Termination of transfer of 5% equity, National Life Insuranc



Yesterday evening, “Chuanglan” Wanda Information released the “Announcement on Shareholders' Dissolution of Share Transfers”, announcing the change of “Life Ownership” of China Life, which was previously concerned by the market. Previously, as the second largest shareholder of Wanda Information, China Life intends to transfer approximately 5% of Wanda Information to RMB 794.42 million.

The two parties canceled the share transfer agreement

The above "Announcement" showed that Wanda Information received the notice of the controlling shareholder Marriott Investment and the actual controller Shi Yibing, both of which were received on July 23. To China Life Insurance's written reply regarding the agreement to terminate its share transfer agreement, the relevant "share transfer agreement" has been lifted since July 23, and will not be effective from the beginning.

The "Share Transfer Agreement" was signed by Marriott Investment, Shi Yibing and China Life. Wanda Information announced the relevant situation on the evening of June 23, that is, Marriott Investment intends to China Life Insurance at 14.44 yuan / share The price agreement transfers 55 million shares of the company's non-restricted shares, with a total price of 794.2 million yuan, accounting for 5.0142% of the company's total share capital. Upon completion, Wanda Information's largest shareholder will be changed from Marriott Investment to China Life and its concerted actions (China Life Group, China Life Assets), which holds 165 million shares and 15.0183%. This "Share Transfer Agreement" is conditional on the conditions.

This means that the above-mentioned proposed share transfer is invalid, and China Life’s shareholding in Wanda Information remains the same – China Life Insurance has held approximately 10% of Wanda Information before the signing of the share transfer agreement. Is the second largest shareholder of Wanda Information.

Wanda Information stated that the reason for the termination of the Share Transfer Agreement was that as of July 23, the transferor (the company’s controlling shareholder, Marriott Investment, and the actual controller, Shi Yibing) could not reach the effective date of the “Share Transfer Agreement”. . Therefore, the Stock Transfer Agreement cannot be effective.

According to the Securities Times reporter, it is mainly that Marriott Investment and creditors failed to reach an agreement on the share transfer within the time limit stipulated in the agreement.

does not affect the strategic relationship between the two parties

It is understood that China Life’s previous shareholding in Wanda Information was achieved through the “bail-out” since last year. In 2018, in response to the call of the state, China Life Trusted the National Life Assets Company's dividend account to pass the bail-out product “Guo Shou Assets – Phoenix Special Products”There is a 5.025% stake in Wanda Information; in 2019, China Life increased its holdings of the company by 4.934% through bulk transactions and secondary market buying. Prior to this share transfer, China Life and its concerted actions held approximately 110 million shares of Wanda Information, representing approximately 10% of Wanda Information's total share capital.

The announcement shows that the lifting of the share transfer agreement will not affect the long-term business strategic relationship between China Life and Wanda Information. At the same time, the "Strategic Cooperation Framework Agreement" signed by China Life and Wanda Information on June 28 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 and more. Dimensional management cooperation and management interaction, continue to exert complementary advantages, strengthen the synergistic development effect, jointly promote the development of technology and basic technology in the medical security field, and continuously improve the service capabilities in the medical insurance field, commercial insurance professional management service capabilities, health management and service capabilities, Strive to achieve a win-win strategic goal of complementary advantages, resource sharing and common development.

In addition, based on the stable strategic cooperation prospects of both parties, China Life will not rule out the increase of Wanda Information shares through other means, such as secondary market holdings or block trading.

The Securities Times reporter learned that although the share transfer agreement did not take effect, this does not mean that the good relationship between the two parties has changed. Up to now, China Life and Wanda Information and its major shareholders have maintained a friendly and interactive state.