China Times Shuipi: Ye Ning resigned and Gao Qunyao became executive vice president of Wanda Film and Television Holdings

The joining and departure of senior executives will not affect Wanda's development direction, nor even its speed. Of course, this itself constitutes Wanda's core competitiveness and is also the fundamental guarantee for Wanda's stable and rapid development.

Editor's note: The development speed and explosion of the film market have always exceeded the imagination of the industry. Therefore, it has also attracted the influx of large amounts of capital and continuously spawned new industry rookies. For example, Wuzhou Publishing, which was established one year ago, ranked among the top box office results in 2015; But what followed was the acceleration of the flow of talents in the industry. Before the Spring Festival holiday, news about the departure of Ye Ning, vice president of Wanda Culture Group and chairman of Wuzhou Publishing, had already spread. Yesterday, an article published by Shui Pi, a financial commentator for Wanda's China Times, seemed to confirm this news in another way. Gao Qunyao was appointed executive vice president of Wanda Film and Television Holdings, and the new CEO of AMC was the former president of Starwood. So far, Wanda officials have not responded to the "rumors" of this personnel change.

Recently, Wanda has taken frequent actions in culture, film and television, which also shows Wanda Group's "tendency" towards the asset-light cultural industry: On January 12, 2016, Wanda Group just announced the acquisition of American Legendary Pictures for no more than US$3.5 billion in cash. Company, this is the largest overseas cultural acquisition by a Chinese company so far; Wanda Films, a subsidiary of Wanda, is preparing to go public and plans to raise about 10 billion yuan before going public.

The investor's capital contribution method is to transfer the old shares of Wanda Films and increase the capital of Wanda Qingdao. The estimated private equity valuation of Wanda Films is 35 billion yuan; It can be seen from the results in 2015 that the development model of Wanda's cultural industry has also been recognized by the market. Wanda Film and Television Media's total box office in 2015 reached 6.15 billion yuan and revenue of 580 million yuan, completing 180% of the annual plan, a year-on-year increase of 36.1%. Both core indicators of box office and revenue rank first among domestic private enterprises; Wuzhou Film Distribution Company issued box office of 6.7 billion yuan, accounting for one-quarter of the domestic film market share; its revenue was 1.65 billion yuan, completing 183.7% of the annual plan; Wuzhou Publishing Company ranked first among private enterprises in box office and revenue only one year after its establishment; Wang Jianlin, chairman of Wanda Group, once revealed that Legendary Pictures plans to generate revenue of 4.02 billion yuan in 2016; Wanda Pictures Media plans to generate revenue of 1 billion yuan, a year-on-year increase of 71%; Wuzhou Film Distribution plans to box office 9 billion yuan, with revenue of 1.76 billion yuan, a year-on-year increase of 10.6%.

The following is the full text of the reprint,"Water Skin Miscellaneous Talks| Is the transformation of Wang Jianlin's private placement of 10 billion Wanda in his circle of friends lacking enough money?"

Is Wanda short of money?

The answer is of course no. If Wanda is short of money, then what can it use to acquire so many overseas companies? This is true for Winners Sports, Australian theaters, and Legendary Pictures. The acquisition targets are bigger and bigger each time, and the money is bigger and bigger. Naturally, the funds are also setting new records for mergers and acquisitions not only in China, but also in the world.

Isn't Wanda short of money?

Although the answer is no, because for Wanda's ambitions in transition, for the new Wanda territory created by Wang Jianlin, for Cultural Holdings and even the expanding financial group, Wanda's thirst and desire for funds are huge at any time. Obviously, in Wang Jianlin's mind, Wanda's expansion cannot be carried out step by step and rely entirely on its own funds. From ancient times to the present, from the outside to the middle, there has been no successful precedent for real estate companies to transform into service-oriented companies. Not to mention Wanda's idea of building the world's largest sports company and cultural company, especially film and television companies, which must rely on mergers and acquisitions, resource integration, and capital markets. Wanda Cinema Line is the first listed cinema company in China. The huge growth space allows Wanda Cinema Line to become the leader in A-share film and television and even cultural sectors after its listing. The market value exceeds the threshold of 100 billion yuan. Wanda's latest acquisition of Australian cinema line is completed by Wanda Cinema Line. If we consider AMC theaters in the United States and high-quality overseas theaters to be acquired in the future, the box office of Wanda theaters may exceed the global revenue by 20%. Wanda Holdings 'Wuzhou Publishing Company has become the largest private distribution company in China only one year after its establishment. Wanda Films and Television has ranked among the top in the box office in 2015. All films invested in were profitable. They had no intention of planting flowers but had no intention of planting willows. Back then, Time Warner withdrew. The theater line that Wanda has been determined to operate exclusively has now become the pearl of Wanda Film and Television Holdings, and the distribution and production have formed a complete upstream and downstream. Once the Wanda Qingdao Film and Television Base under construction is completed, it will form a unique closed loop. The value of Wanda Film and Television Holdings will be greatly enhanced, Wanda Film and Television's market share will be greatly increased, and Wanda Film and Television's 10 billion private equity will be sold out within a week, with no securities companies participating in it. Wanda and Wang Jianlin's circle of friends alone is already in short supply. There is no doubt that this 10 billion yuan as an investment will greatly reduce the cost of Wanda Films, and will also provide multiple possibilities for Wanda Films to go public or backdoor or restructure. Such private placement is at this moment. The severe winter of capital can be said to be rare in the world, and the cross-border packaging plan of Wanda Films and Legendary Pictures of the United States has already excited investors. Although there is no precedent for putting overseas assets into domestic listed companies, But sharing high-quality IP is also something we would love.

China is almost the country with the least lack of money in the world and the only country with excess liquidity. M2 grows at a rate of more than 13% every year. Domestic investors are worried about the lack of assets. It is precisely in this case that the Chinese government proposed supply-side reforms. Wanda Film and Television is precisely such a target. The supply of 10 billion yuan in private equity exceeds demand.

What is the most expensive in the 21st century? Talent is the most expensive.

Wanda has become what it is today thanks to the team, the system, and the efforts of everyone. Of course, everyone knows that Wanda's core competitiveness is its brain, Wang Jianlin. Wang Jianlin is strategically located and makes decisions at the center. The Wanda team is charging forward and attacking the city. It relies on the organizational system. Wanda's transformation relies on the continuous introduction of talents. The team is becoming more and more international, there are more and more foreign faces, and the name is getting louder and louder. Some people have come in, some people have left. Wanda has established Film and Television Holdings, and Gao Qunyao, senior vice president of News Corporation, took on the post. Ye Ning, who was originally in charge of Wanda Films and Wuzhou Publishing, has taken on a higher job. Even Li Ning of Wuzhou Publishing has become the subject of rumors. There are even busybodies who are afraid of chaos in the world and deliberately creating opposing topics and seeking dramatic conflicts. In fact, there is no need.The joining and departure of senior executives will not affect Wanda's development direction, nor even its speed. Of course, this itself constitutes Wanda's core competitiveness and is also the fundamental guarantee for Wanda's stable and rapid development.

No one, Wanda's transformation can only be a dream. In the past, Wanda relied on the talents of Guangluo to develop. Now Wanda has become a target of poaching talents from all walks of life. Wanda is like a melting pot, like a big military camp. The executives tempered by Wanda are also the targets of major companies competing for poaching talents. Therefore, Wanda is also adapting to this normal situation of poaching talents. Of course, Wanda has now become a way to attract attention, making everyone gossip. Entertainment is also a social responsibility. Otherwise, there will be no topic to discuss during the New Year.

I suddenly remembered that people can't do without money, but what about money without people? Is it still money? Is it still useful?

Editor: yvonne