万达拟将商业地产公司从香港退市

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.

中国第二大富豪王健林拿出44亿美元私有化在香港上市的大连万达商业地产(Dalian Wanda Commercial Properties)，该交易突显出中资集团寻求在内地上市以提高估值。

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.

大连万达集团(Dalian Wanda Group)提出以每股52.80港元（合6.79美元）将旗下商业地产公司从香港退市，距其以每股48港元的发行价上市还不足18个月。大连万达集团是王健林私有的从房地产到好莱坞的商业帝国的核心企业。

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.

该集团在今年3月首次提出退市可能性，本周一提出比当时报出的底价高出10%的确定报价。该报价也代表着较私有化消息公布之前的价格有44%的溢价。

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.

王健林的财富建立在其综合用途的房地产开发项目——万达广场的基础之上，但近年他涉足娱乐业，收购了好莱坞电影公司传奇娱乐(Legendary Entertainment)以及美国电影院线。上周末，他的主题公园“万达城”(Wanda City)抢在上海迪士尼之前开业，与迪士尼(Disney)展开较量。

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.

万达是在港上市中资公司中寻求退市的遥遥领先的最大企业，此举可能标志着已在那些在美上市的中资公司中流行的趋势蔓延。Dealogic的数据显示，在美国上市的中资企业今年迄今提出了价值70亿美元的私有化要约。去年这些企业提出了创纪录的320亿美元的私有化报价。

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.

退市动力来自在上海和深圳上市估值更高。在内地和香港两地同时上市的中国企业今年A股股价比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，在美国上市的中资企业也很难吸引分析师和投资者的注意。

Analysts have speculated that Hong Kong-listed Evergrande Real Estate could follow Wanda in seeking to go private.

分析师猜测，在港上市的恒大地产(Evergrande Real Estate)可能在万达之后寻求私有化。

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 2017, 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.

周一，大连万达集团强调了其香港H股的低流动性以及其交易提供的确定价格。自2017年12月上市以来，万达地产股价在去年6月创出77港元的高点，然后随着内地股市暴跌而不断下跌。在万达集团提出私有化报价前，该公司全年的价格都未超过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.

周一，万达表示，该交易启动的时间较预期长。此前它需要更多时间来确保融资，敲定与投资者的条款，而且最重要的是决定是否推进退市计划——因为中国正就是否限制公司重回内地上市展开辩论。