network announced that it had officially completed the acquisition of all the shares of Confucianism, Italian Film and Pumpkin Film. In the second half of 2021, Evergrande Group experienced a liquidity crisis. By November 2021, Evergrande cleared its equity in Hengteng Network and left, and Ke Liming, the real controller of Ruyi Film, became the largest shareholder of Hengteng Network. Tencent Holdings became the second largest shareholder. After Evergrande left, Hengteng Network was officially renamed as "China Confucianism" in February 2022.

On July 4th, 2023, China Confucianism announced that the company had entered into a share subscription agreement with the subscribers, and issued a total of 2.5 billion subscription shares at a price of HK$ 1.6 per share, raising a net fund of HK$ 4 billion. The institutions or individuals participating in this subscription include Tencent, Liu Xueheng, Cubract Ventures, Yushan and Chengwan Development.

Among them, Tencent will take out 800 million Hong Kong dollars to participate in the subscription through its subsidiary Water Lily, and after the transaction is completed,Ke Liming, chairman of China Ruyi, will reduce his shareholding in China Ruyi to 15.14%.Tencent’s shareholding ratio through Water Lily increased to 20.36%, further consolidating its position as a major shareholder.In addition, Liu Xueheng holds 4.29%, Cubract Ventures holds 4.36%, and Yushan and Chengwan Development hold 4% respectively. According to China Confucianism, the HK$ 4 billion fund obtained this time, of which HK$ 3.6 billion is intended to be used for the development and expansion of the group’s film and game business, and HK$ 400 million is used for the general working capital of the group.

Shanghai ConfucianismA controlled structural entity holding 100% actual rights and interests for China Confucianism and Italy, whichFounded in 2013, it is mainly engaged in the production and operation of radio and television programs and film distribution business.

CFF20LXzkOwNfsay86cib4p0S2T0NfBIZicSMl7tYnKBaibmLibs8uIQI1mZYasibU5KFf6wlMM5EENdMic3ibFTHCmUw.pngWanda’s 38 billion yuan gambling crisis was lifted

According to Dalian Wanda official website, on December 12, 2023, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement. Taimeng will cooperate with other investors to reinvest in Zhuhai Wanda Commercial Management after its investment redemption expires in 2021 and is redeemed by Dalian Wanda Commercial Management Group. In August 2021, the existing investors invested about 38 billion RMB in Zhuhai Wanda Commercial Management, of which the investment of Taimeng was about 2.8 billion US dollars (about 18 billion RMB), and the existing investors enjoyed the right of redemption at maturity in the original investment arrangement.

This means that before the deadline for Zhuhai Wanda Commercial Management to go public in Hong Kong comes, the gambling pressure on Wanda’s listing has been eliminated.

According to the information disclosed in the previous prospectus, there are 22 institutional investors of Zhuhai Wanda Commercial Management, including Zheng Yutong Family, Country Garden, CITIC Capital, Ant, Tencent and Taimeng Investment Group. In August 2021, these investors invested about 38 billion RMB, of which Taimeng invested about 2.8 billion US dollars (about 18 billion RMB). According to the contents of the previous gambling agreement, if Zhuhai Wanda Commercial Management fails to complete the listing before the end of 2023, Wanda Commercial Management is obliged to repurchase shares from the above investors. If Zhuhai Wanda Commercial Management cannot be listed at the end of this year, it will trigger a repurchase agreement, and Wanda’s cash flow may also be under pressure.

According to the new agreement, Dalian Wanda Commercial Management Co., Ltd. holds 40% of the shares, which is the single largest shareholder, and several existing and new investors such as Taimeng participate in the investment, holding a total of 60%. Previously, Dalian Wanda Commercial Management directly owned about 69.99% of the total issued shares of Zhuhai Wanda, and indirectly owned about 8.84% of the total issued shares through Zhuhai Wanxin, Zhuhai Wanying and Yinchuan Wanda; Twenty-two companies and six senior executives hold shares, holding 21.15% of the shares.

In other words, after the signing of the new agreement, the shareholding ratio of Dalian Wanda Commercial Management Group in Zhuhai Wanda Commercial Management Group decreased by at least 29.99%, while the shareholding ratio of the aforementioned investors increased by 38.85%.

According to Blue Whale Finance, Zhuhai Wanda Commercial Management Co., Ltd. will mainly introduce foreign investors, and some of the original domestic investors will withdraw. Another investor of Zhuhai Wanda Commercial Management Co., Ltd. also said that at present, the investors of Zhuhai Wanda Commercial Management Co., Ltd. are indeed overseas investors, but the list of new investors has not been completely determined. Regarding whether Zhuhai Wanda Commercial Management Association will redeem the investment on schedule when it expires, the above investors said, "After Zhuhai Wanda Commercial Management has talked with the new investors, it is expected that there will be a transitional stage for the withdrawal of the original war investment, and the process is more complicated. At present, all parties are discussing."

According to china securities journal, people close to Wanda responded by signing a new agreement. Some existing investors chose to withdraw from the investment, but the vast majority of investors kept their investment in Wanda. More importantly, new investors entered, including some overseas investors, which showed that investors highly affirmed the growth potential of Zhuhai Wanda Commercial Management and its operating ability.

Zhuhai Wanda Commercial Management signed a gambling agreement with investors. First, the actual net profit from 2021 to 2023 should not be less than 5.19 billion yuan, 7.43 billion yuan and 9.46 billion yuan, otherwise Wanda Commercial Management will transfer the relevant number of shares at zero consideration or pay cash compensation; Second, it will be listed in 2023 at the latest, otherwise Wanda Commercial Management will buy back shares from investors and pay extra compensation.

According to the performance data disclosed by Wanda, Zhuhai Wanda Commercial Management has exceeded its performance target for three consecutive years, with after-tax income of 23.5 billion yuan in 2021, 27.1 billion yuan in 2022 and 29.3 billion yuan in 2023 (estimated), with an average annual growth of about 12%; After-tax profit is 5.3 billion yuan in 2021, 7.5 billion yuan in 2022 and 9.5 billion yuan in 2023 (estimated), with an annual growth rate of 34%.

According to the interim report of Wanda Commercial Bond (2023), the company’s interest-bearing debts within six months totaled 15.84 billion yuan. In other words, Wanda Commercial Management still has 15.84 billion yuan of interest-bearing debt due during the year. The above report also shows that Wanda Commercial Management’s interest-bearing debt due in the first half of 2024 is 13.417 billion yuan.

According to the 2023 Hurun Rich List released by Hurun Research Institute on October 24th, the Wang Jianlin family of Wanda was among the richest people with the largest decline in wealth this year, and its wealth dropped by about 53 billion yuan.

edit|Du Hengfeng Du Bo, Cheng Peng

Proofread |Duan Lian

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National business daily is integrated from company announcements, Blue Whale Finance, china securities journal, Wanda official website and public information.

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