Sou Hu Cai Jing·2025-08-28 03:28Core Viewpoint - Dalian Wanda Group, led by Chairman Wang Jianlin, is engaging in a series of capital operations to resolve its debt crisis, with key partnerships formed with internet giants Tencent and JD.com [1][5]. Group 1: Capital Operations - A private equity fund named Suzhou Kuanyu Equity Investment Fund, consisting of 13 companies including Tencent and others, was established with a total investment of 22.429 billion yuan [1]. - Tencent's two subsidiaries contributed approximately 9.959 billion yuan, holding a combined stake of about 44.4% in the fund [3]. - The establishment of the fund is part of Wanda's strategy to alleviate its liquidity crisis by attracting strategic investors [7]. Group 2: Joint Ventures - Wanda and Tencent formed a joint venture named Shenzhen Zhishu Investment Partnership with a scale of 16.076 billion yuan, where Wanda holds approximately 55% and Tencent holds about 45% [6]. - Another joint venture with JD.com, named Beijing Hongrui Panda Management Consulting Partnership, has a total investment of 8.053 billion yuan, with Wanda holding around 54.97% and JD.com holding about 45% [7]. - Analysts suggest that these partnerships may serve as a method of "debt-for-equity" to mitigate financial pressures, allowing Wanda to retain operational cash flow while providing Tencent and JD.com with equity in quality assets [7]. Group 3: Asset Sales and Future Directions - Wanda has been actively selling multiple Wanda Plaza properties over the past two years, with major insurance companies as primary buyers [8]. - Wang Jianlin's recent activities include exploring investment opportunities in Xinjiang, indicating a potential shift towards cultural tourism projects after significant asset sales [8].