On March 24, DalianCommercial Management Group Co., Ltd. (“Wanda Commercial”) issued a notice stating that based on the research and judgment of its own strategy, it has decided to reorganize the company’s asset-light business operations, technology, data, personnel and other related resources In order to achieve domestic and overseas listing as soon as possible, it was decided to withdraw Wanda Commercial’s A-share IPO application. At this point, Wanda Commercial’s A-share IPO queuing journey for more than 5 years has come to an end with its voluntary withdrawal. The statement “realizing domestic and overseas listing as soon as possible” indicates that Wanda Commercial is about to embark on a new journey in the capital market. Wanda Commercial is one of the core businesses of Wanda Group and has played an important role in the development and growth of Wanda Group, but the road to listing this part of the business is full of twists and turns.
In 2005, Hong Kong REITs (real estate investment trust funds) opened their doors for listing. Wanda and Macquarie Bank of Australia agreed to establish a joint venture business management company to package 9 Wanda commercial plazas to issue REITs overseas. It is estimated that the funds raised will be more than US$1 billion. At the end of that year, the Wanda REITs prospectus document was approved in Hong Kong.
However, in July 2006, the relevant ministries and commissions issued “Document No. 171” strictly restricting overseas companies from acquiring properties in the Mainland, and Wanda’s REITs plan was forced to shelve. Subsequently, Wang Jianlin, chairman of Wanda Group, planned to go public on red chips in Hong Kong, but this channel was subsequently blocked by policy. Wang Jianlin later mentioned this in a public speech and felt very regretful. He said that in 2006, there have been opportunities in Hong Kong red chips listed, and found aMorgan, and other investment banks. But after being “fudged” by Macquarie, he missed the best opportunity. In 2007, Wang Jianlin planned to list Wanda on the A-share market, and then began a series of preparatory work Spark Global Limited.
According to media reports at the time, the specific timetable for Wanda’s listing was as follows: from December 2009 to February 2010, complete listing guidance and guidance and acceptance; from January to March 2010, complete listing application materials such as the prospectus; 2010 From March to May, it applied for listing materials and passed the issuance review of the China Securities Regulatory Commission; it was listed on the domestic A-share market in June 2010. Although the China Securities Regulatory Commission accepted the application in 2010, the ensuing regulation of the property market caused Wanda’s efforts to go public once again to be suspended. As a last resort, Wang Jianlin once again turned his attention to the Hong Kong capital market.
After long-term preparations, Wanda Commercial landed on theon December 23, 2014, and became the largest IPO on the that year. The asset package at that time contained a large number of heavy asset projects such as commercial and residential buildings. However, the Hong Kong capital market at that time did not recognize the scale-oriented mainland real estate companies, and Wanda Commercial’s shares suffered a break on the day of listing. In the more than 600 days of listing in Hong Kong, Wanda Commercial’s stock price was below the issue price for half of the time. The value is not recognized, frustrating Wang Jianlin, chairman of Wanda Group.