Wanda Group is once again facing equity freezing issues. According to corporate information, Dalian Wanda Group Co., Ltd. has a new equity freeze order, with the target company being Dalian Wanda Commercial Management Group Co., Ltd. The frozen equity amount reaches 1.979 billion yuan, effective from August 27, 2025, to August 26, 2028, executed by Beijing Financial Court.

Currently, Dalian Wanda Group has 28 equity freeze records. Besides this latest one, the frozen equity targets also involve Beijing Wanda Cultural Industry Group Co., Ltd., Beijing Wanda Cultural Tourism Industry Co., Ltd., and others. Among these, 18 records involve freezing amounts exceeding 100 million yuan, with 2 records approaching 2 billion yuan each.

Beyond equity freezes, Dalian Wanda Group Co., Ltd. has 9 enforcement records totaling 4.862 billion yuan. Wanda Real Estate Group is involved in 362 enforcement records totaling 1.762 billion yuan. Dalian Wanda Commercial Management Group Co., Ltd. has 2 enforcement records totaling 1.3864 million yuan.

In recent years, Wanda has been consistently selling assets, coordinating relationships with historical investors, and seeking new funding. According to incomplete statistics, between 2023 and 2024, Wang Jianlin successively sold over 30 Wanda Plazas. Since 2025, Wanda first had 7 Wanda Plazas sold individually, followed by a major transaction plan: equity stakes in 48 companies under Dalian Wanda Commercial Management will be acquired by a consortium led by PAG.

Previous information from the State Administration for Market Regulation showed that PAG Zhuhai, Gaohe Fengde, TENCENT, JD.com, and Sunshine Life Insurance will directly or through their respective affiliates jointly establish a joint venture to acquire 100% equity of 48 target companies under Dalian Wanda Commercial Management, including 48 Wanda Plazas across 39 cities.

Recently, this transaction has shown concrete evidence of implementation. On August 25, the private equity fund "Suzhou Kuanyu," composed of 13 companies including PAG, Gaohe Fengde, TENCENT, JD.com, was established with total capital of 22.429 billion yuan. Among these, TENCENT's cumulative commitment amounts to 9.959 billion yuan, representing approximately 44.4% of the total; JD.com's commitment is 4.78 billion yuan, approximately 22.2%; PAG's cumulative commitment is about 1.117 billion yuan, approximately 4.97%. Additionally, three Suzhou state-owned enterprises, including Suzhou Jinhesheng Holding Co., Ltd., participate with a cumulative commitment of 500 million yuan.

Furthermore, Wanda has established joint ventures with JD.com and TENCENT respectively. Wanda, JD.com, and other companies invested in establishing Beijing Hongrui Panda Management Consulting Partnership in Beijing with capital of 8.053 billion yuan. Wanda and TENCENT established Shenzhen Zhishu Investment Partnership with capital reaching 16.076 billion yuan.

Wanda Group has not publicly responded to the specific details of these funds and joint ventures. However, industry observers generally believe these moves can be seen as substantial implementation of the aforementioned major "acquisition case," potentially resolving exit and interest issues for investors like JD.com and TENCENT who invested in Wanda in 2018.

Notably, Wang Jianlin made a rare public appearance recently. From August 20-21, Wang Jianlin visited Karamay to examine investment attraction and cultural tourism development work, exploring potential cooperation opportunities with local authorities. From circulated photos and videos, Wang Jianlin appears noticeably thinner than before, as this real estate mogul continues seeking new possibilities for Wanda.