Lost again, 69-year-old Wang Jianlin's dream shattered in Hong Kong又败了，69岁王健林梦碎香港

 Lost again, 69-year-old Wang Jianlin's dream shattered in Hong Kong

The 69-year-old Wang Jianlin was once again pushed to the forefront.

He thought in his heart that Wanda Commercial Management was an important step for Wanda's transformation, and the IPO failed. The Hong Kong Stock Exchange recently disclosed information showing that Wanda Commercial Management’s prospectus has expired. This means that the company's three IPOs failed, and Wang Jianlin's dream in Hong Kong was shattered.

A few days ago, there was a wave of shareholding reduction in A-shares and Wanda rarely appeared, which was interpreted by the outside world as "an unusual initiative to reduce holdings". According to an analyst, behind Wanda's initiative to reduce its holdings is the big move by Wang Jianlin, the former richest man in China.

In 2017, China's real estate industry began its transformation, Wanda fell into a trough, and Wang Jianlin once "disappeared" from the public eye. Last year, he made a low-key "comeback" and "returned" to real estate with a new look. Wanda Commercial Management is the vanguard of Wanda's transformation.

In the face of his new business, Wang Jianlin did not hesitate to "tear down the east wall to make up for the west wall" and mobilized the "circle of friends" to rescue the emergency, which also left Wanda Commercial Management with the hidden danger of "sky-high price" gambling. If the IPO fails as scheduled, he will spend 38 billion share repurchase.

As the old saying goes, "There are only three things." Wanda Commercial Management's three IPO failures are like a sharp knife hanging over the head of the former richest man in China. He just sat on the "richest man in mainland real estate" and his family wealth returned to 100 billion yuan. Now it is about to fall ?

one

Across the commercial arena, there have been disturbances for decades, and Wang Jianlin rarely loses.

Even in Wanda's trough, when encountering the "double killing of stocks and debts", which prompted the group to adjust, Wang Jianlin was not too anxious. After all, under the curtain of China's real estate transformation, real estate companies will face pain, but each company's choice is different.

At the beginning of this year, Country Garden, the "No. 1 real estate company in the universe", completed the handover. Yang Huiyan, the richest woman born in the 1980s, took over the position and replaced her father Yang Guoqiang as the company's top leader. Yang Huiyan can be regarded as the "second generation" helmsman of China's real estate industry who took power earlier.

Similar to Wanda’s situation, Country Garden’s ability to become the “No. 1 real estate company in the universe” has experienced ten years of prosperity in China’s real estate industry. Counting from 2007, when Yang Huiyan became the richest woman for the first time, to 2017, Country Garden relied on the “outlet”. Sales doubled 30 times.

But also in 2017, Country Garden experienced a crisis, and the sales area started to decline. Correspondingly, the country has re-adjusted the attributes of real estate. Therefore, 2017 is also a watershed for real estate from creating wealth to "creating negative".

That year, Wang Jianlin, who "considered 100 million as a small goal", frowned. He has completed several actions - externally, keeping a low profile, not attending summits or accepting interviews; internally, discussing frequently, looking for an effective path from heavy to light assets.

The easiest and most effective way to change assets from heavy to light is to sell assets, reduce employees, and invest in leverage. Therefore, the outside world saw that Wang Sicong, the son of Wanda who likes to eat, drink and have fun, got busy and won the "2017 Top 50 Chinese Investors List".

Wang Sicong tried his hand at a small scale, and Wang Jianlin made a low-key transformation. His first move was to build Wanda Commercial Management.

Real estate is different from the Internet. Transformation is easier said than done. Until today, Country Garden has not got rid of the brand of "the number one real estate company in the universe", and can only gradually relieve the pressure of its main business by setting up a separate stove.

For example, Country Garden Venture Capital, launched by Country Garden, has become famous in the VC/PE investment circle. It has invested in well-known technology projects such as BYD Semiconductor and Honeycomb Energy. Then Country Garden can transition old businesses by investing in new businesses.

Wang Jianlin is an expert in the investment circle. He pays attention to Jack Ma, but not technology. Over the years, he has repeatedly invested in cultural tourism derived from real estate. His investment has not left real estate in essence, and it is difficult for him to leave real estate in his transformation strategy.

Wanda Commercial Management is a transformation practice based on Wanda's advantageous business. two

In the early setting, Wanda commercial management is an attempt of Wanda's transformation.

As mentioned earlier, the transformation of real estate companies does not happen overnight.

Selling assets means selling assets with heavy burdens. After selling assets, what to do next and what to use for transformation have become a problem. What Wang Jianlin thought of was to use "new business models" to create new businesses and see if they can open up the future situation.

Wanda Commercial Management has acted as the vanguard of Wanda's transformation strategy. "It will not invest or undertake project site funds. By exporting brand value and operation management experience, it will help Wanda complete the transition and transformation from heavy assets to asset-light businesses."

This model sounds very good. It uses Wanda's brand advantages to empower, sell the brand, and sell management. It is a bit similar to "chartering the public". It will indeed diversify a lot of risks. In the past, when Wanda encountered a crisis, it had to take the lead by itself, so that the capital investment was small.

"Small investment" and saving money are the underlying ideas of Wanda's transformation.

The predecessor of Wanda Commercial Management was Wanda Commercial, and the predecessor of Wanda Commercial was Wanda Commercial Real Estate. This company was originally listed in Hong Kong.

In 2018, the crisis-ridden Wang Jianlin forced Wanda Commercial Real Estate to be delisted from the Hong Kong stock market. He successively dumped overseas asset projects, allowing Wanda to "slim down" its assets, but the debt problem still persists.

Wanda Commercial Real Estate changed its name successively to Wanda Commercial Management. In other words, Wang Jianlin’s transformation is to completely remodel Wanda Commercial Real Estate, changing the old look into a new one. However, he did achieve some results through transformation.

Relevant data show that in 2012, the asset-liability ratio of Wanda Commercial Management’s predecessor exceeded 70%. By mid-2022, Wanda Commercial Management’s total liabilities will be 300.716 billion yuan, and the asset-liability ratio will be around 50%, which has dropped by 20% in ten years. It is a very big breakthrough.

In the overall situation of Wanda's transformation strategy, Wanda Commercial Management has evolved from a water test to a breakthrough, which has received special attention from Wang Jianlin. The future of this company is related to the future of Wanda. Last year, Wang Jianlin's low-key "comeback" was to pave the way for Wanda Commercial Management.

In order to "transfuse" Wanda Commercial Management, he "tears down the east wall and pays the west wall", relying on financing, issuing bonds, and reducing holdings, to carry out large-scale transactions.

Wanda first pledged a total of over 700 million shares of the company to CITIC Securities; then, pledged 65% of the shares of Wanda Hotel to Temasek; Wanda also obtained financing through the issuance of US dollar bonds, and issued two US dollar bonds, totaling US$700 million.

A few days ago, Wanda seldom took the initiative to participate in the trend of A-share reduction, reducing the market value of its holdings by nearly 1 billion yuan; in March this year, Wanda reduced its holdings by nearly 600 million yuan through a large transaction. For all the above operations, Wang Jianlin has one goal, to promote the listing of Wanda Commercial Management.

three

If Wanda Commercial Management succeeds in its IPO, Wanda's transformation will achieve strategic results.

If Wanda Commercial Management succeeds in its IPO, 69-year-old Wang Jianlin will be healthy and strong, and make a comeback.

If Wanda Commercial Management succeeds in its IPO, Wanda Commercial Real Estate’s dream of reluctantly leaving Hong Kong will come true.

Everyone likes dreams, and dreams can realize everything, but Wang Jianlin's dream has never been realized.

If you have read Wang Jianlin's inspirational books, you will find that there is a kind of drive in his bones that "get up whenever you fall". Wanda Commercial Management’s choice of listing is basically the same as that of Wanda Commercial Real Estate. In the past, it was delisted and was not reconciled. Wang Jianlin has always been thinking about returning to Hong Kong to realize his dream.

When drive and obsession merged into one, Wanda Commercial Management embarked on a rather uneasy road to IPO.

Counting the most recent one, the company has failed three IPOs.

The first time, Wang Jianlin wanted to verify the results; the second time, Wang Jianlin wanted to ease the debt pressure; the third time, he changed from "I want" to "have to". If Wanda Commercial Management is not listed, he will take 38 billion yuan out of his pocket to fill the "tiankeng".

When Wanda Commercial Real Estate was delisted, it was full of holes. Wang Jianlin used the capital and connections accumulated over the years to rescue the Jianghu. He mobilized the "circle of friends" to find a group of "iron buddies" to sponsor Wanda Commercial Management, which few people would dare to touch.

"Iron buddies" include Yang Huiyan's Country Garden, Jack Ma's Ants, and Shan Weijian's Taimeng Investment Group. Country Garden is also undergoing transformation. Yang Huiyan is willing to sponsor Wang Jianlin, her predecessor. On the one hand, it is because of "the loyalty of the rivers and lakes", and on the other hand, it is necessary to observe Wanda's transformation.

Ma Yun has a good relationship with Wang Jianlin, and is a good friend with Shan Weijian, who is an independent director of Alibaba's board of directors. Naturally, he has to help his "old friend". Of course, the most important rule in the business world is, "Friends remain friends, and business remains business."

Wang Jianlin provided Wanda Commercial Management with financing, promising performance and an IPO. This commitment has left the company with a hidden danger of "sky-high price" gambling. Wanda Commercial Management needs to complete two VAM "indicators": first, the actual net profit in 2021, 2022, and 2023 cannot be lower than 5.19 billion yuan, 7.43 billion yuan, and 9.46 billion yuan; year IPO.

Country Garden’s previously released 2022 performance forecast pointed out that the company expects that after excluding the impact of changes in fair value and net exchange gains and losses, the core net profit attributable to the company’s shareholders will be between 1 billion yuan and 3 billion yuan. The 2022 net profit of the "No. 1 real estate company in the universe" has a low value of 1 billion yuan, but Wanda Commercial Management has to complete the big goal of 7.43 billion yuan. Wang Jianlin is undoubtedly taking a big gamble.

In addition to performance, what makes Wang Jianlin's scalp tingle most now is that Wanda Commercial Management's dream of an IPO in Hong Kong has been shattered again, and the pressure to buy back 38 billion yuan is imminent. If you put it in the past, "38 billion yuan is not a big goal", the richest man in China is not short of money.

This is not what it used to be. Moreover, the 38 billion yuan of gambling is related to Wang Jianlin's status and fame in the Chinese business world. Everyone is happy to be listed, but he is walking on thin ice if he fails to go public.

Can Wang Jianlin win this turnaround?

又败了，69岁王健林梦碎香港

69 岁王健林，再次被推到风口浪尖。

他心心念念，为万达转型迈出的重要一步棋万达商管，IPO 失败了。港交所近日披露信息显示，万达商管招股书已失效。这意味着，该公司三次IPO 折戟，王健林梦碎香港。

前些日子，A 股掀起一阵减持潮并罕见出现万达身影，其被外界解读为“一次不寻常的主动减持”。在一位分析人士看来，万达主动减持背后是中国前首富王健林搞出的大动作。

2017 年，中国房地产拉开转型大幕，万达陷入低谷，王健林一度“消失”在公众视野。去年，他低调“复出”以全新面貌“杀回”房地产，万达商管便是万达转型的排头兵。

面对新事业，王健林不惜“拆东墙补西墙”，发动“朋友圈”江湖救急，也给万达商管留下了“天价”对赌隐患，如果不能如期IPO ，他将掏出380 亿元回购股份。

老话说“事不过三”，万达商管三次IPO 失败，犹如一把尖刀悬在中国前首富头顶，他刚刚坐上“内地房地产首富”，家族财富值回到1000 亿元，现在又要跌落了？

一

纵横商业江湖，纷纷扰扰几十载，王健林鲜有败局。

即便是万达低谷，遭遇“股债双杀”，促使集团调整，王健林也没有太过焦虑。毕竟，在中国房地产步入转型的大幕下，房企都会面临阵痛，只是每个企业的选择有所不同。

今年初，“宇宙第一房企”碧桂园完成交接，80 后女首富杨惠妍上位，顶替父亲杨国强出任公司一把手。杨惠妍算是中国房地产较早掌权接班的“二代”舵手。

与万达情况相似，碧桂园能变成“宇宙第一房企”是经历了中国房地产的十年繁荣，从杨惠妍第一次坐上女首富的2007 年算起到2017 年，碧桂园靠着“风口”销售额翻了30 倍。

但同样是在2017 年，碧桂园出现了危机，销售面积开启下跌模式。与之对应的是，国家对于房地产属性的重新定调。由此，2017年亦是房地产由造富到“造负”的分水岭。

那一年，“把一个亿当小目标”的王健林，愁眉紧锁。他完成了几个动作——对外，保持低调，不参加峰会、不接受采访；对内，频繁讨论，寻找资产由重到轻的有效路径。

资产由重到轻最简单有效的路径是，变卖资产、缩减员工、投资杠杆。所以，外界看到了喜欢吃喝玩乐的万达公子王思聪忙碌起来，拿下“2017 中国顶级投资人排行榜TOP50 ”。

王思聪小试牛刀，王健林低调转型，他的第一步棋便是打造万达商管。

房地产不同于互联网，转型说起来容易实现起来很漫长。碧桂园直到今天，都没有摆脱“宇宙第一房企”的烙印，只能通过另立炉灶来逐渐缓解主营业务压力。

比如碧桂园搞出的碧桂园创投在VC/PE 投资圈名声大噪，一举投出了比亚迪半导体、蜂巢能源等知名科技项目，那么碧桂园就可以通过投资撬动的新生意来过渡旧事业。

王健林是投资圈的一把好手，他关注马云，不太关注科技，多年来围绕房地产衍生出的文旅反复投资，他的投资本质上没有离开房地产，他的转型战略就很难离开房地产。

万达商管，就是基于万达优势性业务之上的一次转型实践。

二

早期设定中，万达商管是万达转型的一次尝试。

前面提到，房企转型绝非一朝一夕。

卖资产是把负担重的资产卖掉，卖了资产，后面干什么，拿什么转型就成了一个问题，王健林想到的是，用“新商业模式”打造新业务，看能否打开未来局面。

万达商管充当了万达转型战略的排头兵，“不投资，不承担项目场地资金，通过输出品牌价值与运营管理经验，帮助万达完成重资产向轻资产业务的过渡与转型。”

这个模式听着挺不错，用万达品牌优势赋能，卖品牌、卖管理，有点类似于“包租公”。的确会分散不少风险，以前万达遇到危机要自己顶雷，这样一来资金投入就小了。

“投入小”、省钱，是万达转型的底层思路。

万达商管的前身是万达商业，万达商业的前身是万达商业地产，这家公司原本在香港上市。

2018 年，危机四伏的王健林“壮士断腕”忍痛让万达商业地产从港股退市，他陆续抛掉了海外资产项目，让万达进行了一次资产“大瘦身”，可债务问题仍在。

万达商业地产又通过连续更名，改成万达商管，换句话说，王健林的转型就是彻底改造万达商业地产，旧貌换新颜。不过，他通过改造确实取得了一定成效。

相关资料显示，2012 年时，万达商管前身的资产负债率超过了70% ，到了2022 年中，万达商管总负债3007.16 亿元，资产负债率在50% 左右，十年降了20% ，是非常大的突破。

万达商管在整个万达转型战略大局里，从试水演变为突破口，得到王健林格外重视。这家公司的未来关乎到万达的未来，去年，王健林低调“复出”就是为万达商管铺路。

为了给万达商管“输血”，他“拆东墙补西墙”，靠融资、发债、减持，进行大手笔交易。

万达先是合计向中信证券质押了超7 亿股公司股份；紧接着，将万达酒店65% 股份质押给了淡马锡；万达还通过发布美元债获取融资，分别发行两笔美元债，共计7 亿美元。

前些日子，A 股减持潮，万达罕见主动参与，减持市值近10 亿元；今年3 月，万达通过大宗交易减持近6 亿元。以上种种操作，王健林目的就一个，推动万达商管上市。

三

万达商管如果成功IPO，万达转型将取得战略性成果。

万达商管如果成功IPO，69岁王健林老当益壮，东山再起。

万达商管如果成功IPO，昔日万达商业地产忍痛离开香港的梦等于圆了。

梦所有人都喜欢，做梦能实现一切，王健林的梦却一直没实现。

读过王健林的励志书籍会发现，他骨子里有种“哪跌倒，哪爬起来”的冲劲。万达商管上市选择基本与万达商业地产一致，昔日退市，不甘心，王健林一直惦记着要回香港圆梦。

当冲劲与执念合二为一，万达商管走出了一条颇为忐忑的IPO 之路。

算上最近一次，这家公司已三次IPO 折戟。

第一次，王健林是想验证成果；第二次，王健林是想缓解债务压力；第三次，他从“我想要”变成了“不得不”。如果万达商管不上市，他将从兜里掏出380 亿元去填“天坑”。

万达商业地产退市时，千疮百孔。王健林为江湖救急，动用了多年积累的资本人脉。他发动“朋友圈”找来一帮“铁哥们”资助没什么人敢碰的万达商管。

“铁哥们”有杨惠妍的碧桂园，马云的蚂蚁，单伟建的太盟投资集团。碧桂园也在转型，杨惠妍愿意资助前辈王健林，一方面是“江湖义气”，另一方面要观察万达转型。

马云与王健林关系不错，与单伟建是好友，后者是阿里巴巴董事会独立董事，自然得帮“老朋友”一把。当然，商界最重要的法则是，“朋友归朋友，生意归生意。”

王健林给万达商管融资，承诺了业绩与IPO。这份承诺，给公司留下了“天价”对赌隐患。万达商管需要完成两个对赌“指标”：一是，2021 年、2022 年、2023 年实际净利润不能低于51.9 亿元、74.3 亿元、94.6 亿元；二是，最迟要在2023 年IPO 。

碧桂园此前发布的2022 年业绩预告指出，公司预期剔除公允价值变动、汇兑净损益等影响后，归属于公司股东的核心净利润在10 亿元-30 亿元之间。“宇宙第一房企”的2022 年净利润低值是10 亿元，万达商管却要完成74.3 亿元的大目标，王健林无疑是在豪赌。

除了业绩，眼下最让王健林头皮发麻的是，万达商管在香港IPO 的美梦又破碎了，380 亿元回购压力迫在眉睫。要是放在过去，“380 亿元不能算个大目标”，中国首富不缺钱。

今非昔比。况且380 亿元对赌关系到王健林在中国商界的地位及一世英名，上市皆大欢喜，上不了市如履薄冰，如果从1000 亿元家族财富里面拿钱，他多年低调经营或将成空。

王健林能打赢这场翻身仗吗？