On July 23, Wanda Information released a notice saying that due to the company's largest shareholder Shanghai Marriott Investment Co., Ltd. ("Managed Investment"), the actual controller Shi Yibing could not reach the "share transfer agreement" signed with China Life. The effective terms and conditions signed by the two parties regarding the 5.0142% equity transfer agreement cannot be effective. At this point, China Life is still the second largest shareholder of Wanda Information.
As for the reason for the termination, Yu Tao, general manager of the investment management department of China Life Group, told the “Securities Daily” that the termination of the transfer was mainly due to the failure of Marriott’s investment and creditors’ Consensus within the time limit. Although the transfer agreement was terminated, the Strategic Cooperation Framework Agreement signed earlier has continued to be effective, and the further increase of Wanda Information will not be ruled out in the future.
Tao Tao also said that the strategic cooperation between China Life and Wanda Information is based on the huge synergy space between the two parties. The cancellation of the share transfer agreement will not affect the long-term business strategic cooperation. As an important shareholder of Wanda Information, China Life Insurance will continue to be optimistic and support the sustainable and healthy development of Wanda Information, and actively participate in the governance of listed companies by exercising shareholder rights according to law.
China Life Insurance remains the second largest shareholder
From the perspective of China Life’s shareholding ratio of Wanda Information at each time point, in 2018, China Life entrusted the asset company’s dividend account to pass the bail-out product. “Guo Shou Assets – Phoenix Specialized Products” holds a 5.025% stake in Wanda Information; in 2019, China Life increased its holdings of the company by 4.97334% through block trades and secondary market purchases. Prior to this share transfer, China Life and its concerted actions held a total of 109,734,175 shares of Wanda Information, accounting for 9.9808% of the total share capital of Wanda Information, ranking the second largest shareholder of Wanda Information.
On June 23 this year, China Life and Marriott Investment and other parties signed a conditional transfer of the "Share Transfer Agreement", intending to transfer 55 million shares of Wanda Information. If the transaction is successful, China Life will be promoted to Wanda Information's largest shareholder.
On July 23, Wanda Information released a notice stating that the company’s first major shareholder, Marriott Investment, and the actual controller, Yi Yibing, were unable to reach the effective terms of the “Share Transfer Agreement” signed with China Life. About 5.0142% of the sharesThe rights transfer agreement cannot take effect.
Due to the failure of Marriott Investment to reach an agreement on the effective terms, the application was terminated. China Life said that after careful study, it agreed to terminate the "Share Transfer Agreement" and report it to the regulatory authorities for filing. At present, China Life is still the second largest shareholder of Wanda Information.
Cooperation in five aspects
Although China Life Insurance failed to become the largest shareholder of Wanda Information, it did not affect the business cooperation between the two parties. According to the "Securities Daily" reporter, before this, China Life and Wanda Information will focus on five aspects of strategic cooperation, that is, strengthen basic technology cooperation, jointly improve the service capabilities of medical insurance technology, and jointly promote a network of communications, citizen cloud, urban brain and city The layout of security and other fields will jointly enhance the professional management service capabilities of commercial insurance and jointly carry out health management and health services.
"The Strategic Cooperation Framework Agreement previously signed by China Life and Wanda Information will continue to be effective. The two sides will further consolidate and deepen the long-term, stable, mutually beneficial and win-win comprehensive strategic partnership, through multiple levels. Multi-dimensional management cooperation and management interaction, continuously exerting complementary advantages, strengthening the synergistic development effect, jointly promoting the development of technology and basic technology in the medical security field, continuously improving the service capabilities in the medical insurance field, professional management service capabilities of commercial insurance, health management and services. Ability, strive to achieve a win-win strategic goal of complementary advantages, resource sharing, and common development." Tao Tao said.
Tao Tao also told the "Securities Daily" reporter that based on the stable and good strategic cooperation prospects of both parties, China Life will not rule out the increase of Wanda Information shares through other means in the future, such as the occurrence of increased holdings will be based on laws and regulations. Timely performance of disclosure obligations.