萬達擬將商業地產公司從香港退市
China’s second-richest man has offered $4.4bn to privatise Hong Kong-listed Dalian Wanda Commercial Properties in a deal that underlines Chinese groups’ efforts to seek better valuations by listing on the mainland.
中國第二大富豪王健林拿出44億美元私有化在香港上市的大連萬達商業地產(Dalian Wanda Commercial Properties)，該交易突顯出中資集團尋求在內地上市以提高估值。
Dalian Wanda Group, the privately held linchpin of Wang Jianlin’s property-to-Hollywood empire offered HK$52.80 ($6.79) per share to delist its commercial property unit from Hong Kong. The offer comes less than 18 months after it floated the business at HK$48 per share.
大連萬達集團(Dalian Wanda Group)提出以每股52.80港元（合6.79美元）將旗下商業地產公司從香港退市，距其以每股48港元的發行價上市還不足18個月。大連萬達集團是王健林私有的從房地產到好萊塢的商業帝國的核心企業。
The group first raised the prospect of delisting in March and on Monday made a firm offer 10 per cent above the floor it set back then. The offer also represents a 44 per cent premium to the undisturbed price.
該集團在今年3月首次提出退市可能性，本週一提出比當時報出的底價高出10%的確定報價。該報價也代表着較私有化消息公佈之前的價格有44%的溢價。
Mr Wang’s fortune is founded on his Wanda Plaza mixed-use property developments but more recently he has moved into entertainment with the purchase of Hollywood studio Legendary Entertainment as well as US cinema chains. At the weekend, he took on Disney with the launch of Wanda City, a theme park, ahead of the launch of Disneyland Shanghai.
王健林的財富建立在其綜合用途的房地產開發項目——萬達廣場的基礎之上，但近年他涉足娛樂業，收購了好萊塢電影公司傳奇娛樂(Legendary Entertainment)以及美國電影院線。上週末，他的主題公園“萬達城”(Wanda City)搶在上海迪士尼之前開業，與迪士尼(Disney)展開較量。
Wanda is by far the largest Hong Kong-listed Chinese company to seek a delisting and its move could mark a widening of the trend already seen among Chinese groups listed in the US. US-listed mainland groups have launched take-privates worth $7bn so far this year, according to Dealogic. Last year a record $32bn offers were launched.
萬達是在港上市中資公司中尋求退市的遙遙領先的最大企業，此舉可能標誌着已在那些在美上市的中資公司中流行的趨勢蔓延。Dealogic的數據顯示，在美國上市的中資企業今年迄今提出了價值70億美元的私有化要約。去年這些企業提出了創紀錄的320億美元的私有化報價。
The desire to delist is being driven by the higher valuations on offer in Shanghai and Shenzhen. Shares in dual-listed Chinese companies are on average this year a third more expensive on the mainland than in Hong Kong. Except for the very biggest companies such as Alibaba, US-listed Chinese groups have also struggled to win attention from analysts and investors.
退市動力來自在上海和深圳上市估值更高。在內地和香港兩地同時上市的中國企業今年A股股價比H股平均高出三分之一。除了阿里巴巴(Alibaba)等最大的公司以外，在美國上市的中資企業也很難吸引分析師和投資者的注意。
Analysts have speculated that Hong Kong-listed Evergrande Real Estate could follow Wanda in seeking to go private.
分析師猜測，在港上市的恆大地產(Evergrande Real Estate)可能在萬達之後尋求私有化。
On Monday Wanda Group highlighted the low liquidity of its Hong Kong “H” shares and the pricing certainty its deal offered. Since listing in December 2014, its shares reached a high of HK$77 in June last year before succumbing to China’s stock market rout. Before the offer, the company had not traded above HK$48 all year.
週一，大連萬達集團強調了其香港H股的低流動性以及其交易提供的確定價格。自2014年12月上市以來，萬達地產股價在去年6月創出77港元的高點，然後隨着內地股市暴跌而不斷下跌。在萬達集團提出私有化報價前，該公司全年的價格都未超過48港元。
On Monday Wanda said that the deal took longer to pull together than it had anticipated. It needed more time to secure financing, finalise terms with investors and crucially, decide whether to proceed at all given a debate in China over whether to put limits on companies returning to relist.
週一，萬達表示，該交易啓動的時間較預期長。此前它需要更多時間來確保融資，敲定與投資者的條款，而且最重要的是決定是否推進退市計劃——因爲中國正就是否限制公司重回內地上市展開辯論。
