Sun Hongbin's acquisition spirit and good faith logic

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Sun Hongbin's acquisition spirit and good faith logic

2017-09-13 12:03:36 121 ℃

Lead: Observation of financial record of nearly one or two years of merger action, it is Sun Hongbin in the financial record against "assets and ability of the system of" risk reserves, especially in the acquisition of Wanda city and LETV text brigade as key assets. In Sun Hongbin's grand plan, the real estate industry is the core, is the cornerstone, and the purchase of Wanda and music as the cornerstone of the assets, financial creative map of the next five years, ten years to build the superstructure - cultural consumption.

Text / Yan Rui

"Even if you have the advantage of goodwill is also fair and reasonable; goodwill is to stand on each other's point of view to understand each other; goodwill is not suspicious of the motives of others, not a conspiracy theory; goodwill is to see the merits of others; goodwill is to be tolerant of others' mistakes and failures; goodwill is gratitude the heart. If you harbor goodwill, the world will do good to you. Encounter is not easy, cooperation is fate, and the line and treasure."

In September 4th, Sun Hongbin wrote this passage on his own micro-blog. For a few days in SUNAC China (01918.HK) interim meeting, media reporters clutching Jia Yueting's chatter without stop problem; after a report in said LETV, comment on Jia yueting. Obviously, he is still heart possession of words.

In fact, Sun Hongbin than his mouth "kind of Jia Yueting" is more honest, JiaBuZhu media reporter asked the monkey or in the plane, the financial record of the meeting said a lot of music thing, ultimately is that: never do LETV, life will have regrets!

Notice from LETV 7 months performance loss in August 29th LETV (300104.SZ) to confirm the net loss of 650 million, during this period and continuously superimposed on all kinds of media which Jia Yueting returned overseas, there are a lot of people already eat melon for Sun Hongbin clenched his fist sweat.

At the end of July, SUNAC old and Wanda Wang's "big business", is to let the folk mouth gun very worried to begin to worry about the financial record of the cash flow. Knock on the keyboard, eat instant noodles, busy pointing Jiangshan, really hard, even those financial statements disdain to see, do not understand the "network master".

"Don't want to go to the top 3 to the financial record is obviously not Shunchi yesterday. A few shook Sun Hongbin, two words for the risk I am afraid than others expected to be sensitive to too much.

To observe the financial record of nearly one or two years of merger action, it is Sun Hongbin in the financial record against "assets and ability of the system of" risk reserves, especially in the acquisition of Wanda city and LETV text brigade as key assets.

In Sun Hongbin's grand plan, the real estate industry is the core, is the cornerstone, and the purchase of Wanda and music as the cornerstone of the assets, financial creative map of the next five years, ten years to build the superstructure - cultural consumption.


"Five years, I don't see that far, and next year there's a lot of variation." Financial record of the interim performance meeting, Sun Hongbin this sentence worth pondering.

Closely related to this sentence is the "financial record" to buy, buy, buy style, began to "slow down", "down debt.". This is also the core of the recent decision to focus on the release of the most information.

Interim results show that if in July, Wanda 13 cultural tourism projects 91% equity ratio of assets, the actual figure of its land reserves and even more than 200 million square meters. "Even if we don't do anything, we can sell for 500 billion dollars a year for five or six years," Sun Hongbin said.

It is worth noting that, the financial record of the high level in the mid term earnings meeting, said it is beginning to slow down to take place, while accelerating sales, release profits, thereby reducing debt ratio.

In 2017 1-6, the amount of contracted sales contracted by China was about RMB 108 billion 850 million yuan, representing an increase of about 94.2% over the same period of last year. Total revenue for the current period was 13 billion 332 million yuan, an increase of about 25.9% over the same period last year; net profit of 1 billion 613 million yuan, an increase of 1470%.

The financial record will also be the original 210 billion yuan 2017 annual sales target was raised to 300 billion yuan, according to August financial innovation financial data show that 164 billion 700 million yuan sales have been completed. As finance China's executive director and chief executive officer Wang Mengde said, "financial record" has ushered in the full release of corporate profits.

The past two years tens of billions of mergers and acquisitions investment plus outstanding sold 200 billion yuan transfer income (up to 6 at the end of 2017) is still the liability side, but if SUNAC completed the annual sales target of 300 billion yuan, the second half of the year is almost 200 billion yuan sales have not transferred income increase. Plus 6 yuan at the end of 200 billion, the 400 billion yuan will be carried over in the next two years.

According to 10% of the net profit (Wang Mengde publicly said that the next two or three years financial record lock more than 10% of the net profit is no problem) and contract sales of 70% of the rights and interests of the calculation, the financial record will be about 28 billion yuan of net profit.

On the one hand, SUNAC defer to get to reduce the input of a sales income, assets transfer volume increased, the mouth of Wang Mengde "financial record 2018 net debt ratio fell to less than 90% in 2019 fell to less than 70% of the target does not seem difficult to achieve.

In addition, the current cost of finance is about 5000 yuan / square, with an average price of 18000 yuan / ping. The spread of lower land costs and higher average selling prices also ensures that even if the market continues to regulate, the financial record can maintain relatively stable gross margins and net profit levels.

From a longer cycle, the financial record from 8 billion 300 million yuan in sales listed at the beginning of 2010, an increase of 150 billion 630 million yuan in 2016, the 6 year financial record Chinese compound annual growth rate reached 62%, in the fast do scale effect at the same time, also kept carrying cash abundant liquidity.

In 2017 at the end of 6 financial record, still lying on the 92 billion 400 million yuan of funds waiting to be sent. Clearly, the financial record is an absolute capital strength, enough to hedge the market risk.

Moreover, from January this year, the first trading day, 6.44 Hong Kong dollar share price started, to September 12th closing price of 27.75 Hong Kong dollars, the financial record of China's stock prices continue to refresh the new high, up nearly 4 times. The total market capitalization exceeded 110 billion Hong Kong dollars, but also thickening of the anti risk ability of the financial record. In July 24th, the finance company received $500 million in cash through equity financing.


Sun Hongbin is more rational than blindfolded Jia Yueting. From the music as the introduction of the financial record of this "strategic investors" from the day, as the music is destined to take a new path of pragmatic development.

Sun Hongbin is an exquisite capital hunter, is simply not possible because only appreciated Jia Yueting's entrepreneurial spirit and chivalrous arena they help LETV LETV, but with what Sun Hongbin wanted.

"Music as a music is a good thing, there are good products and flow, there are cattle, there is content, there is a take-off foundation.". As soon as business models change, you can make money immediately."

Sun Hongbin said that the first two days, LETV announced 2017 interim results: operating income was 5 billion 580 million yuan, down 44.56% year-on-year, a net loss of 637 million yuan, basic income per share -0.32 yuan. The financial record for music and music as a result of the new investment has lost 390 million yuan.

In the face of more want to see Sun Hongbin furuan recognize counseling media reporters, Laosun insisted that "the music is not wrong, SUNAC Zhang, also didn't do anything wrong".

The 15 billion yuan injection, music as qualitative "industrial investment" Sun Hongbin, this account is actually very clear. Financial innovation is inevitable through the way of asset acquisitions to carry out the layout of the industry in the future, has talked about the favor of the cultural industry on several occasions. If it is not as music funds into a predicament, "do not save, you have to die", Sun Hongbin how to have the opportunity to quickly enter this market?

Even if only from the book value, 6 billion 40 million yuan to get 171 million shares, accounting for 8.56% of the total share capital, becoming listed companies LETV second largest shareholder. What's more, today, Jia Wei has withdrawn from the LETV board of directors, the new music as the team can do to build Xinle as.

As far as the asset price in the Chinese market today is concerned, how long will it take to spend 15 billion or more money to rebuild a company with such magnitude? If you consider the cost of time, with mergers and acquisitions, looking at the entire market, but also to find a few similar music as the subject? Even if I can find it, how much will it cost?

"Lao Jia took a good card in his hand and hit it so badly. It was because he had not eaten a loss. I like January when old Jia said, to arm to survive. Unfortunately he is not firm, the lack of the spirit of ruling!" Said Sun Hongbin.

I do not believe that Jia Yueting not considered Brokeback survive, even as the capital at the beginning of the crisis, Jia Yueting can put the assets of the listed company and the non-listed company assets cut. WHY NOT?

If the old Jia did not put their rallying cry, painstaking efforts to the music as ecological hands? Once the anti ecological theory by their own subversion, as many believers will how confidence and independence? In fact, the Jia Yueting is fundamental to cherish the reputation of their hands.

It is better to let Jia Ting stay in the music as the ecological anti utopia. Business is done by business people, for Sun Hongbin is not financial floating book record investment losses, but as soon as possible, as soon as possible to put the music and Jia Yueting cut off.

After all, financial record 15 billion yuan to win the music network, music as new, music, music, film is the whole music as the system, the most dynamic, the most valuable, most likely to revitalize the part. Moreover, with self hematopoietic music as a film into the listed company LETV restructuring events, led to the introduction of new battle cast, can form a positive new music as the stem.

Just as the music, media, and various vendors to eat melon masses, always caught Jia Yueting refused to let go.

Financial record at the press conference, Sun Hongbin emotional said, "do bad music as the rest of the life" this paragraph, I gave 9 points, and the remaining 1 points to see melon, the masses are willing to Jia Yueting completely selected Xinle as.

Of course, it is not, can also be renamed it LETV laosun!

3,Hard vegetables

In the "honest" Lao Jia's Sun Hongbin did not forget to cherish the reputation, out of the next Pharaoh, "this is a successful entrepreneur."

And Sun Hongbin said, indeed it was from the heart. After all, "Pharaoh" courage is not normal, "said Wanda asset light operations you can immediately remove the transformation of one hundred billion package of assets, of course one disc is also can Freemasonry the pharaoh. Otherwise, how could you serve such a hard dish?

July 19th, Wanda Commercial, SUNAC group, R & F signed a strategic cooperation agreement in Beijing, Xishuangbanna Wanda Wanda Commercial text brigade project, Wanda Nanchang text brigade project 13 text brigade project 91% stake at a price of 43 billion 844 million yuan to finance the transfer of a real estate group.

Wang Jianlin whether to sell these assets in order to reduce the debt ratio of Wanda, total asset light brand operations, or sale of real estate assets can make Wanda Commercial faster return to A shares, Wang Jianlin is very firm, pragmatic business style, and ultimately determine the transaction easily recognized by the market fantawild.

Before the 13 Wanda sale to financial record of the project but Wang Jianlin Wanda in strategic planning priorities, and the project itself is also the focus of the local government investment, the total investment amount has accumulated more than 300 billion yuan. In fact, the market can offer a little more, can do is.

Of course, there is a "four invariable" gentleman contract: Wanda cultural tourism city brand unchanged; planning content unchanged; project construction unchanged; operation management unchanged. This "four invariable" gentleman's contract, more is releases one kind of trust and the good intention. Only entrepreneurs with extraordinary vigour, such as Sun Hongbin and Wang Jianlin, can talk about this century's trade.

In addition, through the transfer, SUNAC 13 Wanda City, 58 million 970 thousand square meters in a second tier city low-cost sales of property, the sale area of 4970 square meters, with the above travel real estate projects there are about 30 billion yuan in cash accounts, the future financial record of consolidated financial statements after the merger, revenues and profits will increase significantly.

In addition to the value of assets, Wanda rich cultural tourism matching and operation team, are the real estate sales staff accounted for more than 90% of the financial resources of the extremely desired.

Earlier this year, Sun Hongbin in the financial acquisition of music as the music of the press conference, said the financial needs for the next step to do early layout. Over the past few years, he has done a lot of research into the financial record. In the end, five directions are identified: incremental market, financial platform, resource industry, big entertainment and big health industry.

Not long after the election, the financial record has quickly taken root in the big entertainment". Through this, perhaps, five years, ten years later, the founding of Sun Hongbin, China will usher in another new era of development.