标签： 上海后花园论坛官网

Produced | Sohu Real Estate & Focus Finance

Author | Wang Zehong

Editing | Wu Ya

The decisive battle for IPO is imminent, but Wanda Commercial Management has encountered various storms, whether it is the freezing of equity or the hidden acquisition of several Wanda plazas, all of which are related to its debt pressure.

But public debt is a bottom line, especially for Wanda Commercial Management, which is in the final sprint of listing. On July 11, the capital markets reported that for the "20 Dalian Wanda MTN003" 1.575 billion yuan ticket due on July 10, Dalian Wanda Commercial Management has remitted the full amount of funds for redemption to the Shanghai Clearing Exchange.

In addition to the winning ticket due in July, Wanda Commercial Management has nearly 4.30 billion yuan of bonds, which will be repaid in January 2024. The news also pointed out that Wanda Commercial Management plans to repay the public debt through equity funds and refinancing channels.

In this regard, Wanda Group responded to Sohu Finance: "1.575 billion yuan ticket due payment news is true."

An industry professional told Sohu Finance: "Wanda has some liquidity pressure, but obviously this pressure comes from the expectation of listing and the real estate sector. The real estate sector and the business management sector are independent legal persons. As the main body of listing, there is no liquidity pressure in the short term, so it is natural to repay the debt on time. If there is an overdue, it shows that even the liquidity of the business management sector has deteriorated sharply, which will naturally endanger the listing process of the business management sector."

After the news of the scheduled payment came out, several US dollar bonds of Wanda rose on the same day. Among them, the purchase price of US dollar bonds due in 2024 rose by about 1.5 cents to around 61.7 cents per dollar, and Wanda’s domestic bonds "200,000 to 01" rose slightly by 0.6%.

Behind the equity thaw: Zhuhai business management became a mystery for 6 days, Vanke exceeded the freeze and unblocked

Meanwhile, another piece of good news also arrived.

On July 11, according to the information disclosed by the national enterprise credit information publicity system, all the shares held by Dalian Wanda Commercial Management in Zhuhai Wanda Commercial Management have been thawed, with a total amount of about 5.072 billion yuan.

The previous day, Qichacha showed that Dalian Wanda Commercial Management held all the shares of Zhuhai Wanda Commercial Management (holding 70.16%) were frozen, the amount of frozen shares was about 5.072 billion, the freezing period from July 4, 2023 to July 3, 2026, the enforcement court is Zhanjiang City Intermediate People’s Court of Guangdong Province.

But unlike in the past, the frozen equity was thawed in just 6 days, according to the national enterprise credit information publicity system, Zhuhai Wanda Commercial Management’s frozen 5.072 billion yuan equity has been lifted on July 10.

Such a large amount of freezing and thawing happened in the "lightning and flint", what happened behind the scenes? A relevant person from Wanda Group told Sohu Finance: "We don’t know the specific reason."

A number of Wanda Group companies have been frozen recently, including Dalian Wanda Group’s stakes in Dalian Wanda Commercial Management, Shanghai Wanda Microfinance, and Wanda Properties’ stakes in Wanda Properties.

In particular, Wanda and Vanke due to the Changchun Film and Television City project of more than 1 billion yuan of financial disputes, resulting in Dalian Wanda Group holding Dalian Wanda Commercial Management 1.979 billion equity were frozen, causing Wanda’s strong dissatisfaction, and said that the freeze Wanda Commercial Management 1.90 billion equity, significantly more than the amount of financial disputes between the two sides, is through legal channels to appeal, confident to safeguard the legitimate rights and interests of Wanda Group.

Compared with the "5.072 billion equity freezing incident", the ins and outs behind this financial dispute freezing incident are clear, but because of the excess freezing, Liu Jipeng, the legal adviser of the State-owned Assets Supervision and Administration Commission of the State Council and the dean of the Capital Finance Research Institute of China University of Political Science and Law, was bombarded, and recently recorded a video program to explain.

He believes that the Shanghai Hongkou Court 1.40 billion the disputed assets exceeded the standard by 94 times and seized Wanda 128.70 billion assets, accounting for almost one-third of Wanda’s entire net assets. Therefore, when the guarded person and the qualified intermediary provide strong evidence to prove that the value of the seized assets 120 billion, the legal department should unblock it in time and give Wanda Group sufficient relief rights.

Liu Jipeng also revealed that the Shanghai Hongkou court realized that the 94 times exceeding the standard required by Vanke was unreasonable and serious, and had given 830 million to the seized 1.98 billion equity, but the remaining 1.15 billion equity was still 53 times the disputed assets of 1.38 billion yuan, and the value 74.80 billion. As long as the equity is still in legal proceedings, Wanda Commercial Management listing and issuance of similar funds cannot be carried out.

Behind the 6-day lifting of the 5.072 billion yuan equity, whether it is also sealed due to financial disputes, it is still a fog.

"Borrowing new and returning old" suspension: reduce holdings of Wanda Film to cash out 736 million

But behind this series of events, all point to Wanda Group’s debt pressure. As of the end of June 2023, Wanda Commercial Management’s domestic open market bond stock size was 12.341 billion yuan, and the overseas bond stock size was about 1.80 billion US dollars.

In addition, according to the gambling terms of Zhuhai Wanda Commercial Management, if Zhuhai Wanda Commercial Management fails to go public by the end of 2023, Wanda Commercial Management is obliged to buy back 30 billion yuan of equity from investors.

According to the capital markets, Wanda Commercial Management plans to repay the public debt through equity funds and refinancing channels.

For open market debt, borrowing new to repay the old is one of the ways to solve the gap. However, Dalian Wanda Commercial Management applied to the Shanghai Stock Exchange to issue a 6 billion small public offering, which was suspended by the Securities Supervision Commission on June 28. It was Wanda Commercial Management that actively applied to the Securities Supervision Commission to suspend the issuance on June 9.

According to Sohu Finance, the funds used for the 6 billion bonds were originally planned to be used to repay four domestic bonds due in October 2024 2 billion yuan "200,000 up to 02", 2.50 billion yuan "200,000 up to 03", 1.50 billion yuan due in December 2024 "200,000 up to 04", and 3.80 billion yuan due in September 2025 "200,000 up to 01".

But now this plan has been temporarily unable to carry out, in early July, Wanda Group told investors that the Securities Supervision Commission suspended the registration process of 6 billion corporate bonds, mainly because Zhuhai Wanda Commercial Management’s application for listing in Hong Kong is still in the review process, and the bond application review will be resumed after the progress of the Hong Kong listing.

The core of solving the debt crux finally points to the listing. According to the previous agreement with the 1.30 billion US dollar syndicate to participate in the listing of the loan bank on November 30, Wanda has less than 5 months.

In addition, Wanda’s recent financing moves have been frequent. In early June, everyone’s life insurance loomed to take over Shanghai Songjiang Wanda Plaza, Xining Haihu Wanda Plaza, and Jiangmen Taishan Wanda Plaza. Recently, Wanda Investment has successively reduced its holdings of Wanda Film to cash in.

On the evening of July 10, Wanda Film announced that Wanda Investment reduced its holdings of 2245.74 million shares from June 12 to July 7, according to the estimated average price of 12.87 per share, cashing out about 289 million yuan; in addition, the 37.1877 million shares reduced from May 23 to June 13, cashing out 447 million yuan, a total of 2.5964% of the shares, a total of 736 million yuan.

In addition, Wanda Commercial Management’s performance is also a major support for cash flow. On July 3, Wanda Commercial Management released a business express, and 12 Wanda plazas were newly opened in the first half of 2023, with a total of 484 openings. The total rental income in the first half of the year was 26.32 billion yuan, an increase of 4.5% year-on-year; the net rent was 13.01 billion yuan, an increase of 7.2% year-on-year; the net rent of comparable Wanda plaza increased by 3.8% year-on-year. The rental rate was 98.2%, and the rent collection rate was 100%.

　　[car home Information] Today is destined to be an extraordinary day for everyone, because we have ushered in the new year of the Year of the Tiger. Here, we will pay tribute to you first! In 2021, it was also an extraordinary year for China brands, because in this year, China brands continued to rise and became a hot topic. At the same time, in the field of new energy, China brands also occupied new heights, including plug-in hybrid fields. Today, let’s review the China brand SUV models that went on the market in 2021, and see which new car was most impressed by the editors of car home Car News Channel.

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Qin Chao’s most unforgettable China brand SUV: Geely Xingyue L.

Reason: A typical representative of China’s brand upward.

　　In 2021, Lectra and Krypton were very high-profile. When it comes to Lectra 05+, Lectra 03+Cyan customized version, ZEEKR 001, perhaps the listing of each model will make you vivid and excited. Of course, our big brother Geely has also taken an upward step, and launched a higher-end compact SUV model (|). Just look at the price and you will know how high-end this SUV is, 137,200-185,200 yuan. Few China brand SUVs dare to touch the price range, and even FAW Toyota Corolla Sharp Release, GAC Toyota Fenglanda, and Toyota’s compact SUV have all dropped to this price range.

　　Dare to price like this, naturally it has its own unique place, so let’s talk about its advantages compared with ordinary compact SUV. First of all, Xingyue L comes from CMA architecture, which is a modular architecture led by Volvo and jointly developed by Geely and Volvo. Many models of Volvo XC40 and Lectra come from this architecture. The Drive-E series 2.0T engine carried by the Star Yue L was once equipped on Volvo and Lectra. The high-power version has a maximum power of 175kW and a peak torque of 350Nm. Even if it is carried on the Star Yue L weighing nearly 1.8 tons, it can achieve an acceleration of 7.7 seconds from 0-100 km/h. When competitors at the same level are still hovering at the 10-second mark, the power performance of the Star Yue L can be said to be more than enough.

　　In view of the fuel consumption problem that everyone is concerned about, if you are concerned, you can also choose the hybrid version of Xingyue L Raytheon Hi·X, with a pre-sale price of 173,700 yuan. This is a hybrid model that is rare in China brand SUVs, and it does not need to be plugged in. The comprehensive fuel consumption is only 4.3L/100km, and the acceleration of 0-100km/h can also achieve 7.9 seconds.

　　Of course, the texture of driving is also improved. Xingyue L does not tend to make an SUV product that sits like a boat. On the contrary, it has a sense of "German taste". When driving at low and medium speeds, the suspension and chassis will not completely filter out these vibrations, but will moderately restore them to the users who feel it. At the same time, this texture is by no means at the expense of comfort.

　　What impressed me deeply was the appearance and interior of Xingyue L, perhaps influenced by the simple design concepts of Volvo, Lectra and Krypton. Geely’s design seems to be more natural and harmonious than in the past, and there are no more complicated and cumbersome designs, so it gives people a very comfortable and exquisite feeling. Of course, some elements that consumers in China are keen on will not be lost here, such as chrome-plated decoration that can set off the atmospheric elements, car lamp design that reflects the sense of class, and gorgeous interior materials. The interior has a large number of leather packages, and the color matching is also extremely bold.

　　We also noticed that the entire center console in the car was occupied by the screen, and Geely never lost in keeping up with the trend of the times. And you will find that the interface design of these three screens is also very interesting, more like experiencing a tablet computer, and the operation is simple and smooth. Of course, for many fuel vehicles, the third screen is still new, and no more functions have been developed, which may make us look forward to the future.

　　As for the space, this has always been the strength of China brand SUV, so I don’t need to say much here, because every compact SUV of China brand will not let people down.

　　So, after reading the above, do you think the Star Yue L has so many advantages compared with the ordinary China brand compact SUV? Is its price expensive or not? Is it beyond the premium of Geely brand? Maybe we can find the answer by looking at the sales of new cars. In December, 2021, the sales volume of Xingyue L was 12,035 units, ranking 29th in the SUV sales list of that month, and the sales performance was moderate. However, it was quite good among SUVs of the same price of China brand. If I told you that the sales volume of Tank 300 was the same, maybe you should have some ideas.

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The most unforgettable SUV in Zhang Xuelian: Changan CS75 PLUS
Reason: It became an explosion when it went public, and once drove Haval H6 off the altar.

　　Looking around, it is not difficult to find that youthfulness, sportiness and intelligence have already become the vane of China automobile market. For example, the SUV whose design is more and more popular with young people, and the LCD instrument/central control panel that is never too big. At the same time, we can see that the rapidly rising China brands can always cater to such brands quickly, so the master can become the best in the same level.

　　Chang ‘an CS75 PLUS, which impressed me deeply, is a good example. This car was officially launched at the Chengdu Auto Show in September 2019, and a new model was launched in August 2021. A total of five models are available, and the price range is 117,900-154,900 yuan. Changan CS75 PLUS gained a high degree of attention at the beginning of its listing, and stood out in the following months, explaining what "listing means explosion".

　　In 2021, Changan CS75 PLUS continued to be steady and steady, with a cumulative annual sales volume of 274,800 vehicles and an average monthly sales volume of about 22,900 vehicles, ranking only below Haval H6. It is worth mentioning that in February 2021, CS75 PLUS drove Haval H6 off the altar with 32,365 vehicles.

　　My colleague Mr. Ma once said, "If you want to catch the hearts of consumers, you must first catch their eyes." CS75 PLUS naturally uses a brand-new design, giving this car a sharp appearance style and saying goodbye to the past CS75 completely. It is worth mentioning that the previous sales data show that the sales volume of Changan CS75 PLUS sports version is much higher than that of the regular version. After all, who hasn’t a restless heart yet?

　　Although some manufacturers strive to be "bigger than bigger" in terms of the size of the central control screen, the disadvantages of this appeal are also revealed: a strong sense of violation. However, Changan CS75 PLUS obviously didn’t follow blindly. Its integrated large screen integrates full LCD instrument and central control display screen, which greatly enhances the sense of science and technology, and the right size also makes it not inferior in the same class, and does not fall into the conventional pattern. Interior is, after all, a place with more contact with consumers, so it is more valued by users than appearance.

　　In the power part, it can be seen that the blue whale family model equipped with the blue whale engine has become a strong driving force for the continuous growth of Changan Automobile sales. At present, the Blue Whale family has made great strides in the SUV and car market, and the CS75 PLUS with this powertrain can naturally stand upright.

　　In any case, Changan CS75 PLUS is the only SUV that can compete with the Haval H6 family. Our data show that space, appearance, fuel consumption, cost performance, power and comfort are the places where CS75 PLUS satisfies consumers, and these evaluations happen to be the priority factors for users in the price range of 100,000-150,000 yuan, which is also the main reason why CS75 PLUS can have a place in the SUV market. It must be said that Changan CS75 PLUS is a product that conforms to the trend of the times.

　　In 2022, Changan CS75 PLUS, which was redesigned in the medium term, will also meet with you, and this car will be launched in February. At that time, we will wait and see whether the CS75 PLUS with all-round upgrade in appearance and configuration can completely drag Haval H6 off the altar.

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Gengyuan’s most unforgettable SUV: the new generation Chuanqi GS8
Reason: the rising China brand design and China Power.

　　There is no denying that we are in an era of looking at faces. Whether it is people or products, the first impression left by looks is still very important. I still remember the deep impression left by the first generation Chuanqi GS8 at the 2016 Beijing Auto Show. The absolutely original design, China brand, medium-sized SUV and seven-seat layout were very risky in the market five years ago, but Chuanqi decided to break through the ceiling of China brand in SUV, MPV and car market through three products.

　　Today, five years later, when we see a new generation of Chuanqi GS8, we will think that without the layout of the first generation of models, it may be difficult to see a product of the same type again in today’s 7-seat medium-sized SUV market. If the design has laid the market foundation for the first generation Chuanqi GS8, then the second generation Chuanqi GS8 will continue to expand this advantage.

　　The Chuanqi design team, headed by Zhang Fan, vice president of Guangzhou Automobile Research Institute, has made great efforts in the design idea of the new generation Chuanqi GS8. First, it has retained the basic atmospheric modeling of the first generation Chuanqi GS8, and at the same time, it has applied the more popular straight line design. In terms of details, it has made more exquisite characterization and functional improvement for the headlight group and the taillight group, and a more exquisite medium-sized SUV has appeared in front of us.

　　Whether it is the "Spreading Wings" of the pilot series or the "Long Lin Wings" of the double-engine series, two different grille shapes are worthy of everyone passing by to turn their eyes, just like the ritual feeling at that moment when the "Eye of Conquest" is lit, giving people a visual feeling of not being angry and arrogant.

　　Of course, it is absolutely unqualified if we just stop the Chinese people instead of paying the bill. Compared with the blue ocean market five years ago, there are too many models and products concentrated in this market segment, including China brands and overseas brands. This is by no means a market where a hundred flowers blossom. It is obvious that users only favor products with more hard power in the win-win competition.

　　You want to say that space performance is hard-core strength? Yes, but not all of them. No matter how big the space is, it can’t satisfy the appetite of consumers in China. We have seen 7 medium-sized or large-sized SUVs. Even those users who just need seven seats and space turn around and choose a more suitable MPV. The upgrade and change of powertrain is the real strength aspect of the new generation Chuanqi GS8.

　　Whether it’s 2.0TGDI Julang Power or THS hybrid system cooperated with Toyota, China brand has undoubtedly given a new answer to the powertrain. Especially the hybrid powertrain, which has been attracted by Japanese brands for many years for China consumers, finally has more choices.

　　It has been said that when China brand can upgrade a product vertically, then China car companies will have enough self-confidence. Nowadays, we have seen more and more China brand models welcoming the second or even third generation products. The brand confidence has been greatly improved compared with before, but at this time, we should have strong brand strength to support this signboard.

This article is edited by Spoiler Club: Star Search

Unauthorized reprinting is strictly prohibited, and plagiarism will be complained by the whole network if found.

Jing Wong, the director, is well-known in the circle. He once created many classic comedy films with Stephen Chow, and he also exported many classic films, which won a lot of popularity among artists.

Nowadays, Jing Wong is often invited to participate in activities and share his experience.

However, an activity he attended recently caused a heated discussion. It was related to that he was invited to attend the premiere of the new mainland play "Parrot Kill" and interacted with a number of actors on the spot. Later, he also sent Weibo to promote the new film.

However, some netizens also went to the scene, and even took some photos of the scene, and left a message under Wang Jingfa’s Weibo saying that this movie is not good at all.

Jing Wong immediately replied to this netizen, saying that this kind of person just has a bad heart. Not everyone can understand literary films, and it’s terrible to have no culture.

Jing Wong exchanged curses with netizens on the Internet, which caused a heated discussion on the Internet.

In fact, it’s not the first time that director Jing Wong has exchanged curses with netizens on the Internet. Earlier, artist Li Wanhua publicly criticized Jing Wong’s new play when it was broadcast live on the Internet, which was simply explicit and bad for children.

Jing Wong is not used to this. She immediately countered that Li Wanhua is a washed-up actress, which means that she is the worst performer in TVB. In this way, Jing Wong and Li Wanhua caused a scolding battle on the Internet.

In addition, Jing Wong also criticized the mainland producer Yu Zheng, who has produced many dramas, winning over Zhao Liying, Wu Jinyan and others.

However, earlier on, Jing Wong was accused by Weibo, and most of them chose people with no acting skills as the leading roles.

When I was interviewed by Yu Zheng, I felt very puzzled. Yu Zheng admitted that he had casting, and there might be some shortcomings, but he didn’t really know Jing Wong, and I don’t know why Wang Jing targeted himself like this.

Jing Wong, the director, is a real person. As long as he sees something that is unreasonable, he will speak and express his thoughts directly on the Internet, which may lead to a constant battle of abuse with others.

Anyway, Jing Wong has contributed many classic characters to Hong Kong films, leaving many unforgettable moments for the audience. His contribution and position are obvious to all. We also expect him to continue to bring more good film works to the audience.