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On April 17, the official website of Wanda Film Co., Ltd. (hereinafter referred to as "Wanda Film") released the "Announcement on the completion of the equity transfer of the indirect controlling shareholder and the change of the company's control." According to the announcement, Wanda Film has officially changed owners, and the actual controller of the company has been changed to Mr. Ke Liming.
The announcement shows that Beijing Wanda Cultural Industry Group Co., Ltd. (hereinafter referred to as "Wanda Cultural Group") and Wang Jianlin transferred their 20% equity and 1.2% equity respectively in Beijing Wanda Investment Co., Ltd. (hereinafter referred to as "Wanda Investment") on April 15 The industrial and commercial change registration procedures have been completed on the same day. After this equity transfer, the company’s equity control relationship is as follows:
Image source: Wanda Film Company’s Change of Control Announcement
After this equity transfer is completed, Ruyi Investment holds 51% of Wanda Investment, and Mr. Ke Liming is Ruyi Investment’s Actual controller; At the same time, Mr. Ke Liming indirectly holds 16.34% of the total share capital of the Hong Kong listed company China Ruyi Holdings Co., Ltd. (hereinafter referred to as "China Ruyi") through his wholly-owned enterprise. China Ruyi controls Shanghai Ruyi through the agreement. Film and Television Production Co., Ltd. holds 49% of Wanda Investment. Therefore, Mr. Ke Liming indirectly controls 20% of Wanda Film’s equity through Wanda Investment and is the actual controller of the company. After the completion of this equity transfer, Wanda Investment, Shenxian Rongzhi Industrial Management Consulting Center (Limited Partnership) and Ms. Lin Ning no longer constitute parties acting in concert.
Following the change of ownership of Beijing Wanda Plaza Industrial Co., Ltd., Wanda Film has also officially changed ownership.
Previously, in addition to transferring equity to the "Confucian-Italian Group", Wanda Group also transferred Wanda Film shares to other parties many times. looks back at the process of the "Confucian-style" gradually taking control of Wanda Film, which reflects the indirect and gradual acquisition of equity and the appointment of senior executives to take over related businesses.
On July 10, 2023, Wanda Investment signed a share transfer agreement with Lu Lili, and planned to transfer 180 million shares of Wanda Film to Lu Lili, accounting for 8.26% of the company's total share capital, with a transfer price of approximately 2.173 billion yuan.
On July 18, 2023, Wanda Investment planned to transfer 177 million Wanda Film unrestricted tradable shares to Shenxian Rongzhi Industrial Management Consulting Center (Limited Partnership) (referred to as "Shenxian Rongzhi"), accounting for 10% of the company's total share capital. 8.14%, and the transfer price is approximately 2.336 billion yuan.
On July 20, 2023, Shanghai Ruyi Film and Television Production Co., Ltd., a subsidiary of China Ruyi Holdings Co., Ltd., entered into an equity transfer agreement with Wanda Culture Group. It was agreed that Shanghai Ruyi would invest 2.262 billion yuan and transfer 49% of Wanda Investment held by Wanda Culture Group. equity.
On December 12, 2023, Wanda Cultural Group, Beijing Hengrun Enterprise Management Development Co., Ltd. (hereinafter referred to as "Beijing Hengrun") and Mr. Wang Jianlin signed an equity transfer agreement with Ruyi Investment, intending to transfer their respective holdings of Wanda Film Holdings Shareholder Wanda Investment's 20%, 29.8% and 1.2% equity (total holding 51% of Wanda Investment's equity) was transferred to Ruyi Investment for a total transfer price of RMB 2.155 billion. After the completion of this transaction, the actual controller of the company will be changed to Mr. Ke Liming.
On January 12, 2024, Beijing Hengrun transferred its 29.8% stake in Wanda Investment to Ruyi Investment and completed the industrial and commercial change registration procedures.
On January 29, 2024, after deliberation and approval at Wanda Film’s 2024 second extraordinary general meeting of shareholders, the 15th meeting of the 6th Board of Directors and the 13th meeting of the 6th Board of Supervisors, Ms. Chen Xi and Mr. Gong Qiao were elected as Wanda Film’s directors. The non-independent directors of the sixth board of directors of the film elected Mr. Yang Hai as the non-employee representative supervisor of the sixth board of supervisors, Ms. Chen Xi as the chairman, and Mr. Yang Hai as the chairman of the supervisory board.
Shanghai Ruyi is a wholly-owned subsidiary of China Ruyi Holdings Limited, a Hong Kong listed company. It is worth mentioning that the major shareholder of China Confucianism is Tencent. On July 4, 2023, Tencent Holdings increased its holdings of 500 million shares in China Ruyi, raising its shareholding ratio to 25.45%.
public information shows that Shanghai Ruyi was established on March 1, 2013. It is an independent full-industry chain production company with R&D, production and distribution systems. The actual controller and major shareholder of the company is Ke Liming, who is also the executive director of Beijing Ruyi Xinxin Film Investment Co., Ltd.As the operator behind this transaction, Ke Liming has gradually become well-known to the public because of his frequent investments in the film and television industry. This year, Shanghai Ruyi jointly produced "The Disappearance" with a box office of nearly 3.5 billion, and also produced "Keep You Safe" and "Hot".
Some people in the industry believe that Tencent may use this move to compete with Alibaba Entertainment and its subsidiary Alibaba Pictures. Both parties have made moves in online literature, film and television, streaming media, ticketing, etc. After the completion of this transaction, another layer has been added. Theater advantages.
In recent days, there has been a lot of news surrounding the “Wanda Group”. Not long ago, Dalian Wanda Commercial Management received a 60 billion yuan strategic investment from PAG and the "Middle East Rich Group" at the expense of 60% of its equity. Beijing Wanda Plaza Industrial Co., Ltd. has changed ownership again to Xinhua Insurance. Immediately afterwards, Wang Jianlin officially "disposed of" Wanda Films, which also announced that Wang Jianlin had completely bid farewell to the "first theater chain" of the year.
Analysts believe that this equity change may be related to Wanda Film’s future development strategy. After Wang Jianlin officially "disposes" of Wanda Film, Wanda Film's future development will be more independent and it will pay more attention to its own operations and development.
Today’s Wanda is still at the forefront, but it can still sell its assets, which also shows that Wanda’s assets are of high value. At the same time, the "big deal" of selling the Beijing Group headquarters and Wanda Films also showed Wang Jianlin's strong desire to survive.
Although Wanda has no choice but to survive by selling assets, in the current real estate industry situation, it is also its established strategy to accelerate the transformation to light assets. Wanda Commercial Management will open 55 new Wanda Plazas in 2022, nearly 40 of which are asset-light projects; Wanda has opened 23 Wanda Plazas in 2023, only 2 of which are Wanda-owned properties, and the remaining 21 are asset-light projects. is not only Wanda Plaza, Wanda is also gradually withdrawing from hotels and movies. As for the Wanda Plazas and hotels that were sold, the Wanda brand was retained and Wanda continued to manage them, achieving a light-asset transformation. Wanda is becoming lighter and lighter. (This article was first published on Titanium Media app, author｜Zhao Chenhan, editor｜Liu Yangxue)
