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wang jianlin loses control of wanda? dalian xinda increases capital to 40.5 billion, pag member becomes chairman

2024-09-05

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while wang jianlin received the "life-saving money", the dominance of zhuhai wanda commercial management, which he founded, seemed to be changing.

on september 5, according to the national enterprise credit information publicity system, dalian xindameng commercial management co., ltd. underwent a series of industrial and commercial information changes on september 2.

dalian xindameng is a newly established company on january 12, 2024, with a registered capital of approximately rmb 16.207 billion. its legal representative is xiao guangrui, and dalian wanda commercial management and its subsidiary dalian wanyu enterprise management co., ltd. hold 99.9938% and 0.0062% of the shares respectively. the company's subsidiary is zhuhai wanda commercial management, which is a light asset platform of wanda group and currently manages 496 large commercial plazas.

after four failed attempts to submit a prospectus to the hong kong stock exchange, wanda chose to introduce external investors to reorganize zhuhai wanda commercial management and established a new company, dalian xindameng.

specifically, dalian xindamen's registered capital increased from 16.21 billion yuan to 40.52 billion yuan, with a total investment of 51.3 billion yuan, and 10 new investors. at the same time, the company's market entity type was also changed to "limited liability company (foreign investment, non-sole proprietorship)".

it is worth mentioning that among the 10 newly added investment institutions, in addition to pag and citic capital that have been disclosed before, suzhou newda enterprise management consulting partnership (limited partnership) appeared in the list of investment institutions for the first time. this company is jointly owned by suzhou newerli new strategy venture capital partnership (limited partnership) and hainan newerli enterprise management co., ltd. with 99% and 1% shares respectively. the investors are suzhou state-owned assets including suzhou national high-tech industrial development zone management committee and suzhou finance bureau.

in addition, the company's executive team underwent a major reshuffle.

the legal representative and chairman of dalian xindameng was changed from xiao guangrui to huang dewei. huang dewei is a partner of pag and co-head of private equity. xiao guangrui continues to serve as manager. the number of directors increased from 2 to 11. among the 11 directors, han xu, huang guobin, he qicong, xiao guangrui and zhang chunyuan are all wanda executives. among the remaining directors, ye xin and chen qi were sent by citic capital, hao lei and hu zhengwei were from abu dhabi investment authority, and bao yifei was a staff member of an overseas investment institution.

on march 30, dalian wanda commercial management group, pag, abu dhabi investment authority, mubadala investment company, citic capital and ares officially signed an investment agreement in dalian. the above five institutions will jointly invest approximately rmb 60 billion in dalian new world commercial management co., ltd., holding a total of 60% of the shares, with dalian wanda commercial management holding 40%.

in order to ease liquidity pressure, in addition to introducing new investors, wanda has also been frequently selling its wanda plaza projects and even sold its headquarters in beijing.

on april 9, the equity of beijing wanda plaza industrial co., ltd., where wanda group's headquarters is located, changed. according to the data, the company's original wholly-owned shareholder, dalian wanda commercial management group co., ltd., withdrew from the list of shareholders, and the new shareholder kunhua (tianjin) equity investment partnership (limited partnership) held 99.99% of the shares; kunyuan chenxing (xiamen) investment management consulting co., ltd. held 0.01%. the partners of kunhua (tianjin) equity investment partnership are xinhua life insurance co., ltd. and cicc capital operation co., ltd., which hold 99.9% and 0.1% of the shares respectively. beijing wanda plaza industrial co., ltd. holds beijing wanda plaza block b and block c, and wanda group's headquarters is located in block b of wanda plaza.

the 2024 corporate bond interim report of dalian wanda commercial management group co., ltd. shows that in the first half of 2024, dalian wanda commercial management achieved operating income of 26.85 billion yuan, net profit of 4.728 billion yuan, and net profit attributable to shareholders of the parent company of 4.835 billion yuan.

as of june 30, the company's consolidated interest-bearing liabilities amounted to rmb 137.561 billion, of which rmb 30.269 billion was due within one year. among the company's consolidated outstanding corporate credit bonds, the balance of corporate bonds was rmb 1.559 billion, the balance of non-financial corporate debt financing instruments was rmb 4.494 billion, and the balance of overseas bonds was rmb 8.511 billion.

as of june 30, dalian wanda commercial's monetary funds were 11.577 billion yuan, and its current assets totaled 130.668 billion yuan. short-term loans were 3.907 billion yuan, contract liabilities were 3.027 billion yuan, accounts payable were 10.303 billion yuan, and current liabilities totaled 115.967 billion yuan.