标签归档 杭州楼凤

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Wanda Film is about to change hands, and Tencent is looming behind Shanghai Ruyi

After Zhuhai Wanda Commercial Management’s IPO was postponed, Wanda, which was facing financial pressure, finally gave up control of Wanda Film.

On December 6, Wanda Film (002739.SZ) announced that it received a notice on the same day that the company’s indirect controlling shareholder, Beijing Wanda Cultural Industry Group Co., Ltd., and its wholly-owned subsidiary, Beijing Hengrun Enterprise Management Development Co., Ltd., and the company’s actual controller, Wang Jianlin, intend to transfer the 51% equity of the company’s controlling shareholder, Beijing Wanda Investment Co., Ltd. (hereinafter referred to as "Wanda Investment"), to Shanghai Ruyi Investment Management Co., Ltd. (hereinafter referred to as "Shanghai Ruyi").

Shanghai Ruyi is a "dark horse" in the film and television industry in recent years. It has successively produced many popular film and television dramas such as "Hello, Li Huanying", "Langya List" and "The Legend of Miyue". This year’s box office hit "Vanishing Her" also had Ruyi participating in the cast.

Shanghai Ruyi is owned by China’s 0136.HK. In terms of revenue volume, China Ruyi is inferior to Wanda Film. However, the largest corporate shareholder behind China Ruyi is Tencent Holdings (0700.HK).

The term of the betting agreement is less than a month away

Wang Jianlin sells Wanda Films "for money"

According to Wanda Film’s announcement, if the final implementation of the equity transfer is completed, it will result in a change in the company’s control.

In the back of the gambling agreement, Zhuhai Wanda Commercial Management impact IPO postponement, in order to resolve their liquidity difficulties, Wanda actual controller Wang Jianlin had to give up control of Wanda Film.

On November 21, Dalian Wanda Commercial Management announced that it would adjust the repayment plan for a US $600 million bond due in January 2024 of its subsidiary Wanda Real Estate International Co., Ltd. It said that due to the continued downturn in the real estate industry and rising interest rates in overseas capital markets, the company is facing certain difficulties in refinancing, and there is uncertainty in the approval of the listing of its subsidiary Zhuhai Wanda Commercial Management before the end of the year. In order to reduce the short-term liquidity pressure of the company, Wanda Commercial Management actively carried out liquidity management in advance, prepared to adjust the US dollar bond repayment plan, and adjusted the repayment plan for the bonds due in January 2024 to ensure the continued stability of the company’s liquidity.

It is understood that Zhuhai Wanda Commercial Management has submitted its statement four times, the most recent being on June 28 this year. According to the regulations of the Hong Kong Stock Exchange, the valid period of the prospectus is 6 months. If Zhuhai Wanda Commercial Management fails to pass the hearing of the Hong Kong Stock Exchange before the 28th of this month, its prospectus will become invalid. Previously, Zhuhai Wanda Commercial Management disclosed in the listing application materials that if it cannot successfully list at the end of 2023, the issuer will need to pay about 30 billion yuan to the pre-listing investors for share repurchase.

Recently, there are market news that Zhuhai Wanda Commercial Management intends to delay its IPO time in Hong Kong until 2026, and is currently in discussions with investors. In response to this news, Wanda officials have not responded yet.

According to Blue Whale Finance, a person close to Wanda revealed that after submitting the prospectus to the Hong Kong Stock Exchange for the fourth time at the end of June this year, Zhuhai Wanda Commercial Management has been making "two-handed preparations", cooperating with the Hong Kong Stock Exchange to advance the listing process, while negotiating with investors on the repayment of the 30 billion yuan repurchase money for the bet. The person also revealed that due to the large number of Wanda assets and relatively high quality, Wanda has provided investors with a variety of negotiation plans, and is still negotiating with investors.

According to public information, this year, in order to avoid a material default, Wanda has sold various assets in its hands many times to repay maturing domestic and foreign debts. According to incomplete statistics, Wanda has sold at least five Wanda plazas this year, including Guangxi Hepu Wanda Plaza and Shanghai Zhoupu Wanda Plaza. Wanda Real Estate also transferred Wuhan subsidiary Wanda Donghu Real Estate to China Huarong in June.

Previously 2.20 billion transfered 49% stake in Wanda Investment

Film and television circle "dark horse" Shanghai Ruyi takes a fancy to Wanda Film

The takeover of Wanda Film by Shanghai Ruyi is not without warning. In July this year, China Ruyi announced that Shanghai Ruyi, which is personally controlled by major shareholder Ke Liming, received 49% of Wanda’s investment for 2.262 billion yuan, becoming the company’s second largest shareholder. At the same time, Ruyi indirectly holds 9.8% of Wanda Film’s shares.

At that time, China Ruyi said that after the completion of the equity transfer, although Shanghai Ruyi will directly hold 49% of the shares of Wanda Investment, Shanghai Ruyi currently has no intention of appointing directors of Wanda Investment, nor does it intend to participate in its daily operation and management. Wanda Investment will not be a subsidiary of China Ruyi, and its financial results will not be incorporated into China Ruyi’s consolidated financial statements.

Shanghai Ruyi has been a "dark horse" in the film and television industry in recent years. According to public information, Shanghai Ruyi was established in 2013 and is mainly engaged in the production and operation of radio and television programs and film distribution business. It is a controlled structure entity in which China Ruyi holds 100% of the actual interests.

In recent years, Shanghai Ruyi has produced a number of popular films and TV dramas such as "Hello, Li Huanying", "To Youth", "Langya Bang", "Biography of Miyue", "Sewing Machine Band" and "Send You a Little Red Flower". This summer’s popular film "Vanishing Her" also has Shanghai Ruyi’s participation in investment. As of now, the box office of the film has exceeded 3.50 billion yuan. This year, the company’s main films include "Enthusiastic" and "Keep You Safe".

Shanghai Ruyi acquisition of Wanda Film, in addition to Wanda Film in the industry for many years, its overall performance this year is better than the industry average may also be one of the reasons. Financial data show that in the first three quarters of this year, Wanda Film’s operating income was about 11.347 billion yuan, an increase of 46.98% year-on-year; net profit attributable to shareholders of listed companies was about 1.114 billion yuan, net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was about 1.103 billion yuan; net cash flow generated from operating activities was about 3.796 billion yuan, an increase of 127.69% year-on-year.

Wanda Film’s third quarterly report also shows that from January to September 2023, the company’s domestic theaters achieved box office of 6.22 billion yuan (excluding service fees), an increase of 67.6% year-on-year and 5.2% over the same period in 2019; the number of people watching movies 150 million, an increase of 68.7% year-on-year and 3.7% over the same period in 2019. Among them, the company’s domestic theaters achieved box office of 2.57 billion yuan (excluding service fees) from July to September, an increase of 102.1% year-on-year and an increase of 21.2% over the same period in 2019.

In addition, Wanda Film participated in the investment and production of films such as "Wandering Earth 2", "Bear Haunt: Bear Core with Me", "Cosmic Exploration Editorial Department", "Countdown to Say Love You", "Warm", "All-in-One", and "The Eighth Suspect", which were released successively. The overall box office performance was good; the invested series "Who is He" and "The Most Brilliant Us" were broadcast on satellite TV and streaming media platforms, and the ROI of film and television dramas increased year-on-year.

Behind the acquisition of Wanda Film

Is Tencent the biggest beneficiary?

In terms of revenue volume, China Ruyi is not as good as Wanda Film. Financial data show that in the first half of this year, China Ruyi’s revenue was 804 million yuan, and its net profit attributable to the parent was 262 million yuan. In 2022, China Ruyi’s revenue was 1.319 billion yuan, and its net profit attributable to the parent was 7.9 yuan. However, Ruyi is backed by major shareholder Tencent.

According to the data, China Ruyi was formerly known as Hengteng Network, and Hengteng Network was jointly established by Evergrande and Tencent. In October 2020, Hengteng Network wholly acquired Ruyi Film by allocating and issuing shares, subscribing for shares, etc. The total transaction amount was about 7.20 billion Hong Kong dollars (about 6.20 billion yuan at that time).

In November 2021, with the departure of Evergrande, Ke Liming, the actual controller of Ruyi Pictures, became the largest shareholder of Hengteng Network. In February 2022, Hengteng Network was renamed "China Ruyi". As of the end of the first half of this year, Tencent held 20.45% of China Ruyi through Lily Water Investment Limited, becoming its largest shareholder, and the second largest shareholder Ke Liming held 18.92%.

On July 4 this year, China Ruyi raised 4 billion Hong Kong dollars in funds, 90% of which is intended to be used for the development and expansion of film and game businesses. According to the Hong Kong Stock Exchange announcement, Tencent completed the subscription of China Ruyi’s new shares on the same day, and the shareholding ratio rose to 25.45%.

It is understood that Tencent has been in the online streaming media platform (Tencent video) and ticketing (cat eye) and other aspects of the layout of the entertainment industry. The acquisition of Wanda Film may help Tencent use the latter’s accumulation in offline channels to make a deeper layout of its entertainment industry.

According to Blue Whale Finance, after the cooperation was reached, Tencent and Alibaba have almost formed a full-scale confrontation in the field of entertainment, and even slightly better. An industry insider said in an interview: "This [acquisition] is more like Tencent’s siege and suppression of Ali."

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Geely Xingyue L was launched in June, and the interior three screens are very eye-catching.

   Recently, it was learned that Geely Xingyue L will officially meet the public at the Shanghai Auto Show, which opened on April 19th, and will be put on sale in June. As a compact SUV built by Geely, Xingyue L is built based on CMA modular architecture. According to the official explanation, compared with Xingyue, the "L" in Xingyue L has the meanings of Larger, luxurious and subversive, not only the length and width of the car body, but also the space, power, intelligence and safety will be upgraded.

Xingyue l

Geely xingyue l

   In terms of modeling, the front face modeling of Xingyue L is both simple and atmospheric. The headlights use double-row three-section light sources, which are very penetrating and artistic after lighting, and together with the grille, they form a very impactful front face modeling, which is more domineering with the large trapezoidal air intakes on both sides of the bumper.

Xingyue l

Xingyue l

   The middle net design of Xingyue L follows the family-style design language of Geely Automobile’s 4th generation product, the iconic straight waterfall vertical air intake grille, decorated with chrome trim strips, and matched with the Geely black logo in the center, which enhances the sense of grade and brand recognition, while increasing the sense of movement and luxury of the whole vehicle. The highlight of the tail is the adoption of the popular through taillight group, which is more exquisite with the concave license plate frame design below.

Xingyue l

   Coming to the interior part, Xingyue L adopts a simple interior design style and combines oriental aesthetic elements. The center console adopts double color matching design, which adds a charm to the domineering appearance. As the biggest highlight of the interior part, the super-large three-screen across the center console integrates the dashboard, the central control screen and the co-pilot entertainment screen, and the three-spoke sports steering wheel further enhances the technological atmosphere in the car.

Geely KX11 declaration map

Geely KX11 declaration map

   In terms of body size, the length, width and height of the new car are 4770×1895×1689mm and the wheelbase is 2845 mm. As for the power part, the 2.0TD engine of Xingyue L has two versions of medium and high power, the maximum power is 160kW(218 HP) and 175kW(238 HP), and the peak torque is 325Nm and 350Nm respectively. In terms of transmission, the 7-speed wet DCT gearbox and the 8AT gearbox from Aisin are matched respectively. In addition, the new car will also be equipped with 5G-AVP 1km unmanned parking technology, becoming the first vehicle equipped with 5G-AVP 1km unmanned parking system, and finally 1km unmanned parking will be realized.

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Farming Tobacco in Peach Blossom Garden —— Encountering Peach Blossom Edge in Jinan, Xiaoquan Du

People are so capricious. Perhaps it is the reason why the living conditions are relatively substantial. Of course, it has nothing to do with whether you are an official or a merchant, and it is no different from whether you are an ordinary person or a dissolute scholar. After living in the city for a long time, I always want to walk in the wild, for recreation and for exploration. In short, it will be more comfortable to change the environment. Especially in the spring of March, most people want to experience the relief of "cultivating cigarettes in the Peach Blossom Garden".

Name: Wonderful Flower February Day

Size: 48*26cm

Author:

As luck would have it, I planned to go for an outing in the mountains around Jinan to enjoy the spring and feel the beautiful scenery of "Peach flies away, burning its flowers", but I was arranged to study in the Shandong Provincial Party School in the suburbs of Jinan at the right time. The Party School is located in the hinterland of Qinglong Mountain, about 20 kilometers east of Jinan, where the mountains jump and the scenery is pleasant. It is a rare "Xanadu".

On the hillside in the southeast of the campus, there is a peach blossom garden that can’t see the edge. The east wind is blowing, and the fragrance is overflowing. The whole campus is filled with the breath of spring, which makes people linger and go back and forth. The campus guide pointed to the mountain in front of him and said, "This mountain is called Jinding Mountain. Every year in late autumn and early winter, yellow leaves are all over the hills, which is especially brilliant and spectacular under the setting sun." When I was writing an inscription for the school library, I mistakenly wrote "planting a golden tripod" as "Zhong Jinding", and the onlookers laughed and said, "Wrong is good" and "There are no mistakes in the calligrapher’s pen" to justify the mistake. However, I accidentally remembered a poem by Li Shangyin, which read: "Innovating the old law in three chapters with one stroke", and I just made a self-explanatory innovation to set off the atmosphere and make a joke!

A rockery was built on the northern slope of this "planting Jinding Mountain", and a pavilion was built at the top of the mountain, which was called "Qiushi Pavilion". Standing at the pavilion head, the mountains are green and endless. Huashan Mountain, which is famous in the northwest and crowned in the north and south, can be seen faintly. This mountain is also called Hua Buzhu Mountain, which is famous for Zhao Mengfu’s masterpiece "Quehua Autumn Color Map" in the Yuan Dynasty. Turning to the south, you can see the wonderful picture of "endless peach blossoms scattering clouds". Clusters, clusters, rotten like a sunset, clearly want to burn.

Day after day, I met Mr. Liu Mingbo, a good friend and famous painter who participated in the training in the same period, in the Qiushi Pavilion. At this time, it was already in the evening, and the sunset and the powder were competing for beauty, and the red makeup was made of jade, which made people fascinated. As a result, we met and walked together, and gradually entered the depths of Taoyuan with the secluded path to explore it. Painters will always find creative inspiration inadvertently, which can even make people feel overwhelmed. "Sweet colors are planted from the sky, and it is not easy to meet in a thousand years", which is a poem by Xue Neng, a poet in the Tang Dynasty. In fact, whenever there is a natural scene that makes people shine at the moment, it is doomed that this is a karma, an epiphany, and a return to the Sect, all of which are amazing. Even a flower, a clump of grass, a cloud of smoke, or even a drop of dew is the call of all living things to human feelings. Poets and painters all talk about the realm of "wandering too empty", and the reason is to express feelings with things and send things with feelings. Lu Guimeng, a famous poet in the Tang Dynasty, chanted about Bailian: "No one can see the heartlessness and hatred, and the moonlight and the breeze are clear and want to fall", that is, to express the spirit for flowers and to endow the body with things. And when we see this charming, charming and fragrant peach blossom, we will also be associated with it and send something. At that time, Brother Mingbo was sitting on a stone, and his demeanor was quite calm. There was quite a solemn gesture of "being deep and inexhaustible, sitting on a stone and forgetting to return". If you look at flowers like you are right, you should be sincere in your ambition. Yuan Zhonglang once said, "It’s abrupt for a husband to admire flowers sometimes, but not sometimes." This is a reflection relative to humanistic philosophy. "Wen Xin Diao Long Looking for" said: "It is a place where poets feel things, and when they are not poor, they are lingering in Vientiane, and they ponder over hearing and hearing; Writing a picture of the gas, not only turns around with things; It is attached to the sound, and it also lingers with the heart. "After tossing and turning, Brother Ming Bo repeatedly said, "This scene is simply beautiful, and it can be presented in various ways, but it can be endlessly daydreamed." There is a little teasing in the words. However, I believe that in Brother Mingbo’s mind, such a lack of scenery will arouse his ambition, or he will resort to wonderful ink painting.

"Qiushi Pavilion" spirals about two kilometers to the south, not far from the west along the promenade. There is a pond near the rock gully, and there are ancient trees and peach blossoms on the shore that stretch out in the center of the pond, and the flowers are floating, which can show fish play. Tao Zongyi, a poet in the Ming Dynasty, wrote in his poem "Swimming with Flowers": "The flowers fall into rouge patches. When you come to play in the morning and swim in the fish, the rain and green waves are like practice. "This situation is as calm as water and comfortable.

However, when flowers bloom and fall, there are sometimes many feelings: life is like a dream, just like this rosy, gorgeous and enchanting peach blossom, which is full of vigor and vitality, and there are also "thin peach blossoms chasing the water". However, Zhao Mengfu, a poet and painter in the Yuan Dynasty, has no such carefree interest as still water and Zen, which makes him feel quite sad and helpless. There are both nostalgia and sighs in the poem. Such a cloud:

The dissolved green water is as thick as dye, and the wind sends the fallen flowers to spring.

Go back to the old pool hall with your head white and watch the fish swim in the white waves.

Most of this square pond is made of poetry, and it is well-intentioned because of the reason. When the grass grows and the warblers fly, the mountains are green and the waters are green, it is rare to have this kind of leisure, and I also use this sentence to fit the opportunity:

Half-tree demon’s peach shadow is dancing, and a pool of spring water is clear.

Idle red crimson carp is better than red carp, and many flowers bloom.

During the few days of training and study in the Party School, I will definitely come to this "golden tripod" to relax my mind, enjoy the blooming peach blossoms and breathe the fresh air of "tourists straying into Taoyuan Road", which can also be regarded as a release of meditation. It is a pleasure of life to hook up with historical masterpieces and chant the charm of poets. With peach blossom as the theme, the painting styles in the past dynasties include the simplicity of the Song and Yuan Dynasties, the brilliance of the Ming and Qing Dynasties, and the modernity. Only when you are idle in life can you get a taste of love. It is rare for people to have leisure, and it is even more rare to enjoy the spring in leisure. Invite sages to get together and make friends with books. In this training session, the literary and art circles were also gathered. In addition to Liu Mingbo, Dean of the Academy of Fine Arts of Shandong Normal University, the library also invited Guo Qiang, Chairman of the Qingdao Calligraphers Association, to visit and exchange, and left a precious Mo Bao. Of course, Duan Lin, the head of Tongyuan Design Institute (Group), was also invited to participate in the interaction. Spring breeze makes people laugh, and peach blossoms make people laugh. Being able to invite a kind of golden dome to sit on it, all of them are guests, and they are fascinated by the past and have a little seclusion. Naturally, this charming peach tree and peach blossom and the elegant affairs of the past are indispensable. A poem "Fei Peach Blossom" by Li Xianyong, a poet in the Tang Dynasty, is really reminiscent and inspiring. Listen to this: "Who is left by the boundless providence? I am deeply dyed with peaches to win the tour. If you are not drunk, you will remember when you wake up. If you want to open it, you will worry about falling. " Peach blossoms are charming, gorgeous, glamorous and burning, which makes people linger and yearn for them. Although Tao Yuanming’s "Peach Blossom Garden" is a virtual idea, its writing is unpretentious and delicate, and it is amazing to read it! Today’s trip to enjoy flowers in spring seems to have many feelings. Although there are poems that are popular but not published, paintings are popular but not achieved.But deep down, there are indescribable feelings and excitement.

Every day after dinner, I will make an appointment with several friends to read and write in the library and talk about life in order to send them away. The greatest happiness in life is to visit famous places and make friends. All literary talents are wise and romantic, and there will be conscience in karma. In the campus library, there is a quiet and optimistic female librarian in Wen Ya. Her name is Xu Qizhi. Although it sounds ordinary, it is also meaningful and upright. Every day, we visit the library to read the materials, check the history of the Party, and learn about it. She can take pains to serve with courtesy, or spread paper and grind ink, or wash pens and make tea, and she can be methodical and look around carefully. After a few days, we became the guest of honor. When it comes to writing with flowers, we know that she is a talented woman who is "modest and quiet, with soft shoulders and blooming flowers". First, I sent her several essays, such as her recent work "Apricot Tree in Grandma’s Family", in order to enlighten her. She even said, "In fact, I have written about Grandma, and my childhood memory really benefits me all my life. When I go back, I must read it carefully." Later, we couldn’t help talking about literature, such as the last scholar, the prodigy, Lu Xun, Hu Shi, Gu Hongming, Chen Yinque, Liang Shuming, etc., all of which were happy and talked about everything, which is self-evident. As long as it is about literature and history, we all talk sincerely enough, without exaggeration or ostentation, and we are excited. Some people say that "talking about literature is a comfort to each other", but I think there is nothing wrong with this statement.

Name: Spring scenery in Wuling

Author: Yun Shouping (Qing Dynasty)

In the library, Tianjiao is hidden, and the phoenix falls in the golden dome. Life in xu teacher is very simple, with two points and one line every day, and nothing else. This job was decided by her. As always, she will never give up. In fact, she is a real cultural scholar and a Zen practitioner. After my repeated requests, she presented me with the collection of essays "Amber in the Night" published many years ago. When I finished my study, I read it on the spur of the moment. I was inspired by the truth, the sincerity of people and the prosperity of flowers, and I felt a lot.

Let go of the spring and enjoy the flowers. Planting peach blossoms in the golden dome is more intriguing than understanding life in Peach Blossom Spring. Because, every time you enjoy the flowers, there will be poets in harmony, calligraphers in harmony, and painters in love. This spring, there are not only flowers as the media, but also Zhong Ling’s beautiful and imaginative "Zhong Jinding" and the "Peach Blossom Edge" that people encounter.(Text/Xiaoquan Du On the morning of April 6, 2023, I went to Xiayimei.com in Qianfo Mountain.)

Brief introduction of painter and calligrapher

Xiaoquan DuBorn in Linyi, Shandong Province in February 1972. Postgraduate degree, party member, Democratic Party of China Agriculture and Workers. He studied calligraphy and seal cutting in the Fine Arts Department of Nanjing Art Institute and aesthetics in the School of Philosophy of China Renmin University. Member of the 11th and 12th Shandong Provincial Political Consultative Conference, member of the Social Legal Committee of the Shandong Provincial Political Consultative Conference, and member of the Standing Committee of the 11th and 12th Shandong Youth Federation. Member of the seventh and eighth Shandong Provincial Committee of the Agricultural and Labour Party, deputy director of the Shandong Provincial Culture and Sports Working Committee of the Agricultural and Labour Party, and chairman of the Shandong Provincial Art Branch of the Agricultural and Labour Party. He is currently the vice president of the Central Painting and Calligraphy Institute of the Agricultural and Labour Party, the president of the Shandong Painting and Calligraphy Institute of the Agricultural and Labour Party, the director of the Shandong Artists Association and the member of the China Prose Society.

Published works:

In September, 2001, Wen Yuan Wan Xiang Xiao Quan Art Criticism Collection.

September, 2007, Exploration of Art, Collection of Studies on Xiaoquan’s Art Theory.

Xiaoquan Du’s Collection of Chinese Paintings, September 2007.

October 2008 "China Flower and Bird Painting Techniques Xiaoquan Du Freehand Plum Blossom"

June 2009 "Xiaoquan Du Freehand Orchid Course"

In August 2008, Xiaoquan Du’s Calligraphy Collection Lingu Juan.

In August 2012, Yi Yan Tian Xin Xiaoquan Du’s Collection of Poems, Calligraphy and Paintings, and Xiaoquan Du Volume, a Collection of Contemporary Famous Flower and Bird Paintings.

In October, 2015, The Collection of Paintings and Calligraphy of the 10th Anniversary of Xiaoquan Du Keji Chronicle.

In September 2017, "Taking the Ancient as an Apprentice and Xiaoquan Du’s Flower and Bird Painting Collection"

June 2019 "Xiaoquan Du’s Chinese Painting Sketch"