Financial Association News on October 10th (Reporter Wu Weiling): Yonghui Superstores (601933.SH) went through twists and turns in selling Wanda Commercial Management. The company stated that the fourth installment of equity transfer payment was not received as scheduled, and they will initiate arbitration and pursue Wang Jianlin and other related parties for joint guarantee responsibility.

After the market closed today, Yonghui Superstores announced that it had sold 0.389 billion shares of Dalian Wanda Commercial Management Group Co., Ltd. held by Dalian Yujin Trading Co., Ltd. for a transfer price of 4.53 billion yuan. As of now, the fourth installment of equity transfer payment has not been received, and the buyer Dalian Yujin has defaulted. The payment was originally supposed to be completed by September 30th, involving an amount of 0.3 billion yuan.

Yonghui Superstores has sent an acceleration notice to Dalian Yujin, as well as the trade guarantors Wang Jianlin, Sun Xishuang, and Dalian Yifang Group Co., Ltd., requesting Dalian Yujin to immediately pay the company, and asking Wang Jianlin, Sun Xishuang, and Dalian Yifang to assume joint guarantee responsibility.

At the same time, Yonghui Superstores will bring arbitration to the Shanghai International Economic and Trade Arbitration Commission to pursue the legal responsibility of Dalian Yujin, Wang Jianlin, Sun Xishuang, and Dalian Yifang.

Looking back, this is not the first time Yonghui Superstores has urged for payment. In April and July of this year, the company had previously announced that the second and third installments of the equity transfer payments were not fully received on time. Among them, the second installment payment of 0.391 billion yuan, due by March 31st this year, was completed by April 19th; the third installment payment of 0.792 billion yuan, due by June 30th, only received 0.2 billion yuan by July 27th.

On July 27th, Yonghui Superstores announced that, considering the short-term financial difficulties of Dalian Yujin, the company adjusted the payment plan for the equity sale, changing the number of payment installments from eight to ten. The third installment equity payment amount was reduced from 0.792 billion yuan to 0.2 billion yuan, and the final payment deadline for all transfer payments was extended to March 31, 2026, with Wanda Group Chairman Wang Jianlin providing guarantee.

According to public information, the buyer of this transaction, Dalian Yujin, was established on November 30, 2023, and is an indirectly controlled company of Dalian Yifang. Dalian Yifang was founded by Sun Xishuang and has had extensive cooperation with Wanda Group. Sun Xishuang is known as Wang Jianlin's 'best partner' in the outside world.

But currently, both dalianyifang and Wanda Group are facing difficulties. Tianyancha data shows that in April of this year, Dalian Yifang added one new person subject to enforcement, with a total amount of 0.463 billion yuan being executed.

Regarding Wanda Group, according to reports, in just the first week of July, Wang Jianlin even sold 3 Wanda Plazas. According to incomplete statistics, since 2023, Wanda Commercial Management has transferred the controlling rights of at least 26 companies, involving many Wanda Plazas located in Beijing, Shanghai, Guangzhou, Zhuhai, and others.

In the announcement of the previous adjusted trading plan, Yonghui Superstores mentioned that if Dalian Yujin does not fully pay any installment transfer price to Yonghui Superstores according to the agreement deadline, Yonghui Superstores has the right to immediately notify the subsequent unpaid transfer price to be due and demand Dalian Yujin to pay a 6% penalty for accelerating due payment, equivalent to all outstanding unpaid items.