“Wanda Film” controlled by former Chinese richest man Wang Jianlin has officially changed its name and ownership starting from today.
According to the announcement made by Wanda Film on April 19th, the company has completed the registration procedures for business changes and obtained a new business license. The company’s name has been changed from “Wanda Film Co., Ltd.” to “Ruyi Film Entertainment Co., Ltd.” Starting from April 20th, the company’s stock abbreviation has also been changed from “Wanda Film” to “Ruyi Film,” while the stock code remains unchanged.
After the company’s renaming, the “Ruyi Group” led by Chinese film producer Ke Liming has officially taken full control of this leading domestic cinema chain.
Behind this renaming, as reported by “The Paper,” is a capital game that began in 2023. At that time, Wanda’s commercial management listing encountered obstacles and had to sell assets to raise funds.
In July 2023, Shanghai Ruyi Film and Television acquired 49% of Wanda Investment owned by Wanda Culture Group for 2.262 billion yuan. In December of the same year, Wanda Culture Group, Beijing Hengrun, and Wang Jianlin signed a “Equity Transfer Agreement” with Shanghai Ruyi Investment, transferring 51% of Wanda Investment they held for a total transfer price of 2.155 billion yuan.
In April 2024, Wanda Culture Group and Wang Jianlin once again transferred their 20% and 1.2% stakes in Wanda Investment to Ruyi Investment. With the previously acquired shares, the “Ruyi Group” holds 100% of Wanda Investment. As Wanda Investment is the controlling shareholder of Wanda Film, the “Ruyi Group” has taken control of Wanda Film, and Ke Liming, the actual controller of the “Ruyi Group,” has replaced Wang Jianlin as the actual controller of Wanda Film.
According to Wanda Film’s announcement, on April 15, 2024, the company’s control rights were changed, and Ke Liming became the new actual controller.
With Wanda Film’s official name change, a report by “China Business News” suggestively implies that the company has completely removed the “Wanda” label left behind by the “Wang Jianlin” era.