Chen Han speech, Ho Tianjiao, Guan Jian
Tencent, Suning, Jingdong and Rongchuang Group invested 34 billion yuan in Wanda business just to drop bags, Wanda Group in turn Wanda Movie (002739.SZ) part of the shares into cash.
The 7-month suspension of Wanda Movie announced on the 5th to sell a total of 7.794 billion yuan of 12.77% stake, the purchase price of 51.96 yuan per share (before the suspension share price of 52.04 yuan). Hangzhou Zhenxi Investment Management Co., Ltd. and Wen Investment Holdings Co., Ltd. (600715.SH, hereinafter referred to as "Wen Investment Holdings") invested 4.68 billion yuan and 3.12 billion yuan respectively to become Wanda Film's second and third largest shareholder. Upon completion of the transaction, Wanda Group is still the controlling shareholder of Wanda, holding 48.09% of the shares.
It is worth mentioning that Hangzhou Zhenxi Investment Management Co., Ltd. for Alibaba Group (hereinafter referred to as "Ali") company.
"What I know is that the negotiating time is not short and short. I do not know how long it is. First, Wanda Film still has the determination to embrace the Internet. It just has not taken any substantive action. Ali, Wen control also has been looking for high-quality film and television projects, but after all, involves specific shares, it is to spend some time. In short the result is worth celebrating, a win-win situation. "An insider who knows the story of the investment tells First Financial News.
Chen Shaofeng, vice president of Peking University Cultural Industry Research Institute is very optimistic about this project cooperation: "Wanda in Ali funds and resources, Ali is also willing to cooperate with Wanda. & rdquo;
However, some analysts believe that Wanda's current "selling and selling" model is also paving the way for radical investment in the past. First Financial reporters roughly calculated that since 2018, Wanda has sold nearly 50 billion yuan worth of shares, projects and other subject matter.
"Cinema a brother" pull friends circle
"This is the king fried ah, feeling thunderstruck. "On the evening of the 5th, moviegoers such as Zhu Yuqing, the founder of Poly Film, which focuses on movie evaluation and audience research, all lamented the above transaction.
Public information, Wanda Movie January 2015 A-share market, with China's largest cinema line, in 2017 operating income of 13.2 billion yuan, the number of members exceeded 100 million; has a direct-run theater 516, 4571 screens, accounting for about the country Movie box office market share of 14%.
However, "a theaters a cinema" in this position, Wanda sat is not practical.
First, more and more listed movie and movie cinema enterprises joined the war situation. For example, in 2016, there are three companies that focus on cinema assets including China Film, Shanghai Film and Happy Blue Ocean. In 2017, Hengdian Television and Jinyi Television successfully landed A shares; In addition, the theater has the largest number of theaters also joined the franchise in the rapid expansion of third and fourth tier cities.
In addition, the Internet giants have launched the ticketing sales platform business, the online ticketing market, the three major Internet giants through the online ticketing market "price war" successfully prodded the movie industry's right to speak. Therefore, how to integrate with the Internet has become an important issue in the movie industry chain.
Wanda's pull the circle of friends is also very particular about.
Ali formally established the Alibaba Cultural & Entertainment Group in October 2016, including such business segments as Ali Film, Youku, UC, Ali Music, Ali Literature, Ali Game and Barley Net. Among them, Alibaba Pictures is driven by the Internet, Owned content production, the Internet publicity and distribution, IP licensing and integrated operations, theaters ticketing management and data services industry chain entertainment platform, its Amoy vote is one of the larger online ticket platform.
The investment holding is A-share listed company, the controlling shareholder of Beijing Cultural Investment and Development Group (hereinafter referred to as "Investment Group") is the state-owned enterprises in Beijing, the capital of cultural and creative industries core investment and financing platform. Wen Investment Group in the film industry has invested in Sparkle Roll Studios, Huairou film base, Universal Studios and other projects.
"Two strategic investors will use their own advantages to carry out comprehensive strategic cooperation with Wanda. Wen Investment Holdings can consolidate the cinema status, Ali will help integrate into the Internet. "The above insider said.
According to Wanda Group announcement, Ali will use big data and content network platform to support Wanda's movie development. Wintour Holdings will cooperate with Wanda Cinema in cinemas, cinema advertisements and other businesses. Wintour Group will use the rich land and tourism resources to carry out cultural tourism cooperation with Wanda Group. The three companies promised to hold the Wanda movie shares locked at least two years.
As for the purpose of Ali shares Wanda, a core person close to Ali executives told First Financial correspondent last night that now Ali's new retail is no longer rigidly adhere to the business district, stores these business areas, but extended to the line Under a wide range of living services scene, cinema is one of the most important part. From a business perspective, Ali Pictures has the ability to complement Wanda Cinema's capabilities in terms of online ticketing and membership operations.
In fact, Ali's Wanda Movie "has long been" & rdquo ;. In May 2016, Alibi Entertainment conducted a cinemas acquisition, at that time as a subsidiary of Ali Pictures subsidiary, with 1 billion convertible bonds into the Earth Theater. The most important value of the latter lies in providing the entity scene for the new attempt of Ali Films in movie tickets, derivatives and member operation. The Wanda movie shares can be seen as Ali "buy scenes" continuation, but compared with the earth cinema, Wanda's influence is much stronger.
According to the above core sources, Ali joined Wanda, the two sides first landing cooperation is likely to be the field of online ticketing. Ali video industry announced last weekend that in view of the market competition among its businesses, Amoy plans to invest the necessary resources in the near future to accelerate the expansion and further consolidate the market leading position of Amoy vote.
A chief analyst at a securities firm, told reporters: "We think the giants of the all-powerful combination will undoubtedly enhance the strategic strength of the company from the industry point of view, with reference to the development trend of overseas film and television industry, to further enhance the concentration of the industry in the future is imperative . And the current film and television industry as a whole just from the transition period of maturity to maturity, both in terms of market capitalization or market share, there is still very strong room for development. & rdquo;
"Sell sell", Wanda can not stop
Although all parties are optimistic about the deal, Chen Shaofeng pointed out that there is still an important factor behind the sale of Wanda's movies in the past. That is, Wanda originally wanted to inject American Legendary Pictures acquired into the listed companies. Let investors cash out. Later, it was not approved by the SFC, so Wanda had to raise funds to buy some of Legend's shareholders' shares. & rdquo;
In January 2016, Wanda Group announced the acquisition of US Legendary Pictures for US $ 3.5 billion. The investment was considered by Wanda Group to be an important step toward internationalization of Chinese films in Hollywood. However, before the legendary film was acquired two consecutive losses before a total of 5.87 billion yuan, more than 90 billion yuan in debt. And, Wanda mergers and acquisitions, the legendary film industry mediocre, two consecutive CEO has quit. More importantly, the original acquisition of Legendary Film has invested heavily in how to get funds back quickly and reduce liabilities will be an urgent need to consider Wanda things.
In fact, over the past year or so, Wanda has been selling through "selling and selling" to reduce its liabilities.
Wanda Group announced in the recent work summary of 2017, Wang Jianlin revealed Wanda Group this year, changes in assets. He said Wanda Group had assets of 700 billion yuan at cost, a decrease of 11.5% over the same period of last year, of which domestic assets accounted for 93% and foreign assets accounted for 7%. It can be seen, Wanda crazy to sell assets at the same time, the main reduction is the overseas assets.
In July 2017, Wanda and Rongchuang and R & F signed the text tourism project and the hotel assets transfer agreement. With this agreement alone, the company reduced its debt by RMB44 billion and recovered 67 billion yuan of cash.
Into 2018, Wanda Group's "selling and selling" did not stop, in addition to the sale of Wanda Wanda and commercial equity, Wanda is also selling assets such as hotels.
On the evening of January 16, Wanda Hotel Development (00169.HK) announced that it planned to sell a 60% stake in Wanda OneNineElms, a London-based project, for 35.6 million pounds (about RMB 315 million). In the meantime, the buyer agreed to repay about RMB199 million (approximately RMB1,412 million) of debts to Wanda Hotel on behalf of the London Project Company, for a total amount of RMB1,727 million.
On January 29, Wanda Hotel Development announced that it has sold about A $ 815 million (about 4.17 billion yuan) of debt to Australian companies on a number of property projects for sale in Australia for approximately A $ 315 million (approximately RMB1.61 billion) ), The buyer must pay a total of 1.13 billion Australian dollars (about 5.78 billion yuan), while the stock since January 30 resumption of trading.
First Financial reporters roughly calculated that since 2018, Wanda has sold nearly 50 billion yuan worth of shares, projects and other subject matter. In the second half of 2017 after the capital chain was questioned, overseas project financing encountered resistance, debt double kill, Wanda's "sell sell" mode some stopped.