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author | zhou zhiyu

after waiting for months, wang jianlin's reinforcements finally arrived.

according to qichacha, dalian xindame commercial management co., ltd. (hereinafter referred to as "xindame") updated a series of important information on september 4, including an increase in registered capital, 10 new shareholders, and major personnel changes including the chairman. among them, the legal person and chairman of xindame changed from xiao guangrui to huang dewei, and huang deweiweiis a partner and co-head of private equity at pag.

xindamen was established in january this year to hold a controlling stake in zhuhai wanda commercial management, the listed entity of wanda's light asset business.

the change in business information means that after nearly nine months of negotiations, under the leadership of pag founding partner shan weijian and with the support of investors and local governments, wanda commercial management's introduction of strategic investors has finally been finalized. of course, wang jianlin also paid the price of losing absolute control of wanda commercial management.

according to industrial and commercial data, the registered capital of sundameng has increased from 16.21 billion yuan to 40.52 billion yuan; the total investment has been changed to 51.3 billion yuan.

since suntech has changed from other limited liability companies to limited liability companies (foreign investment, non-sole proprietorship), the total investment amount reflects the current funding data of suntech. compared with the 60 billion yuan when the agreement was signed, there is still a difference of nearly 9 billion yuan. as for when the relevant funds will be fully received, wanda did not respond to wall street news.

however, the latest industrial and commercial information shows that the shareholder structure of xinda meng has been confirmed. wanda commercial management and its subsidiary dalian wanyu hold a total of 40% of the shares, and 10 institutions including pag, citic capital and abu dhabi investment authority hold a total of 60% of the shares. in addition to the previously announced institutions, an investment institution with a suzhou state-owned background also appeared, holding a 0.50% stake.

the shareholders' agreement has eased market concerns about changes in wanda commercial management's introduction of strategic investors.

previously, wanda commercial management announced on march 30 that it had signed an agreement with five investors, including pag, citic capital, ares, platinum peony, a wholly-owned subsidiary of abu dhabi investment authority (adia), and mubadala investment company. these five institutions will invest approximately rmb 60 billion in new dam.

according to huang dewei when the contract was signed in march, the 60 billion yuan fund would be in place at once and was expected to be completed in the second quarter. however, since the contract was signed, the business information of suntech has not changed.

at the same time, wang jianlin and his wanda group have been caught up in the news of equity freeze and wanda plaza sales. the 16.2 billion shares of dalian xindamen held by dalian wanda commercial management alone were frozen four times in the first half of this year.

now, the shoe has dropped. after paying a huge price, wang jianlin finally got reinforcements, and wanda's financial situation can be improved.

huang lichong, president of huisheng international capital, believes that after the increase in registered capital, suntech's financial strength has been substantially enhanced, and the relevant funds can be used to improve the company's financial leverage and reduce debt expenditures. it can also enhance wanda's credit rating and provide support for gaining favor from the capital market in the future.

however, as wanda commercial management's listing plan may not be completed in the short term, the landing of the new alliance strategic investment will only ease the short-term pressure on wang jianlin and wanda group.

an investment bank executive close to the transaction told wall street journal that the main reason for this transaction was that wanda commercial management's previous listing schedule had been repeatedly postponed. suntech brought in capital from pag to avoid wanda's bankruptcy due to a failed bet, and it was an equity restructuring.

the investment banker believes that "at present, there is no suitable window for listing."

judging from public information, wanda's liquidity crisis has not been completely resolved with the landing of the new strategic investment. while a series of important changes have taken place in suntec's industrial and commercial information, suntec also had an equity freeze in early september. dalian wanda commercial management was the person subject to execution, and the execution amount was about 542 million shares.

in addition, according to dalian wanda commercial management's interim bond report, dalian wanda commercial management's 88.7% stake in zhuhai wanda commercial management is restricted. as of the end of june 2024, wanda commercial management had interest-bearing liabilities due within one year of 30.269 billion yuan and cash on hand of 11.58 billion yuan. next year, wanda commercial management will have several overseas bonds due.

while maintaining its current operating capacity, wanda's most critical task is to promote its ipo and resume financing. it needs to reduce the cost of debt, extend the term, and improve its liquidity through new financing. otherwise, wanda will find it difficult to stop selling assets.

since the beginning of this year, wanda has sold its high-quality assets, including wanda plaza in beijing, where wanda’s headquarters is located, as well as assets in cities such as shanghai and hangzhou, and have been taken over by various capitals including insurance funds.

with the entry of pag, citic and other capitals, whether suntec can improve its financing level in the future and whether the relevant shareholders will provide long-term and stable support to suntec as zhang yichen, chairman and ceo of citic capital, said will be the key to wang jianlin's success.

wang jianlin also has to balance the interests of new and old strategic investors. with the support of these new shareholders, he led wanda commercial management out of the mud and back to the capital market. perhaps many years later, wanda commercial management will be able to return to the hong kong stock exchange to ring the bell, but the bell ringers standing on the stage will no longer be those familiar faces.