Wanda Group Wants To Go To Hong Kong To Realize The Main Body IPO Hongkong Shell Company Renamed Its Teng Site.

Yesterday, the market came out of Wanda Commercial Real Estate in Hong Kong IPO, although Wanda did not give a response, but analysts believe that from the Hongkong shell company changed from commercial real estate to Wanda Hotel, making room for commercial real estate listing, to Baidu, Tencent O2O joint venture company registered as Hongkong, become a commercial real estate listed in the future one of the sustainable profit mode, Wanda Commercial real estate plate IPO road has become clearer.

Hotel listed companies renamed "tengdi"

According to Wanda cinema prospectus, Wanda Commercial real estate is 52.971% owned by Wanda Group, of which Wang Jianlin holds 8.161% stake and other shareholders hold 38.868% stake.

On the financial side, by the end of December 31, 2013, Wanda Commercial real estate total assets amounted to 123 billion 747 million yuan, net assets of 12 billion 376 million yuan, and net profit of 3 billion 824 million yuan in 2013.

Earlier, Wang Jianlin said frankly that this year's goal is to strive to push 1-2 major companies listed, although Wang Jianlin did not disclose which company to promote the listing of the "main companies", but in the first half of Wanda Group's 92 billion 70 million yuan income, commercial real estate reached 66 billion 850 million yuan.

There are market speculation that it is precisely because the amount of financing too large, large volume, Wanda Commercial Real Estate in the overall operation of A shares listed on the greater difficulty.

Therefore, in July 1st, the China Securities Regulatory Commission released the "general situation of changes in the status of the enterprises under review", showing that 32 enterprises, such as Wanda Commercial real estate, failed to submit the pre disclosure materials according to the rules, and the financial information in the application documents exceeded the validity period for 3 months.

Then in July 2nd, Wanda Group confirmed this on the official website.

Just last month, Wanda Commercial Real Estate (Group) Limited (00169.HK) announced that it would rename the company as "Wanda Hotel Development Co., Ltd.".

In the view of the industry, the renamed is not only related to Wanda's continuous investment in overseas hotel business, but Wanda also wants to make clear the positioning of its listed companies by changing its name, and has a layer of "to make room for commercial real estate plates in Hong Kong".

In fact, after the acquisition of Hengli, Wanda Group did not injecting too much assets into the shell company. Apart from the business segmentation, Wanda's huge commercial real estate assets were loaded into the existing listing platform Wanda Commercial real estate, that is, Wanda hotel. The technology is too complicated and difficult.

O2O platform landing Hongkong to increase the listing weight

In addition to shell company renamed "tengdi", Wanda joint Baidu and Tencent's newly established electricity supplier joint venture company registered in Hongkong last week, and also increased its conjecture of commercial real estate plate listing in Hongkong.

"Wanda Commercial real estate sector is large, but in addition to the sale of office buildings and residential buildings, the profitability of other holding properties is not very satisfactory. No matter where it is listed, investors need to give investors a more imaginative profit model."

The industry believes that compared to

And tradition

For example, the O2O platform project jointly with Baidu and Tencent is more consistent with the concept of capital market.

The most important thing is that Wanda has high hopes for its investment from the initial investment to 5 billion yuan.

"Wanda Commercial real estate business is mainly in the mainland, the O2O platform registration site is easier to integrate resources."

"Wanda Commercial Real Estate in Hongkong listing is also a reasonable choice."

Rand consulting President Song Yanqing believes that for Wanda Commercial real estate, apart from Hongkong, the choice is overseas listing platform such as the US or Singapore. But in recent years, Chinese Listed Companies in the United States are all stocks, and there are few successful cases of entity listing. In fact, Wanda has gone abroad for nearly three years. Overseas businesses have not yet entered the payback period, nor do they have the conditions for listing overseas.

Wanda Group's AMC is a theater platform, and capital injection business is also inappropriate. Therefore, the elimination method is the best place to list for Wanda Commercial Hongkong.

In terms of the amount of financing, Song Yanqing thinks that the financing amount of Wanda Commercial real estate listing is relatively high. Most of the IPO shares of A share have only a few billion yuan of financing, while Wanda Commercial real estate equity and assets are about 300 billion yuan, excluding Wang Jianlin and his family's stock rights, the actual amount of financing will reach about 100 billion yuan, he said: "in the Hongkong capital market, the amount of 100 billion yuan financing is also within the normal financing scope."

Another market participants added that Hongkong investors had relatively high valuation of holding commercial real estate, which is one of the reasons why Wanda Commercial real estate is listed in Hongkong.