As the year 2024 is coming to an end, Dalian’s “Wanda Group” and its leader Wang Jianlin have once again been chased by Sunac China Holdings Ltd. (referred to as “Sunac”) for a debt of 9.5 billion yuan.
According to market sources, on December 17th, Sunac filed an arbitration against Dalian Wanda Group with the China International Economic and Trade Arbitration Commission, demanding the payment of 9.5 billion yuan for the repurchase of shares. The arbitration application has been accepted.
On December 19th, an informant close to Sunac China confirmed the above news to the Xinjing News.
Just two months ago, Suning.com announced that Suning.com and its subsidiary, Suning International Group Co., Ltd., had applied to the same institution for arbitration against Dalian Wanda Group, demanding a payment of 5.041 billion yuan for the repurchase of shares, but there has been no further update since then.
It is well known that Sunac is led by Sun Hongbin, Suning.com is led by Zhang Jindong, and Dalian Wanda Group is led by Wang Jianlin, who are all old friends in the same circle.
In early 2018, the official website of Dalian Wanda Group revealed that, led by Tencent Holdings as the main initiator, a strategic investment agreement was signed with Suning, JD.com, Sunac, and Wanda Commercial, planning to invest approximately 34 billion yuan to acquire about 14% of the shares held by Wanda Commercial at the time it delisted from the Hong Kong Stock Exchange. Suning and Sunac both contributed 9.5 billion yuan, JD.com contributed 5 billion yuan, and Tencent, as the main initiator, invested around 10 billion yuan.
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This update sheds light on the ongoing financial disputes and debt challenges faced by major corporations in China, particularly involving prominent figures like Wang Jianlin and the intricate relationships within the business realm. The arbitration actions taken by Sunac against Dalian Wanda Group indicate a complex web of financial entanglements in the corporate world.
Furthermore, the interconnectedness of key players in these disputes, such as Sun Hongbin, Zhang Jindong, and Wang Jianlin, showcases a tight-knit circle within the business community. Their past collaborations and shared investments reflect the intricate nature of business relationships and investments in China’s corporate landscape.
The history of strategic investment agreements and significant financial commitments made by various companies highlight the high-stakes nature of corporate dealings in China. The substantial amounts involved in these transactions underscore the scale and complexity of financial operations within the business sector.
Overall, these developments underscore the importance of transparency, legal arbitration, and financial accountability in the corporate world, as businesses navigate challenges and disputes in the pursuit of financial stability and growth.