Feng Huang Wang·2025-08-28 00:14Core Viewpoint - The collaboration between Tencent, JD.com, and Wanda Group marks a significant step in addressing Wanda's debt crisis through capital operations, with the establishment of joint ventures and a large investment fund [1][3][11]. Group 1: Joint Ventures and Investments - A new investment fund, Suzhou Kuanyu Equity Investment Fund, has been established with a total investment of 22.429 billion yuan, involving Tencent, JD.com, and Wanda among 13 partners [1]. - Wanda has formed a partnership with Tencent in Shenzhen with an investment of 16.076 billion yuan and another with JD.com in Beijing with an investment of 8.053 billion yuan, totaling 46.5 billion yuan across these ventures [1][3]. - The total investment aligns closely with a previous plan to acquire equity in 48 Wanda companies for approximately 50 billion yuan, indicating the practical realization of this transaction [1][4]. Group 2: Historical Context and Strategic Moves - The current investments are seen as a follow-up to a May plan where PAG, Tencent, JD.com, and others aimed to acquire 48 Wanda companies, which include major projects in first- and second-tier cities [4]. - Tencent and JD.com's investment amounts in the new fund are comparable to their previous investments during Wanda's privatization in 2018, suggesting a restructuring of their exit strategy from earlier investments [4][5]. - The partnership is viewed as a strategic move to explore new consumption models by integrating e-commerce with commercial real estate [5]. Group 3: Debt Management and Future Prospects - Analysts suggest that the sale of 48 major Wanda Plaza assets may be aimed at repaying approximately 15 billion yuan in debts owed to Suning and Sunac [7]. - The joint ventures may serve as a mechanism for Wanda to offset debts by injecting assets into these partnerships, allowing for cash flow preservation while providing Tencent and JD.com with equity in valuable assets [9][11]. - The structure of the joint ventures, while giving Wanda a majority stake, effectively places control in the hands of Tencent and JD.com, which may facilitate smoother capital operations and tax advantages [10][11].