标签： 西安品茶

Titanium media note: This article comes from WeChat official account Phoenix WEEKLY Real Estate (ID: FHZKDC), author | Fu Linlin, editor | Cao Bei, titanium media is authorized to publish.

On the last day of the deadline, Wanda submitted its prospectus for the fourth time. The same thing was repeated several times, but Wanda still failed to go public.

Just before the announcement of the prospectus, Wanda Commercial Management suspended its application for the issuance of 6 billion-scale small public bonds.

In the first half of this year, Wanda lived between two faces: on the one hand, a string of excellent figures were presented to the regulators, waiting to be listed in the capital markets; on the other hand, the issue of the capital chain was directly put on the table, questioned by the China Securities Regulatory Commission, frozen equity, and project rights protection.

No one can give a definite answer. What happened to Wanda?

But expectations for the company have clearly reversed, from the prospect of returning to the top of the housing company to being in the quagmire, waiting for rescue.

On June 28, the official website of the Securities Supervision Commission announced the notice of the suspension of registration procedures for domestic bond issuance by Dalian Wanda Commercial Management. The planned issuance scale of the small public offering is 6 billion yuan, and the main underwriters are Guotai Junan and Kaiyuan Securities.

This is Wanda’s initiative to apply for the suspension of bond registration. In the face of the difficulties in financing real estate enterprises, the reasons behind the suspension of registration by Wanda Commercial Management have caused a lot of speculation, many of which are related to the listing of Zhuhai Wanda.

Wanda’s explanation is that Dalian Wanda Commercial Management terminated the issuance of small public bonds because the market conditions did not meet the company’s expectations and voluntarily gave up the issuance. However, the suspension of the bond registration process of the distribution company will not have a significant impact on the company’s liquidity in the short term, and it does not rule out resubmitting the bond issuance application in the future if conditions are met.

According to relevant regulations, if the China Securities Supervision Commission and the stock exchange decide to suspend the review based on the application of the issuer and the lead underwriter, after the relevant circumstances disappear, the issuer and the lead underwriter may apply to the China Securities Supervision Commission and the stock exchange to resume the review.

The bond has experienced many twists and turns since the application began.

On March 21, the website of the Securities Supervision Commission issued an inquiry letter on the application documents of the joint stock company of Dalian Wanda Commercial Management Group to disclose the bonds of the distribution company to professional investors.

Zhuhai Wanda, a subsidiary of Wanda Commercial Management Group, is currently applying for listing on the Hong Kong Stock Exchange. If the listing is not successful at the end of 2023, Wanda Commercial Management Group needs to pay about 30 billion yuan to pre-listing investors for share repurchase.

The Securities Supervision Commission requested Wanda Commercial Management Group to further post script on the listing progress of its subsidiary Zhuhai Wanda and assess the impact of the above matters on the issuer’s short-term solvency.

According to the disclosure of the application materials, in the past three years and the first phase (2020, 2021, 2022 and 2023 January-March), the net cash flow generated by the financing activities of Wanda Commercial Management Group was – 24.50 billion yuan, – 32 billion yuan, – 11.30 billion yuan and – 18.20 billion yuan.

The Securities Supervision Commission requires Wanda Commercial Management Group to post script the reasons and rationality for the continued large negative net cash flow of financing activities, and to evaluate the impact on the repayment of this bond.

According to the "Administrative Measures for the Issuance and Trading of Corporate Bonds" (Order No. 180 of the Securities Supervision Commission), Wanda Commercial Management Group is required to implement it item by item and submit a written reply and electronic documents to the Shanghai Stock Exchange within 3 months. If the reply cannot be made on time, the Securities Supervision Commission may make a decision to terminate the review according to law.

At present, Wanda Commercial Management has not replied to the above questions, but has only publicly replied to some news circulating in the market.

A real estate investment and financing person told Phoenix WEEKLY Real Estate: "If Wanda wants to reply, the principal and the law firm must confirm the signature. After this aspect is resolved, the regulators will agree or not."

Shen Meng, a director of Chanson Capital, said: "Suspension of bond issuance is usually chosen after full informal communication with relevant institutions and confirmation that it is difficult to move forward. Therefore, it cannot be ruled out that Wanda believes that the success rate of bond issuance at this time has been greatly reduced based on the current overall situation."

The suspension of bond registration and the issuance of the fourth prospectus at the same time have also raised questions about whether the two are related.

However, a Financial Institutions Group source told Phoenix WEEKLY: "The main body is different. Wanda Commercial Management needs money now, and the money after the listing should be to increase capital to Zhuhai Wanda. The impact on Wanda Commercial Management is that there is no need to deal with the redemption of shares."

In fact, the suspension of the financing of the 6 billion still has an impact on the Wanda business management in a state of tight funds. Recently, there have been rights protection in many places such as Wanda business tickets and housing delays.

Wanda is also raising money by selling stakes in project companies.

On June 26, according to the information disclosed by the National Enterprise Credit Information Publicity System, the shareholders of Wuhan Huada No. 9 Innovation Investment Partnership (Limited Partnership) under Wanda Real Estate changed.

According to the change of shareholders information, Wanda Real Estate Group Co., Ltd. and Huarong Capital Management Co., Ltd. respectively transferred 85.7206% of the shares and 0.3175% of the shares of Wuhan Huada No. 9 Innovation Investment Partnership (Limited Partnership), and the transferee was China Huarong Asset Management joint stock company.

After the equity transfer, China Huarong held 86.0381%, Wanda Real Estate Group Co., Ltd. held 13.9104%, and Huarong Capital Management Co., Ltd. held 0.0515%.

The only foreign investment company of Wuhan Huada Jiu Innovation Investment Partnership (Limited Partnership) is Wuhan Wanda East Lake Real Estate Co., Ltd., which is the project company of Wuhan Central Cultural District.

Here is Wanda’s benchmark project, Hanjie.

According to public information, the Wuhan Wanda Chuhe Han Street Project is located in the Wuhan Central Cultural Center. It is a "world-class cultural tourism project" built by Wanda with culture as the core and integrating tourism, commerce, business and residential functions. The project is the largest investment in the cultural industry of a single project in China. The investment in pure culture reaches 8 billion yuan, the total investment is about 30 billion yuan, and the total construction area is 3.40 million square meters. It officially opened on September 30, 2011.

A person familiar with the matter told Phoenix WEEKLY Real Estate: "In fact, it was in May. On the surface, it was an equity financing. In fact, Chongqing Trust expired and had no money to pay it back. I asked Huarong to do a financing. In fact, it was a real debt."

And "Phoenix WEEKLY Real Estate" found that the project companies under Wanda Real Estate Group are basically 100% shareholding, and only a few trust companies have been introduced as shareholders. It is difficult to guarantee that this method of Wuhan projects will not be replicated in the future. After all, many of Wanda’s real estate projects across the country are facing the risk of shutdown.

The above-mentioned fund person said: "The key is for the Financial Institution Group to recognize Wanda. Trusts are all raised money and cannot come out. Investors will protect their rights."

At present, the financing channel of Wanda Plaza is still smooth.

On June 13 this year, the Shanghai Stock Exchange disclosed that the project status of the first phase of the asset-backed special project plan of CICC Huatai-Wanda Plaza was updated to "Feedback". The bond variety is ABS, the proposed issuance amount is 3.501 billion yuan, the plan manager is Huatai Securities (Shanghai) Asset Management Co., Ltd., the original equity is Dalian Wanda Commercial Management Group joint stock company, and the project acceptance date is March 30, 2023.

This year, the Securities Supervision Commission has conducted two inquiries on Wanda, the first for bond issuance and the second for listing.

Listing is the biggest hurdle for Wanda this year. According to the latest version of the prospectus, in 2022, Wanda Commercial Management will achieve revenue of about 27.12 billion yuan, gross profit of about 12.984 billion yuan, profit before tax of 9.303 billion yuan, and net profit attributable to shareholders of about 7.503 billion yuan.

In terms of business scale, by the end of 2022, Wanda Commercial Management managed 472 commercial plazas with a construction area of 65.60 million square meters under management. In 2020, 2021 and 2022, the average occupancy rate of Wanda Commercial Management’s commercial plazas under management (excluding parking spaces) was 98.6%. By the end of 2022, Wanda Commercial Management had 181 reserve projects, including 163 independent third-party projects.

The data is still very bright, but the key question, Wanda still did not reply.

In June, the Securities Supervision Commission released the latest "requirements for publicity of supplementary materials for the filing of overseas issuance and listing", of which Zhuhai Wanda was the first to issue seven requirements, involving six issues.

Among them, it is required to clarify the post-listing fundraising management and red lines, as well as to refine the fundraising management and commitment not to directly or indirectly flow into real estate.

In addition, according to the prospectus, Zhuhai Wanda’s cumulative cash dividends during the reporting period (2019 to 2021 and the first half of 2022) were 13.27 billion yuan, exceeding the total net cash flow from operating activities for the same period by 11.548 billion yuan.

In addition to the huge dividend, Zhuhai Wanda’s shareholder meeting in late September last year approved the "dividend 3.478 billion yuan" proposal. After listing, the board of directors plans to recommend at least 65% of the annual distributable profit to be used for dividends at the shareholder meeting.

The Securities Supervision Commission requires Zhuhai Wanda to explain: the rationality of the cash dividend amount and future cash dividend policy during the reporting period, whether there is a significant impact on the company’s solvency and continuing operation, and the necessity and rationality of implementing this financing in the case of large cash dividends.

The two questions directly point to the relationship between real estate and business management in Wanda’s business.

One analyst said: "In Wanda’s business system, the existing funding problem is the real estate business. The rental income goes to the commercial management, and the depreciation of shopping malls and loan interest go to the real estate. This has resulted in high profit margins in the commercial management business, which is convenient for listing. Before listing, the profits were used to repay the debt of the real estate, but after listing, the money is not easy to do. The problem with the Securities Supervision Commission is that since you have so much profit to pay dividends, why are you still listed for financing?"

Other issues related to corporate governance, the relationship with the parent company, the authenticity of data, and the risk of gambling all require Wanda to resolve them one by one.

"With Wanda’s current business income, if the Zhuhai Commodity IPO cannot go ahead, Wanda’s solvency may be greatly weakened," Ms Shen said. "Zhuhai Commodity IPO has been delayed and Dalian Wanda has suspended bond issuance, which will exacerbate the tension in Wanda’s capital chain and even cause liquidity risks."

For Wanda, the top priority is to go public, but under the many problems, it is difficult to attract widespread attention by submitting a listing application four times. The outside world is only waiting for the end of the year. Before that, this giant ship is still sailing in the fog. If it wants to go public smoothly, it may first have to sail out of the fog.

On January 4, the National Influenza Center released the 52nd week of "Influenza Surveillance Weekly Report". The monitoring data showed that the positive rate of influenza virus testing in southern provinces increased this week, while that in northern provinces decreased. The A (H3N2) subtype (that is, influenza A) is the main type, and the proportion of B (Victoria) series (that is, B) continues to increase. During the same period, the Meituan Drug Buying Health Index on January 5 shows that the national A and B stream-related drugs oseltamivir and Sufuda have fallen behind after a short period of demand last week, and the search and order volume of drugs have shown an upward trend this week. At present, Meituan Pharmaceutical has opened a home express inspection service in Beijing, Shanghai, Guangzhou and Shenzhen. Doctors remind a variety of influenza and respiratory diseases during the epidemic period, and it is meaningful to identify the

According to CCTV news client side news, Shanghai Children’s Hospital’s recent outpatient and emergency patient test results show that the total number of influenza patients has not changed in recent times, but the proportion of outpatient and emergency influenza patients has risen from less than 10% in early December to more than 40% in recent days. But overall, there are still more A-stream patients than B-stream patients. Meituan’s health index shows that in addition to the growth of A-stream and B-stream drugs, the search for cough medicine dextromethorphan nationwide has nearly doubled this week. Nasal congestion, runny nose, cough, sore throat, and fever have become high-frequency terms for recent inquiries.

Figure: In the past week, right methorphan has nearly doubled, and nasal congestion, runny nose, cough, sore throat, and fever have become high-frequency words for recent inquiries (Source: Meituan Drug Buying Health Index)

From a city-by-city perspective, the order volume of oseltamivir Shenzhen has nearly doubled in the week; the order volume of Sufuda in Changzhou, Taiyuan, Fuzhou, Dalian and Shantou has more than doubled in the week; the order volume of dextromethorphan in Xuzhou, Taiyuan and Huizhou has more than doubled in the week. Overall, the jump rate in East China and South China is more obvious, and everyone still needs to pay attention to protection.

Figure: Influenza-related drugs as a whole have jumped more significantly in East China and South China (Source: Meituan Buying Drug Health Index)

After the recent B-stream related news frequently appeared on the hot search, many netizens also said: "I thought that the A-stream was about to be sent away, but I didn’t expect the B-stream to come again. After I have symptoms, I don’t know what virus I have been recruited?" In this regard, the person in charge of the Meituan Pharmaceutical Pharmacy Service Center introduced: "Among the several epidemic diseases that have received high attention recently, the A and B stream has the characteristics of urgent onset, hot topic, headache, and muscle soreness all over the body. The body temperature often peaks within a few hours or 24 hours, reaching 39-40 ° C, or even higher; COVID-19 patients usually have fever, cough, shortness of breath, fatigue, headache, sore throat, and myalgia symptoms, and a small number of patients will have abnormal sense of smell and/or taste; while the common cold is mostly caused by viruses, a small part is caused by bacteria, and local symptoms are the main ones, including sneezing, runny nose, nasal congestion, sore throat, cough, etc. Generally, there are few fever symptoms, or only low fever. If you can’t tell the difference, you can test the results first and then treat it symptomatically. "

Ms. Fei, who lives in Beijing, has been sneezing frequently recently, has a runny nose, coughs, has a dry and itchy throat, and her whole body is sore. Because she doesn’t know what type of disease she is suffering from, she first ordered the "home express inspection" service on Meituan to buy medicine. She received the test report in about three hours and found that she was not infected with A and B. Then, Ms. Fei asked the doctor at the entrance of Meituan to ask the respiratory physician of Tier 1 hospital how to take medicine. The respiratory doctor who received the treatment asked Dr. Liu in detail about Ms. Fei’s specific symptoms and medication. According to the test results and the patient’s symptoms, it is more likely to consider ordinary influenza. Therefore, she prescribed relevant medicines for Ms. Fei and provided detailed medication instructions and health suggestions.

The relevant person in charge of Meituan Pharmaceutical Pharmacy Service Center specially reminded that antiviral drugs should be taken symptomatically according to the doctor’s instructions. You should not reduce the dosage or blindly stop the drug after the symptoms are relieved. You need to take it in sufficient quantities and for a full course of treatment under the guidance of a doctor. Similar antipyretics cannot be taken together. For example, ibuprofen and acetaminophen are both non-steroidal antipyretic and analgesic drugs. Avoid combining them to avoid overdose or toxic synergy. Do not take cold medicines containing the same ingredients repeatedly. Most compound cold medicines contain acetaminophen to avoid liver damage caused by overdose of acetaminophen. During the medication period, you should avoid smoking, alcohol and spicy, cold and greasy foods. It is not advisable to take tonic traditional Chinese medicine at the same time during the medication.

At the same time, the New Year’s Day holiday has ended, and the person in charge of Meituan Pharmacy Service Center also reminded that after the holiday, you should pay attention to the adjustment of work and rest, especially after returning from foreign travel, you should keep warm or take off clothes according to the specific situation. In addition, daily preventive measures are essential to block the spread of B stream. It is recommended that you pay more attention to your own situation and maintain good hygiene habits.

Lead: A few days ago, the Passenger Transport Association released the express of retail sales ranking in August 2022. Among them, in the Top15 of the car market, BYD emerged three models, namely BYD Qin (37,511 units), BYD Han (25,987 units) and Dolphin (23,298 units). It must be said that from the performance in recent months, BYD really got up. Today, the model we want to talk about is BYD Han. This model with an average price of 250,000+has sold more than 20,000 for four consecutive months, which is obviously worth mentioning separately.

Reasons for BYD Han’s sales from 10,000+to 20,000+

From February to April this year, BYD Han’s sales performance showed a steady increase, but they all hovered around 10,000 units. In May, BYD Han’s sales increased by leaps and bounds to 20,000+,and it has achieved a month-on-month growth for four consecutive months. Then, from 10,000+in April to 20,000+in May, what is the reason behind the sharp increase in BYD Han’s sales?

In fact, BYD launched a brand-new BYD Han model in April, in which the popular DM-i super hybrid was replaced for Han’s hybrid model, although it arrived late; At the same time, the Han EV model also uses a larger battery in exchange for longer battery life and stronger power. At the same time, compared with the old model, the new model has been obviously upgraded in appearance, interior, configuration, car machine and other parts, and the comprehensive product strength has been improved more than a little compared with the old model. Therefore, in terms of attractiveness and competitiveness, this car is naturally much stronger.

From the above, it is not difficult to find that the overall progress speed of BYD is not limited to new energy technologies, which is visible to the naked eye. In 2020, BYD Hanxiang was launched, and in the past two years, BYD Hanxiang has made many innovations. One month after the listing of the brand-new BYD Han, the sharp increase in market sales performance is also the best embodiment of BYD Han’s strength.

Is BYD’s brand going up?

So, judging from BYD Han’s sales performance and BYD’s average bicycle price, has BYD’s brand upward road achieved results?

Undeniably, BYD is the only independent brand that has an average transaction price of 250,000+and can sell 20,000+in a single month. At the same time, this performance makes BYD naturally hook up with the brand.

Only when you have strength can you have confidence. Relying on leading technologies such as DM-i, blade battery and independent power generation, BYD dares to enter the market of 200,000-300,000. Of course, from the overall performance, it is not just to raise the price to gain high-end recognition, but to be able to live up to its price in comprehensive strength, and at the same time, it is relatively superior to the joint venture competing models of the same level and price, whether in Han or Tang.

On the whole, BYD, whose price range covers 40,000-340,000 yuan, successfully surpassed Volkswagen’s 145,400 yuan with an average price of 153,200 yuan in January last year, and it is still showing an upward trend. According to the latest data this year, BYD’s average transaction price rose to 174,000. It is obviously very convincing to compare it with the best-selling and most recognized public in China. Of course, it is not difficult to find that BYD is now catching up with the joint venture brand represented by Volkswagen in all directions. This can’t help but make people sigh that Volkswagen may still be the same Volkswagen, and BYD is not the same BYD as before.

Obviously, the increase in the average price of BYD models is not only brought by the brand’s mid-to high-end models. In the 100,000-200,000-level market, the prices of BYD-related models have also increased significantly compared with the past. For example, the price of Qin PLUS for A-class cars has been confidently set at 175,800, and the new energy price of Song PLUS has reached 216,800. Similarly, its price increase is driven by product strength. The above two, the sales results in August were 38,000 and 42,000 respectively.

Therefore, considering the average bicycle price and overall sales volume, we can’t deny that BYD’s brand is on the way up.

BYD has set up a beam of light for its own brand.

In the past two years, most of the independent brands have been shouting about brand upward, and they have also put them into practical action, but the benefits and effects are very small. As we all know, most self-owned brands start with low-end models, so their impressions in the eyes of Chinese people are relatively low-end. Now, although it takes a lot of practical actions to make brands go up, it is undoubtedly not easy for consumers to recognize them. Difficult, but it doesn’t mean impossible. The initial success of BYD’s high-end brand has undoubtedly made a good start for other independent brands that take the road of brand upward, and at the same time set up a beam of light.

BYD’s success, in addition to taking the lead in identifying the forward-looking vision and strategy of the new energy track, we also need to pay attention to the leading strength of new energy technology and products themselves.

The penetration of new energy wave has undoubtedly opened up a new track for the market, and this track is also the most likely place for independent brands to succeed.

Nowadays, independent brands have gradually entered this new energy track. We can not only see BYD at the forefront, but also the hybrid technologies and models of these fast-responding independent brands, such as Geely Raytheon, Chery DP-i, Great Wall Lemon, Changan IDD, followed closely and chased after BYD’s leading position.

Achuan pingche

Generally speaking, from the success of BYD’s high-end model, Handan’s monthly sales volume of 20,000+,to BYD’s rapidly increasing average bicycle price and excellent sales volume, we can see the fruitful results of BYD’s focus on new energy. At the same time, it also points out a direction for other independent brands to go up, that is, to enter the new energy track. I hope that in the next few years, we can see more independent brands relying on the new energy track to complete the brand-up strategy and surpass the joint venture brands in an all-round way. (Text /Shen)