Wanda Commercial withdrew its A-share listing application. Can you understand the operation of Wanda?

It is reported that Wanda Group owes more than 420 billion yuan, and the richest man is actually the "first bear". Regarding this rumor, Wang Jianlin first talked about Wanda's debt, saying that it was not "negative" but "rich".

Wanda's commercial assets are around 600 billion yuan, and its net assets reach 654.38+09 billion yuan. Insolvency is an empty talk. In fact, according to the data disclosed by Wanda Commercial, in the first half of 20 16, the company's asset-liability ratio was 72.6%. Compared with other listed companies, this figure is already within the danger line, but the real estate industry has the particularity of high leverage ratio, so the debt ratio of Wanda Commercial is still lower than the industry average.

Insiders further pointed out that the land acquisition price of Wanda Commercial made the company's cost low, but the rapid expansion and short-term site selection of the project hindered the development and also affected the payment and liquidity of future funds.

The sales of "selling to support rent" are the property sales in the first half of 20 1 1 year, 20 12 year, 20 13 year, 20 14 year, and the property sales amount is 24 billion, 25 billion and 44.3 billion respectively. The gross profit margin of this business is about 40%, which means the annual net cash inflow of10-20 billion yuan, which is the "source of living water" of Wanda Commercial Empire.

As we all know, Wang Shi has always advocated that Vanke should be the "last residential developer". Until recent years, Vanke started to set foot in commercial real estate under the insistence of Yu Liang and other new generations. In addition to emphasizing concentration, what really worries Wang Shi is that the return cycle of commercial real estate is extremely long, unlike residential development, which can make funds "roll". Wanda has gone through the "dangerous road" that Vanke did not dare to take. The richest man, Wang Jianlin, is really not easy.

It is worth noting that although the cash flow of Wanda's commercial real estate business is shrinking, the investment has not decreased, and it has remained above 20 billion every year. The huge gap can only be solved through financing activities. It is understood that in 20 13, the net inflow of Wanda commercial real estate financing activities was 37.9 billion, and it reached 35 10 billion in the first half of 20 14. If the IPO raises 37 billion pounds ($6 billion), the annual financing will exceed 72 billion pounds. Nowadays, the mode of "selling and renting" has completely turned into "financing and renting".

Wanda Commercial decided to delist from the Hong Kong Stock Exchange and promote the listing of domestic A shares of Wanda Commercial. In 2007, Wang Jianlin began to consider Wanda's listing in the domestic A-share market. According to the plan, the CSRC accepted Wanda's listing application on 20 10, but the regulation of the property market disrupted the following plans. The financing channels of housing enterprises have been tightened in an all-round way, and almost all housing enterprises have been forced to suspend listing.

By 20 13, Wanda's listing has finally taken a substantial step. At that time, Wanda successfully landed in the Hong Kong capital market through the backdoor of Hong Kong listed company Hengli Real Estate, and then the AMC cinema line acquired by Wanda in the United States was successfully listed on the New York Stock Exchange at the end of the year.

In the same period, when most real estate enterprises have successfully listed, Wanda Commercial took the lead in landing in the capital market on 20 14 and 12. At that time, Wanda Commercial became the largest IPO of the Hong Kong Stock Exchange. However, due to the valuation gap between the mainland and Hong Kong markets, the value of Wanda Commercial has been seriously underestimated, and its share price has been depressed for a long time, which makes Wanda Commercial management and investors feel frustrated. 20 16 In March, Wanda Commercial decided to delist from the Hong Kong Stock Exchange after landing in Hong Kong stocks for more than 600 days, and at the same time promoted the listing of domestic A shares of Wanda Commercial.

Even the company name shows Wanda's determination to "change from heavy to light", which is subject to the real estate control policy. Wanda Commercial actively strives for change, comprehensively transforms assets and further optimizes the attributes of listed assets. After adjustment, Wanda Commercial's listed entity has changed from three to one, and it has become a commercial part dominated by wanda plaza. Even the company name shows Wanda Commercial's determination to "change from heavy to light", March 2065438+08 1. From "commercial real estate" to "commercial management", Wanda Commercial announced that it would no longer carry out real estate development and become a purely commercial management operation enterprise.

China's big companies are heavily in debt. China's economic and social development has entered a "big" era. To participate in the global international competition, we must first do big and large-scale operations. To be bigger, "big debt" is a better path and shortcut for economic development. Just do it big. Whether you do it for yourself or for everyone and serve the broad masses of the people is the essential difference.

Large enterprises in China are heavily in debt. It's just that Wang Jianlin wants to understand a truth: they are getting bigger, don't run, they should change from big to "great"! Don't be a selfish "self", but pursue a selfless "self" in life!