Core Viewpoint - The announcement by the State Administration for Market Regulation reveals Wanda Group's strategic shift towards a light-asset model through the establishment of a joint venture to acquire 100% equity in 48 target companies, including key Wanda Plaza locations in Heilongjiang Province [1][6]. Group 1: Acquisition Details - The joint venture involves several companies, including TPG (Zhuhai), Gaohe Fengde, Tencent Holdings, and Sunshine Life Insurance, indicating a collaborative effort to manage and acquire Wanda's assets [1][6]. - The specific financial details of the transaction have not been disclosed, but it is part of Wanda's strategy to alleviate debt pressure by selling off multiple Wanda Plaza projects over the past two years [1][6]. Group 2: Strategic Implications - The involvement of tech giants like Tencent and JD.com suggests that this acquisition may not be purely financial but could also aim to integrate Wanda's offline retail spaces with online ecosystems, enhancing customer engagement through digital channels [6]. - The example of Harbin Haxi Wanda Plaza, a flagship project, highlights its significance as a cultural and commercial landmark, which has maintained vitality through community engagement and events [7][9]. Group 3: Future Challenges - The new investors will face challenges in balancing Wanda's standardized operational model with local consumer preferences, particularly in regions with long winters, necessitating a focus on indoor experiences [9]. - There is a need to optimize the tenant mix, as evidenced by past regulatory issues related to space utilization and safety compliance, which could impact operational efficiency [9].

Group 1 - Wang Jianlin's stake in Dalian Wanda Commercial Management Group has seen over 300 million shares frozen, with a total of more than 490 million shares frozen across various companies this year [1] - The total amount executed against Dalian Wanda Group is approximately 7.42 billion yuan, while Dalian Wanda Commercial Management Group faces around 139 million yuan in execution [1] Group 2 - Wang Jianlin is selling Wanda Plazas to alleviate financial pressure, with a reported transaction amount reaching 50 billion yuan for the acquisition of 100% equity in 48 target companies by a consortium including Tencent [2] - Over 30 Wanda Plazas have been sold from 2023 to 2024, with the total number of Wanda Plazas expected to be 498 by the end of 2023 [2] - In April, Wanda sold its hotel management company to Tongcheng Travel for 2.497 billion yuan, generating approximately 1.5 billion yuan in dividend cash flow [2] - Analysts suggest that Wanda's commercial real estate ownership will drop to a historical low, indicating a shift towards a light asset operation model, although this may lead to a loss of core commercial assets and weaken rental income [2] - Currently, Wang Jianlin is associated with over 42 enterprises, with 10 in operation and 32 either canceled or revoked [2]

Core Viewpoint - Wang Jianlin's sale of 48 Wanda Plazas has become a trending topic, marking the largest divestment of Wanda Plaza assets in the past two years [1] Group 1: Transaction Details - The acquisition involves a joint venture established by several companies, including Tencent and JD.com, to purchase 100% equity of 48 target companies held by Dalian Wanda Commercial Management Group [1] - The 48 Wanda Plazas are located in 39 cities, including Beijing, Guangzhou, Chengdu, and others [1] - The transaction was approved unconditionally by the State Administration for Market Regulation on May 21, but the specific amount of the deal has not been disclosed [1] Group 2: Background and Context - The buyers are familiar with Wanda, having previously invested in Wanda Commercial in 2018 for 34 billion yuan, acquiring approximately 14% of the shares [2] - In March 2024, Dalian Wanda Commercial Management Group signed an investment agreement with several institutions, including the Abu Dhabi Investment Authority, to invest about 60 billion yuan to resolve a listing crisis [2] - Following this investment, Dalian Wanda's control over Wanda Commercial was reduced from 78.83% to 40% [2] Group 3: Financial Situation - As of September 2024, Dalian Wanda Commercial Group reported cash holdings of 15.116 billion yuan, short-term loans of 3.89 billion yuan, and long-term debts totaling 112.65 billion yuan [2] - To alleviate financial pressure, Wanda has been actively selling assets, with nearly 40 Wanda Plazas sold in 2023 alone [3] - In April 2025, Tongcheng Travel announced an agreement to acquire 100% of Wanda Hotel Management Company for approximately 2.49 billion yuan, indicating ongoing asset restructuring efforts [3]

Core Viewpoint - Wanda Group is actively selling assets, including 48 Wanda Plaza locations, to alleviate financial pressure and transition towards a lighter asset model, which may be part of a strategic shift [4][8]. Group 1: Recent Transactions - On May 26, 2025, it was reported that Wang Jianlin is selling 48 Wanda Plazas, which has attracted significant media attention [3]. - A consortium led by Taima Investment Group, along with Tencent and other partners, is acquiring 100% equity of 48 target companies from Dalian Wanda Commercial Management Group [4][7]. - The estimated transaction amount for this acquisition is around 500 billion yuan [7]. Group 2: Previous Investments - This is the second investment collaboration led by Taima Investment Group with Wanda, following a previous agreement in March 2024, where investors committed approximately 600 billion yuan to Dalian Wanda [7][8]. Group 3: Financial Performance and Strategy - Wanda Group has been facing financial difficulties, leading to multiple asset sales as a means to recover funds [8]. - In April 2025, a deal was reached for the sale of Wanda Hotel Management (Hong Kong) for approximately 2.49 billion yuan, reflecting a valuation of 9.5 times its adjusted EBITDA for 2023 [8]. - The hotel management segment reported a revenue of 890 million HKD in 2024, with an occupancy rate of 53.9%, down 2 percentage points year-on-year [8].

2025年05月26日 王健林再卖48座万达广场：断臂求生的勇气与抉择 在商海浮沉中，每一位企业家都面临着无数的抉择与挑战。近日，一则关于王健林再卖48座万达广场的消息，如同一颗重磅炸弹，在业界掀起了轩 然大波。这位曾经的中国首富，如今选择以"断臂求生"的方式，展现出了令人钦佩的勇气与决心。 一、事件背景：危机四伏的商业帝国 近年来，万达集团面临着前所未有的挑战。从资金链紧张到债务压力巨大，再到股权冻结等负面新闻频出，王健林和他的万达帝国似乎步入了风雨 飘摇的境地。尤其是在家族成员王思聪远居日本，家族企业亟需稳定与发展的关键时刻，王健林的每一个决策都显得尤为关键。 二、壮士断腕：48座万达广场的出售 面对重重困境，王健林没有选择逃避或拖延，而是果断地做出了出售48座万达广场的决定。这一举措无疑是一次"壮士断腕"式的自我救赎。据悉， 这些万达广场遍布全国各地，是万达集团的核心资产之一。它们的出售，无疑将为王健林带来一笔可观的现金流，有助于缓解当前的债务压力。 在描述这一场景时，我们不得不提到王健林那坚定的眼神和果敢的决策。他身穿一袭笔挺的西装，面容沉稳而坚毅，仿佛在用行动向世界宣告：万 达不会倒下！ 三、王健林 ...

Core Viewpoint - Wang Jianlin's sale of 48 Wanda Plaza properties has gained significant attention, reflecting the ongoing restructuring and asset divestment strategy of Wanda Group to alleviate debt pressure [1][4]. Group 1: Transaction Details - On May 6, 2025, the acquisition of 48 companies, including Beijing Galaxy Wanda Enterprise Management Co., was approved by the State Administration for Market Regulation [1][4]. - The acquiring parties include five companies: Taima (Zhuhai) Management Consulting Partnership, Gaohe Fengde (Beijing) Enterprise Management Service Co., Tencent Holdings Ltd., Beijing Panda Commercial Management Co., and Sunshine Life Insurance Co. [3][4]. - The transaction involves the joint establishment of a joint venture by the acquiring companies to control 100% of the target companies, which were previously fully owned by Wanda Group [4]. Group 2: Business Implications - The target companies primarily operate large retail commercial real estate, with projects located in major cities such as Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, and Wuhan [4]. - This transaction is part of Wanda Group's broader strategy to transition to a light-asset model, having sold nearly 20 Wanda Plaza projects in the past two years [4]. Group 3: Financial Context - Despite the asset sales, Wanda Group continues to face significant debt challenges, as the funds recovered from these transactions are insufficient to cover its financial obligations [4]. - Recent reports indicate multiple instances of share freezes for Wanda Group, including significant stakes in various subsidiaries, highlighting ongoing financial strain [5].

EVERBRIGHT GRAND CHINA ASSETS LIMITED Everbright Grand China Assets Limited (the "Company") 光大永年有限公司 (Incorporated in the British Virgin Islands with limited liability and transferred by way of continuation into the Cayman Islands) （於英屬維爾京群島註冊成立並以存續方式 在開曼群島註冊的有限公司） （Stock Code 股份代號：3699） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders(Note 1) , 25 April 2025 – Notice of publication of (i) 2024 Annual Report, and (ii) Circular relating to proposed re-election of retiring directors and proposed gran ...

EVERBRIGHT GRAND CHINA ASSETS LIMITED 光大永年有限公司 (Incorporated in the British Virgin Islands with limited liability and transferred by way of continuation into the Cayman Islands) （於英屬維爾京群島註冊成立並以存續方式 在開曼群島註冊的有限公司） （Stock Code 股份代號：3699） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 25 April 2025 Everbright Grand China Assets Limited (the "Company") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.ebgca.com.hk and the ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 EVERBRIGHT GRAND CHINA ASSETS LIMITED 光大永年有限公司 （於英屬維爾京群島註冊成立並以存續方式 在開曼群島註冊的有限公司） （股份代號：3699） 「有關期間」指由本決議案通過時起至下列三者中的最早日期止的期間： 「動議： (a) 在符合香港聯合交易所有限公司證券上市規則現行規定及下文(b)段的 情況下，一般及無條件授予本公司董事一般授權，以根據所有適用法 例、規則及規例於有關期間（定義見下文）內或結束後配發、發行及處 – 2 – (a) 在符合香港聯合交易所有限公司證券上市規則現行規定及下文(b)段的 規限下，一般及無條件授予本公司董事一般授權，以依據所有適用的 法例、規則及規例，於有關期間（定義見下文）內行使本公司的一切權 力以購回其股份； (b) 本公司根據上文(a)段的授權所購回的股份的總數，不得超過本公司於 本決議案通過日期已發行股份（不包括持作庫存股份的 ...

此乃要件 請即處理 閣下如對本通函的任何內容或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的光大永年有限公司股份全部售出或轉讓，應立即將本通函連同隨附的代表委任表格送交 買主或受讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或受讓人。 EVERBRIGHT GRAND CHINA ASSETS LIMITED 光大永年有限公司 （於英屬維爾京群島註冊成立並以存續方式 在開曼群島註冊的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 （股份代號：3699） 建議重選退任董事 及 建議授出購回股份及發行股份的一般授權 及 股東周年大會通告 光大永年有限公司謹訂於2025年6月11日（星期三）下午三時正假座香港灣仔港灣道1號香港君悅酒店閣樓畫 堂舉行股東周年大會，大會通告載於本通函。 不論 閣下能否出席股東周年大會，務請盡早將隨附的股東周年大會所用的代 ...