When Wanda Commercial was unable to go public for a long time, Wang Jianlin, the real controller of Wanda, started to move capital.
On July 20, 2023, Beijing Wanda Cultural Industry Group Co., Ltd. (“Wanda Culture”), the indirect controlling shareholder of Wanda Film Co., Ltd. (“Wanda Film”), signed an “Equity Transfer Agreement” with Shanghai Ruyi Film and Television Production Co., Ltd. (“Shanghai Ruyi”).
After the equity change is completed, Shanghai Ruyi indirectly holds 213,578,143 shares of the company through Wanda Investment, accounting for 9.8% of the company’s total share capital.
Wanda Culture Group indirectly holds 222,295,619 shares of the company through Wanda Investment, accounting for 10.2% of the company’s total share capital. Wanda Culture Group and its concerted parties directly and indirectly hold 459,790,797 shares of the company, accounting for 21.1% of the company’s total share capital.
The controlling shareholder of Wanda Films is still Wanda Investment, and the actual controller is still Wang Jianlin.
Shanghai Ruyi just raised HK$4 billion
Shanghai Ruyi is a film and television company that has successively produced more than 100 high-quality film and television works such as “All Quiet in Peking”, “Langya Bang”, “The Legend of Miyue”, “Old Chinese Medicine”, “Old Tavern”, “The Battle of Midway”, “To Our Perishing Youth”, “Sewing Machine Band”, and “Animal World”.
Evergrande was once the largest shareholder of Shanghai Ruyi. However, after the Evergrande crisis broke out, after cashing out tens of billions of Hong Kong dollars, they no longer hold shares. Currently, Ke Liming is the chairman of Shanghai Ruyi, and Tencent is the single major shareholder of Shanghai Ruyi. The relationship between Shanghai Ruyi and Tencent is very deep. Just recently, Shanghai Ruyi completed a fundraising of 4 billion Hong Kong dollars, and Tencent participated in the subscription.
Shanghai Ruyi’s acquisition of 49% of Wanda Investment’s equity also means that half of the newly raised funds have entered Wanda’s system.
Due to the delay in the listing of Wanda Commercial, the China Securities Regulatory Commission is currently suspending the registration process of Dalian Wanda Commercial’s 6 billion yuan corporate bond.
According to the application materials, if Zhuhai Wanda, a subsidiary of Wanda Commercial Management Group, fails to go public by the end of 2023, Wanda Commercial Management will have to pay about 30 billion yuan for equity repurchase to pre-listing investors.
July 24, 2023 is the repayment date for Wanda Commercial Management’s US dollar bonds with a principal of US$400 million and a coupon of 6.875%. The total principal and interest is 2.995 billion yuan.
It can be said that at the imminent moment, Wang Jianlin waited for a “life-saving straw” from Tencent.
The proprietress of Oriental Fortune just took over 8.26% of the shares
In fact, Wang Jianlin has been making constant capital moves recently.
Wang Jianlin controlled Wanda Investment to reduce holdings through centralized bidding from May 23 to June 9, 2023. The average price of the reduction was 12.51 yuan, 19,391,857 shares were reduced, and 243 million yuan was cashed out; 14,735,918 shares were reduced through block transactions. The average price of the reduction was 11.39 yuan, and 168 million yuan was cashed out.
From June 12, 2023 to July 7, 2023, Wanda Investment reduced its holdings of 22,457,400 unrestricted tradable shares of the company, accounting for 1.0305% of the company’s total share capital. It is conservatively estimated that Wanda Investment has cashed out more than 100 million yuan.
As of the disclosure date of this announcement, Wanda Investment has reduced its holdings of 56,585,175 Wanda Film shares in the above-mentioned shareholding reduction plan, accounting for 2.5964% of the company’s total share capital.
Wanda Investment also agreed to transfer 180,000,000 shares of the company (accounting for 8.26% of the company’s total share capital) to Ms. Lu Lili on July 10, 2023, at a transfer price of 12.07 yuan per share.
Ms. Lu Lili’s investment is worth 2.173 billion yuan.
After the above-mentioned share transfer is completed, Wanda Investment holds 435,873,762 shares of Wanda Films, accounting for 20% of the company’s total share capital, and Wanda Investment and its concerted parties hold a total of 673,368,940 shares of the company, accounting for 30.9% of the company’s total share capital.
Ms. Lu Lili and the actual controller of Dongfang Fortune Information Co., Ltd. (referred to as “Dongfang Fortune”) are actually husband and wife, and Shen Yougen is actually a father-son relationship.
In fact, the proportion of shares held by Oriental Fortune is 19.31%, Ms. Lu Lili holds 2.31% of shares of Oriental Fortune, and Shen Yougen holds 1.2% of shares of Oriental Fortune. The three together hold shares of Oriental Fortune accounted for 22.82% of their total share capital.
This means that in July 2023, Wang Jianlin’s cash out of the Wanda film project alone will exceed 4 billion yuan. If the reduction of holdings in the previous two months is added, the cash out will be nearly 5 billion yuan.
The main purpose of Wang Jianlin’s move is to repay the debt.
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2023-07-25 00:43:00
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