21世纪经济报道·2025-08-25 11:29Core Viewpoint - The establishment of Beijing Hongrui Panda Management Consulting Partnership (Limited Partnership) with a registered capital of 8.053 billion yuan indicates a strategic collaboration between Wanda and JD, potentially aimed at managing projects acquired by JD from Wanda [1][3]. Group 1: Company Formation and Shareholding Structure - Beijing Hongrui Panda Management Consulting Partnership was established on August 21 with a registered capital of 8.053 billion yuan [1]. - The company has four shareholders: Dalian Wanhang Enterprise Management Co., Ltd. (54.9669%), Beijing Panda Business Management Co., Ltd. (28.9949%), Suqian Hanbang Investment Management Co., Ltd. (15.9141%), and Beijing Panda Panshi Business Management Co., Ltd. (0.1242%) [1]. - Dalian Wanhang is fully owned by Dalian Wanda Commercial Management Group Co., Ltd., while the other three shareholders are owned by JD [1]. Group 2: Business Scope and Location - The business scope of the new company includes enterprise management consulting, enterprise management, information technology consulting services, and information consulting services [3]. - The registered address of the company is in Beijing Economic and Technological Development Zone, the same location as JD Group's headquarters [3]. Group 3: Historical Context and Strategic Moves - In early 2018, JD invested 5 billion yuan for a 2.06% stake in Wanda Commercial during a strategic investment round involving Tencent, Suning, and others [3]. - In 2021, Zhuhai Wanda Commercial Management faced a deadline to complete its IPO by the end of 2023, failing which it would need to repay investors [4]. - In March 2024, a new light-asset operation entity named Xindameng was formed with an investment of approximately 60 billion yuan, where new investors hold 60% and Dalian Wanda holds 40% [4]. - In May 2023, JD and Wanda engaged again, with JD and other investors acquiring 100% equity of 48 target companies under Dalian Wanda Commercial, primarily related to Wanda Plaza projects across 39 cities [4].