Lex_Dalian Wanda: slippery fish
万达商业地产私有化遇阻
广州专业翻译公司：Lex专栏：万达集团提出以每股52.80港元将这家上市子公司私有化，但股东对开出的收购条款却并不买账。
Fortune only favours those with chutzpah, if no one gets in their way. On Wednesday, shares in Hong Kong-listed developer Dalian Wanda Commercial Properties dropped 6 per cent on reports that shareholders were unhappy with the terms of a buyout from its parent. In particular, Dutch pension investor APG Groep, which holds about 5 per cent of the shares, said the price was too low. Correct.
财富只青睐那些敢作敢为的人——如果没人挡他们的道的话。周三，香港上市的大连万达商业地产(Dalian Wanda Commercial Properties)股价下挫6%，因有报道称，股东对万达商业地产母公司开出的收购条款不满。尤其是，持股比例约为5%的荷兰养老金投资公司APG Groep称报价太低。没错。广州专业翻译公司。
Last month, privately owned Wanda Group offered to pay HK$52.80 per share to take the listed subsidiary private. The timing of the deal is strange. Dalian Wanda was listed just 18 months ago, selling new shares amounting to 13 per cent of the enlarged capital to fund expansion. Cornerstone investors (including APG) bought more than half of the shares at HK$48, pre-IPO. Those that have not sold their holding after the six month lock-up expired are probably surprised to find themselves on the receiving end of a buyout offer from the parent.
上月，私有的万达集团(Wanda Group)提出以每股52.80港元将这家上市子公司私有化。该交易的时机选择很奇怪。万达商业地产18个月前刚上市，发售了相当于扩大后资本13%的新股，为扩张筹资。基石投资者（包括APG）在首次公开发行(IPO)之前以48港元的价格购买了超过一半的新股。那些在六个月禁售期到期后未出售所持股份的股东，现在收到来自母公司的收购要约或许会感到惊奇。广州专业翻译公司。
The odd timing is no cause for objection. The price is. It is barely one-tenth more than the book value of the company’s assets. Citibank estimates the net asset value per share at HK$90. The undervaluation of the shares is purportedly one of chairman and major shareholder Wang Jianlin’s motivations for the delisting.
奇怪的时机并不是反对的理由，但报价是。这一价格仅比该公司净资产高十分之一。花旗银行(Citibank)估计每股净资产为90港元。据称，股价被低估是董事长兼大股东王健林希望万达商业地产从香港退市的动机之一。广州专业翻译公司。
In that sense, the deal looks opportunistic. Last July, Dalian Wanda wanted to raise nearly $2bn by selling A shares. In the end, it did not. Mr Wang may have concluded he can make more money by buying back the H shares, then relisting the property business on the A share market, where valuations are higher than Hong Kong.
从这个意义上说，这笔交易看起来是机会主义的。去年7月，万达商业地产曾希望通过发行A股募集近20亿美元，最后没能实现。王健林可能会认为通过回购H股，然后将房地产业务在A股市场重新上市——内地的估值高于香港——他就能赚更多钱。
Whatever Mr Wang’s future intentions, the deal does not look good value for H shareholders. Should APG vote against the deal, it is halfway towards blocking it. According to the terms, if more than one-tenth of all independent H shareholders object — or one quarter of all votes cast — it cannot go ahead. Others should line up with APG to ensure it does not.
无论王健林未来打算如何，这笔交易在H股股东看来并不划算。如果APG投票反对这笔交易，它就阻止了一半。根据条款，如果超过十分之一的H股独立股东——或总票数的四分之一——反对，私有化就不会进行。其他股东应会与APG联手确保该交易无法成行。
Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析。
