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Break 38 billion gamble, Wang Jianlin is back？

Wang Jianlin has once again defused a potential crisis.

On December 12, the official website of Wanda Group announced that PAG Investment Group(PAG)A new investment agreement has been signed with Dalian Wanda Commercial Management Group. Under this agreement, Pacific Alliance will reinvest in Zhuhai Wanda Commercial Management with other investors after the investment redemption period expires in 2021.

This move means that Wanda has successfully lifted the previous gambling crisis. Back in August 2021, 22 investment institutions, including Zheng Yutong family, Country Garden, CITIC Capital, Ant, Tencent and Pacific Alliance Investment Group, jointly injected 38 billion yuan into Wanda Commercial Management, of which Pacific Alliance invested about 2.80 billion US dollars(About 18 billion RMB)…

The condition of the investment is that if Zhuhai Wanda Commercial Management fails to complete the listing by the end of 2023, 22 investors can ask Wanda to buy back shares at a rate of 8%. This is like a sword of Dascomo hanging over Lao Wang’s head, which may fall at any time.

A person familiar with the matter told ifeng.com’s Eye of the Storm that PAG was the lead agency at that time, and the investment agreements were all drawn up by PAG.

The end of the bet is approaching, and PAG has cleared the thunder buried by himself, and the increasingly thin Lao Wang can finally breathe a sigh of relief.

However, as the shareholding ratio decreases, Wanda’s control over Zhuhai Wanda Commercial Management will inevitably weaken.

Lost nearly 40% of its equity

Seeing the clock ticking at the end of the year, many people were sweating for Wang Jianlin. If the share repurchase clause was touched, it would be a great challenge to the cash flow and reputation of Wanda Commercial Management, but Lao Wang, who had already experienced great storms, temporarily resolved the crisis of Wanda Commercial Management in an unexpected way.

According to the latest agreement announced by Wanda Group, Dalian Wanda Commercial Management holds 40% of Zhuhai Wanda, making it the single largest shareholder. Pacific Alliance and several existing and new investors will participate in the investment, with a total shareholding of 60%.

According to the prospectus provided by Zhuhai Wanda to the Hong Kong Stock Exchange in June 2023, Dalian Wanda Commercial Management Group directly owns approximately 69.99% of the total issued shares of Zhuhai Wanda Commercial Management, and indirectly owns approximately 8.84% of the total issued shares through Zhuhai Wanxin, Zhuhai Wanying and Yinchuan Wanda.

This also means that after the signing of the new agreement, the shareholding ratio of Dalian Wanda Commercial Management Group in Zhuhai Wanda Commercial Management has decreased by at least 38.83%.　　

This is a huge concession for Lao Wang. In the announcement, Wanda said that it will work with important shareholders such as Pacific Alliance to further optimize the company’s corporate governance, maintain the stability of the management team, and jointly support the company’s long-term development.

It also seems like a good option for investors, as the charterer business is so easy to do. According to public records, Zhuhai Wanda Commercial Management currently manages 494 large commercial centers in 227 prefecture-level cities and above across the country. In the past two years, the number of commercial centers managed by Zhuhai Wanda Commercial Management has grown from 417 to 494, an average annual growth rate of about 9%. Zhuhai Wanda Commercial Management is already the world’s largest commercial management company in terms of commercial area under management.

And Zhuhai Wanda Business Management can continue to create profits. In 2021 and 2022, Zhuhai Wanda Business Management’s after-tax profit will be 5.30 billion yuan and 7.50 billion yuan respectively, and the estimated profit in 2023 will reach 9.50 billion yuan. In this way, the annual growth rate will reach 34%.　　

At a time when many real estate companies are struggling to find financing to get out of trouble, Wanda Business Management is thriving. More importantly, there is no new gambling agreement in the agreement, and the increasingly emaciated Lao Wang finally does not need to carry the spell of "listing", although listing will still be a must for Zhuhai Wanda.

Shen Meng, executive director of Chanson Capital, said that Wanda Commercial Management is an asset-light enterprise, and the value of shares that are not listed is limited. Institutional investments still seek returns. Wanda must not only maintain stable performance, but also promote listing when future conditions are met.

And Wanda is not safe, need to continuously improve competitiveness in business operations, brand building, Client Server, etc., to cope with the increasingly fierce market competition, while continuing to pay attention to the source of funds and the use of efficiency. What’s more, Dalian Wanda business management also need to take out about 38 billion yuan to buy back equity.

In this regard, Bai Wenxi, chief economist of IPG China, told ifeng.com "Eye of the Storm" that according to Wanda’s announcement, Pacific Alliance will join other investors to reinvest in Zhuhai Wanda Commercial Management after its investment redemption period expires in 2021. This means that Wanda needs to really put up the money to Pacific Alliance and other investors, and then Pacific Alliance and other investors will invest in Zhuhai Wanda Commercial Management. However, the specific investment method may change according to the actual situation.

Shen Meng directly stated that the repurchase is only formal, and it only needs to be readjusted according to the transaction structure. There is no need to really hand over the money to the other party, and then let the other party invest it back.

Second, the good show may have just begun

According to public information, PAG’s main business covers the credit market, private equity and real estate. Its previously released prospectus shows that the revenue of PAG Investment has shown a continuous growth momentum, climbing from $436 million to $737 million, with a compound annual growth rate of 30.02%.

In addition to Wanda, PAG’s portfolio also includes a number of well-known Chinese companies, such as Tencent Music, Nayuki, Baosteel Gas, Sinopharm Group, Borui Bio, and Lexin Financial.

In 2010, Shan Weijian chose to join PAG as chairperson and chief executive. The low-key but well-known capitalist was the first Chinese student at the University of San Francisco. During his career, he served as the Texas Pacific Group, a globally renowned private equity firm(TPG)Partner and co-managing partner of TPG Asia.

Some people who have worked with Shan Weijian said of him: "Although he is a low-key person, he has a huge influence in the industry." And more people regard him as "a barbarian at the door". Since he took the helm of PAG, he has won absolute control of Bikang Pharmaceutical and Zhenai.com.　　

He is particularly active in real estate, which is seen as one of PAG’s three core businesses.

In 2013, PAG invested in the acquisition of a 65% stake in Shanghai Yueda 889 Plaza project. In 2015, PAG joined forces with Vanke to acquire the third phase of Enterprise World from Ruian Real Estate.

In addition, PAG also acquired 100% of China Merchants Group Tower in Shanghai, 100% of China Merchants Group Plaza in Shanghai, and 91% of Beijing China Merchants Group Tower in the heart of Beijing’s business district through a real estate fund jointly established with China Merchants Shekou.

On August 30, 2017, PAG, the second-largest shareholder in Chunquan REIT, published an open letter. In the letter, they called for a special shareholders’ meeting with the aim of ousting Chunquan Asset Management, which is currently controlled by Japanese capital. They proposed returning management to Chunquan REIT itself, and expected to be able to send personnel to the board of directors, while appointing professionals to review the company’s management.

A year later, PAG went further and made a direct bid for Chunquan REIT. Chunquan REIT’s main asset is the China Trade Center in Beijing.

As for this investment strategy, Mr. Shan has made it clear that his aim in fighting for control is to change the management of the acquired company in order to increase the value of the company. He is convinced that "only by creating value through acquisitions can we truly gain income."　　

One is a capital tycoon, a real estate tycoon, and their story may have just begun.　　

This article is from the WeChat official account:ifeng.com Finance (ID: finance_ifeng)Author: ifeng.com Finance

The National Balloon Volleyball Invitational Tournament was held in Wuyuan, Jiangxi

On July 25th, 2023, the opening ceremony of the 8th China National Balloon Volleyball Invitational Tournament was held in Wuyuan, Jiangxi.

In Wuyuan Sports Center Gymnasium, Xu Shubin, secretary of Wuyuan County Party Committee, presided over the opening ceremony; All the leaders and guests on the rostrum pressed the starting column together.

Liu Guoyong, deputy director of the State Sports General Administration, announced the opening of the competition. Li Xiaoping, Director of Jiangxi Sports Bureau, and Qiu Xiangjun, Mayor of Shangrao Municipal Government delivered speeches. Shi Ke, Vice Governor of Jiangxi Provincial Government, AARON Li, Director of Youth Sports Department of State Sports General Administration, Zhu Meiqing, Vice Mayor of Shangrao Municipal Government, Luo Laishui, Director of Shangrao Municipal Sports Bureau, Xu Shubin, Secretary of Wuyuan County Committee, Zhou Huabing, County Governor of Wuyuan County, Tao Wusheng, Chairman of Aofei Recreation and Sports Group, and other leaders attended.

The signing and unveiling ceremony of Jiangxi volleyball team’s "Provincial Team Building" was held in Wunvzhou Convention and Exhibition Center, Wuyuan County on July 25th.

On July 25th, Zhu Meiqing, Vice Mayor of Shangrao Municipal Government, presided over the signing and unveiling ceremony of Jiangxi Provincial Volleyball Team’s "Provincial Team Building". Zhang Songtao, deputy director of Jiangxi Provincial Sports Bureau, read out the instructions of Governor Ye Jianchun of Jiangxi Provincial Government on the establishment of a special report on Jiangxi volleyball team.

Zhang Songtao, deputy director of Jiangxi Provincial Sports Bureau, signed a contract with Zhu Meiqing, deputy mayor of Shangrao Municipal Government.

Liu Guoyong, deputy director of the State Sports General Administration, and Shi Ke, deputy governor of Jiangxi Provincial Government, unveiled the Shangrao Volleyball Club in Jiangxi.

In recent years, Wuyuan County has vigorously developed the national fitness campaign, held sports brand competitions, promoted the integrated development of "sports+tourism" and improved the quality of development. It has successively hosted several national and provincial large-scale sports events such as the National Ancient Post Road Walking Competition, the "Most Beautiful Country Cup" National Balloon Volleyball Invitational Tournament, the Wuyuan International Marathon and the Poyang Lake International Cycling Race. At the same time, a series of national fitness activities such as football, table tennis, gateball, ground throw ball and softball are widely carried out.

In 2022, the county hosted more than 40 large-scale events at or above the municipal level, such as the men’s and women’s volleyball competition in China Super League, the National Youth Table Tennis Competition (South Division) and the Cycling Cross-country Challenge around Poyang Lake. Nearly 1 million sports tourists came to Wuyuan to participate in the events, which stimulated the sports tourism consumption to reach 480 million yuan and stimulated the vitality of the tourism market.

In 2022, Wuyuan, as the only representative of the city, was awarded the Outstanding Contribution Award in Shangrao’s sports work, as well as the Outstanding Contribution Award in Competitive Sports in Shangrao from 2019 to 2022 and the Advanced Unit in Mass Sports Work in Shangrao in 2022.

On July 25th, athletes were competing in Ziyang Park, Wuyuan County.

Gas volleyball is a mass sport that integrates sports, leisure and entertainment. As a new sport, it has been favored by more and more middle-aged and elderly friends. The National Balloon Volleyball Invitational Tournament in the most beautiful countryside has been held for the eighth time since it was held for the first time in 2014. The cumulative number of participants has exceeded 10,000, which has been widely praised by air volleyball fans all over the country. There are 312 teams from all over the country, and more than 3,000 team leaders, coaches and athletes participate in the competition. The competition is divided into three groups: youth group, middle-aged group and elderly group.

(China Daily Jiangxi reporter station Tang Ying/photography Zhang Wen)

Source: China Daily.

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Winter Olympics, do you know ｜ freestyle skiing snow skills, speed and difficulty of ＂cat jump＂

00:34

Introduction to the rules of freestyle skiing skills on snow. Video source: BOCOG (00:33) [Editor’s note]

Beijing Winter Olympics has entered the final countdown of 30 days, and China Olympic athletes are ready to set off, waiting for the decisive moment.

So how much do you know about the competitive events of the Winter Olympics? On this occasion, The Paper has launched the column "Winter Olympics, Do You Know?", which brings a panoramic analysis of the popular science of the Winter Olympics and helps you easily understand the ice and snow doorways.

This is a freestyle skiing event-snow skill, which is scored by flipping, jumping and speed.If alpine skiing is the pursuit of speed and aerial skill is a challenge to difficulty, then snow skill is an art that combines speed and difficulty, like enjoying a dynamic dancer’s performance.

Project introductionThe English name of freestyle skiing snow skill project is "Mogul" (cat jumping), which is quoted from Austrian Mugel, meaning many hills.

Snow skills require skiers to slide and turn on the snowy road covered with small snow mounds, and to complete the aerial skills of jumping and flying in high-speed sliding, which requires extremely high sliding, speed and skills.

During the competition, the contestants glided on the slope of 27 at a speed of 40 kilometers per hour. It is necessary to turn continuously on the 250-meter track, and the terrain of the venue is extremely challenging, so the direction must be changed every 3 meters.

Players should keep balance in the process of high-speed progress, and half of the scores need to be given by the referee according to the performance of the athletes when turning.

In the 16th Winter Olympics in Albertville, France, in 1992, the snow skill event was listed as the Winter Olympics event.

gameAthletes mainly compete in three parts: gyration, aerial skill and speed. Snow skills are ranked by the quality points of rotary movements and aerial movements and the timing results, and those who score more are ranked first.

Before the qualifying competition, the top 20 players advanced to the finals, and the final competition order was reversed according to the results of the qualifying competition. Five "gyration" judges scored according to the quality and mistakes of athletes’ gyration; Two "aerial skills" judges scored according to the completion of the operation, the height and quality of the flight.

Among them, taxiing and turning scores account for 60%, air part scores account for 25%, and speed scores account for 25%. Snowboarding venues are mostly built on steep slopes, with a length of 200-270 meters, a width of 15-25 meters and a slope of 24-32 degrees. The site must have a gentle slope and a continuous drop.

China legion"How can anyone fly in the snow room?" Guo Xiangru competed in Japan for the first time in 2008 and was stunned by foreign athletes. At that time, China’s national team of freestyle skiing and snow skills had just been established for one year.

In the 2014 Winter Olympics in Sochi, Ning Qin, the first batch of athletes of China Snow Skill Team, reached the final for the first time, which was also the first time that China Snow Skill Team qualified for the Winter Olympics.

I have witnessed the difficulty in starting China’s snow skills, and also experienced the opportunities given by this era. Now, eight years later, a batch of athletes behind Guo Xiangru and Ning Qin have devoted themselves to the snow skills project.

In 2021, the freestyle skiing snow skill project held a World Cup in Alpudier. China team’s three female players, Li Nan, Cao Tianqing and Wang Jin, all entered the top 30 in women’s snow skills, while Zhao Yang won the 28th in men’s synchronized snow skills, and all four players met the entry standards of Beijing Winter Olympics.

In the end, the China team successfully qualified for two snow skills events, one male and one female. Among them, men’s snow skills are the first time in history to qualify for the Olympic Games.

(This article is from The Paper, please download the "The Paper" APP for more original information)

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The Central Meteorological Observatory issued a typhoon red warning.

　　CCTV News:According to the website of the Central Meteorological Observatory, the Central Meteorological Observatory issued a typhoon red warning at 10: 00 on July 26th: the center of Typhoon DOKSURI (super typhoon level) No.5 this year was located at 8: 00 am on the 26th in the south of bashi channel, about 350 kilometers south of Eguanbi, Taiwan Province Province, China, which was 18.8 degrees north latitude and 121.3 degrees east longitude. The maximum wind force near the center was 17 (57. The lowest air pressure in the center is 925 hectopascals, the radius of the seventh-level wind circle is 300-450 kilometers, the radius of the tenth-level wind circle is 120-180 kilometers, and the radius of the twelfth-level wind circle is 90-120 kilometers.

　　It is estimated that Du Surui will move to the northwest at a speed of 10-15 kilometers per hour, with little change in intensity. It will move into the northeastern part of the South China Sea from the night of 26th to the morning of 27th, and then gradually approach the coastal areas from Fuqing, Fujian to Huilai, Guangdong, and will land in the above coastal areas from the morning of 28th to the morning, with the maximum possibility of landing in Jinjiang, Fujian to the coastal areas at the junction of Fujian and Guangdong (strong typhoon level, 42-48m/s, 14-).

　　Gale forecast:From 14: 00 on the 26th to 14: 00 on the 27th, there will be 6-8 winds and 9-10 gusts in bashi channel, the east of Taiwan Province, the northeastern and southern seas of the South China Sea, the Taiwan Province Strait, the southern part of the East China Sea, Taiwan Province Island and its coastal areas and Fujian coastal areas. Among them, the winds in bashi channel, the waters east of the northeastern South China Sea, the waters south of the Taiwan Province Strait and the southern coastal areas of Taiwan Province Island can reach 9-12 and the gusts are 13-15.

　　Precipitation forecast:From 14: 00 on the 26th to 14: 00 on the 27th, there were heavy rainstorms in parts of eastern Zhejiang and Taiwan Province Island, among which there were heavy rainstorms (100-150 mm) in parts of southeastern coastal areas of Zhejiang and heavy rainstorms (250-400 mm) in parts of eastern and southern Taiwan Province Island.

　　Defense guide:

　　1. The government and relevant departments shall, in accordance with their duties, do a good job in typhoon prevention and emergency rescue.

　　2. Water operations and passing ships in relevant waters should return to Hong Kong to take shelter from the wind, strengthen port facilities, and prevent ships from anchoring, grounding and collision.

　　3. Stop large-scale indoor and outdoor gatherings and dangerous outdoor operations such as high altitude.

　　4. Reinforce or dismantle structures that are easy to be blown by the wind. Personnel should not go out at will. They should stay in windproof and safe places as far as possible, so as to ensure that the elderly and children stay in the safest place at home, and the dangerous people will be transferred in time. When the typhoon center passes by, the wind will decrease or stay still for a period of time. Remember that the strong wind will suddenly blow, and you should continue to stay in a safe place to avoid the wind, and the dangerous people will be transferred in time.

　　5. Relevant areas should pay attention to prevent flash floods and geological disasters that may be caused by heavy precipitation.

The reason of C Ronaldo’s bleak evening scene： mistaking the platform for ability

C Ronaldo has gone far away to the desert, so that the hot sunshine in the desert can cure the injury and pain of the defeated plum ball king!

At the age of c, he has gone to the desert, and his competitive career has been finalized.

Although there is a lot of wealth, it seems to be happy! But its heart is painful!

As we all know, Ronaldo is aloof and arrogant, and I am the only one!

I take the super plum ball king as my responsibility all my life, and pursue honor, glory and data all my life.

C Ronaldo has been a technical career for more than ten years, and his money has been free and his wealth has been satisfactory; It cares more about face, scenery and honor.

During C Ronaldo’s career, during his years in Real Madrid, he won four Golden Globes and four Champions League games, which strengthened his confidence and courage, boasted himself the first, second and third place in the world, was extremely inflated and self-mad.

C Ronaldo’s greatest misfortune is to regard the platform as an ability! It is the real Madrid platform and personal efforts that have made its real Madrid years dazzling!

C Ronaldo left Real Madrid, moved to Juventus and Manchester United, accomplished nothing, and never won the Golden Globe Award, Sir, or the Champions League again! 16 lang in the Champions League every year! Its juventus years are incomplete!

C Ronaldo’s national team was ruined, and fans said that it was lying in the European Cup. Although it was exaggerated, it was not groundless!

C Ronaldo’s World Cup achievement is hands-free, which is a stain on his life! Causing 10 zeros in the World Cup to be bleak. Single-core team leader has the best score in the top 16.

After the dark years after Real Madrid, nothing was achieved after the World Cup.

C Luo Fang understands that it is the Real Madrid platform and Lafayette that have made its brilliant Real Madrid era. I mistook the Real Madrid platform for my ability, woke up like a dream, and wanted to return to Real Madrid and relive the beauty. But the vicissitudes of life, powerless, was rejected by Real Madrid! I have to go to Saudi Arabia to waste the rest of my life!

Life is like this, when you miss the opportunity, it may be a lifetime of regret and regret!

Football News： Wei Shihao, Yan Dinghao and Li Yang are basically locked in the three towns.

Live broadcast on March 11th, according to Lu Mi, a reporter from Football News, three Guangzhou players, Wei Shihao, Yan Dinghao and Li Yang, were basically confirmed in the three towns of Wuhan, which showed enough sincerity in the process. After a long negotiation and waiting, three players were finally confirmed to join the team, which made the team more competitive. Under the current downward football market, the stable investment of the three towns and the AFC Champions League still have certain appeal to the players.

Masters: Invite sent to US golfer Scott Stallings’ namesake

US golfer Scott Stallings was handed a shock after discovering his Masters invitation had been sent to another person of the same name.

The 37-year-old tweeted he had been “checking the mailbox five times a day” for his invitation before receiving a direct message from another Scott Stallings.

The three-time PGA Tour winner posted the message from his namesake, which included: “I’m 100% sure this is NOT for me. I play but wow! Nowhere near your level.”

The message began: “Hi Scott. My name is Scott Stallings as well and I’m from GA (Georgia). My wife’s name is Jennifer too!!

“I received a FedEx today from the Masters inviting me to play in the Master’s Tournament April 6-9, 2023.

“It’s a very nice package complete with everything needed to attend. I think we have some confusion because of our names, our wife’s names and geographical location.”

He then attached a picture of the invitation adding: “I’m really not kidding I promise.”

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