Nan Fang Du Shi Bao·2025-12-02 02:09Core Viewpoint - Vanke has pledged all of its 57.16% stake in Wanwu Cloud to its largest shareholder, Shenzhen Metro Group, as collateral for a loan framework of 22 billion yuan, raising concerns about liquidity and the future independence of Wanwu Cloud [1][3][5]. Group 1: Pledge and Loan Details - Vanke pledged 15.32 million shares of Wanwu Cloud, accounting for approximately 1.33% of the total issued share capital, to secure a loan from Shenzhen Metro Group [1]. - The loan framework agreement allows Shenzhen Metro Group to provide up to 22 billion yuan for Vanke to repay public market bond principal and interest [4]. - The collateral requirements include a pledge rate of 60%-70% for operating real estate and stocks, and 50%-60% for non-listed company equity [4]. Group 2: Financial Impact and Market Reaction - Vanke has completed four rounds of pledging its stake in Wanwu Cloud since February 2025, with the total pledged shares covering the entire 57.16% stake [5][6]. - Following the announcement of the pledges and other financial difficulties, Vanke's bonds experienced significant declines, with some bonds suspended from trading due to a drop of over 30% [6][7]. - Vanke reported a net loss of 28.02 billion yuan for the first three quarters of the year, with total liabilities reaching 362.93 billion yuan and an asset-liability ratio of 73.5% [7]. Group 3: Wanwu Cloud's Position - Despite Vanke's challenges, Wanwu Cloud has shown stable performance, achieving a revenue of 18.14 billion yuan in the first half of 2025, a 3.1% increase year-on-year [8]. - Wanwu Cloud's core net profit rose by 10.8% to 1.32 billion yuan, with a significant portion of revenue coming from circular business [8]. - The close relationship with Vanke raises concerns about Wanwu Cloud's future, as the full pledge of shares may limit its capital operation space and potential changes in ownership structure if Vanke fails to repay the loans [8].