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With the complete renaming of the "wanda film" as "full-image films", this yard giant, who has been leading the business for more than a decade, has torn down the wanda label left by wang kenwood。
At the same time, wang ken forest, once the “100 million small target”, had full white hair, precisely because the $3. 7 billion debt was running around。
The age of king kenwood is coming to an end。
But when it's over, what's the point
01
Two years ago, the "whaling" of wanda films had begun。
In july 2023, the shanghai confucianism film company invested 49 per cent of the value of rmb 2,262 million。
In december of the same year, confucian investment took 51 per cent of the remaining shares at a further $2. 155 billion, and after a two-step acquisition of approximately $4. 4 billion, the “fucidity system” completed its overall control of wanda film holdings。
In 2012, more than 20 billion dollars were spent on the acquisition of the american amc compound line by the wanda film。
The sale of the “compensation capital” was made possible in direct connection with the enormous financial pressure placed on wang kenlin。
Since october 2021, there have been four successful handovers to hong kong by joo hwanda commercial authorities。
In the case of the non-completion of the market by 2023, the wanda comptroller would have to pay investors approximately $30 billion in equity buy-backs, in addition to an annual internal yield of 8 per cent。
More urgently, hundreds of billions of short-term interest-bearing debts remain to be paid in the same period。
To get back to the cage, wang kenlin had to put wanda movies on the shelf。
In addition to that, the performance of the film of python wanda itself has shown fatigue。
In 2019, banda made a profit of rmb 15,435 million, reaching the stage-higher point since its listing, with a net profit of rmb 1,143 million。
Then, at the cinema below the epidemic line, the company lost $6,669 million in 2020 and its revenues dropped sharply to $6,295 million。
Over the following three years, the performance of the banda films has shrunk, and at the time of their sale they were still in deficit。
In april 2024, the actual controller of the wanda film was officially changed to colmin, a post-80 filmmaker。
But at that time, the name of the company had not changed, and there seemed to be an opportunity for wang ken forest to return, after all, to invest heavily in wanda films。
With regard to the losses of the wanda film, he also believed that, if he insisted, he would lose and win。
Unfortunately, in 2025, the wanda film was successfully lost and lost, earning between 480 million and 550 million in the whole year。
But wanda movies are no longer wanda movies。
The era that once belonged to king kenwood is gradually coming to an end。
In addition to wang ken forest, hundreds of millions of private-sector enterprises, which were once inexhaustible, have gradually withdrawn from the stage。
At the peak of the industry, the heads of the housing companies — heng dae-hwan, yang qiang, sun hong-bin and li si-lian — were frequent guests on the list of the great rich。
However, any business model has a life cycle。
When wang kenshin was confronted with a liquidity crisis for the first time in 2017 and forced to sell his assets to the banda brigades and hotels at $63. 7 billion, it was perhaps very rare to realize that that was a prelude。
Today, most of the once brilliant private sector enterprises are either in debt, forced to sell their assets or struggling to survive on the sale of their assets, like wang kenwood。
In 2024, some 26 wanda squares were sold cumulatively。
In may 2025, wanda sold 48 core cities, manda square, on a one-time package basis, on an industry-based basis, on a scale of over $30 billion。
Figure source: diagram ideas
In 2026, the sale continued -
At the beginning of this year, wanda square was sold for 2,048 million yuan on the shanghai bridge, with more than 80 squares in total。
A short time ago, wang jianlin was still running for his debt while the xu jiang was pleading guilty before the shenzhen intermediate people's court。
However, this has been cited as a model for entrepreneurs of the old age。
Instead of choosing to lie down or run, as some landlords did, he went around looking for strategic investors while selling his assets。
Despite this, funds are no longer as abundant as they were。
From a larger perspective, capital is being transferred from one business model to another, behind wang kenlin's fall in the name of the wanda film。
Wang kenshin's money went to his creditors, while his assets, from wanda square to the wanda film, went to venture capital, private fund-raising funds and new players like colin。
The traditional industry model, once characterized by heavy assets and high leverage, is being replaced by a new business logic of light assets and innovation。
02
Back then, wanda entered the film industry, following a typical heavy asset route -
Simply put, it would be to build wanda square all over the country and open its own cinema in its own mall。
It's a perfect closed loop when the mall brings people to the box office, the box office feeds the brand, and the brand attracts the recruit。
This, in essence, is still an extension of real estate thinking, namely, to take over markets through control channels。
However, this is quite effective, and in just a few years the wanda line has been sitting in a national headchair, and the market share has been untouched for more than a decade。
But when the time came, after the arrival of mandarin, a joint popcorn bucket, bubble-mart's hand-wall was launched in wanda shadow city, running in the direction of light assets, heavy content, and the cinema was just one of the scenes of content being realized。
Figure source: confucian film public number
In addition to name changes, there is also a shift from control channels to production。
And this is a microcosm of the shift in domestic capital to economic patterns。
Real estate has been one of the most important pillars of the chinese economy for over two decades。
It has led to the development of dozens of upstream and downstream industries, such as steel, cement and building materials, created tens of millions of jobs, supported local government land revenues and provided the most important source of asset allocation for hundreds of millions of families — buying houses。
At the same time, urbanization has accelerated, population has gathered to cities, housing needs have continued to flourish and land values have risen。
It can be said that the possession of land and property, and the possession of a code of wealth, makes real estate the pet of the times。
At the same time, however, this pattern of growth has considerable limitations。
For example, over-reliance on investment and debt-driven real estate has led to structural imbalances in the economy, highly leveraged business models have also accumulated significant risks, rapid increases in housing prices have squeezed the consumer capacity of the population and have encroached on the viability of the real economy。
When urbanization enters the second half, the demographic dividend starts to recede and supply-demand relations reverse, the entire industry inevitably enters a period of deep adjustment。
The direction of the tide of times has long been changed。
In the past, the companies with the highest market value of a were banks, two barrels of oil, and guizhou pagodas, often backed by monopolies, large populations or unique natural resources。
And now, the top ranking has a new face。
The data on the same flowers show that the market value of the electronics sector has increased cumulatively by 12. 6 trillion yuan in 2016 to the present decade, and the total market value of electrical equipment and communications has increased by 7. 2 trillion yuan and 5. 6 trillion yuan, respectively, according to the shinwan industrial classification。
At present, electronics have surpassed banks to become the industry with the largest market value for a shares。
The overall market value of the a share of technology has also exceeded one quarter, significantly higher than the combined market value of the banking, non-banking and real estate sectors。
Since 2025, the market value of many companies such as the ningdÉ era, genjie technology and others has leaped many times over the a stock “share”, surpassing the traditional giants of guizhou and chinese oil。
Behind this change is the shift of times。
Emerging industries, represented by artificial intelligence, semiconductors, new energy sources and biomedicine, are becoming a central force driving the high-quality development of the chinese economy。
Capital valuation systems have also changed, and the core competitiveness of these knowledge-intensive industries lies not in land and capital, but in the human, technological and innovative ecology。
The age of king kenwood is over, but not just one king kenwood。
It was a time of high leverage, driven by demographic dividends, land dividends and debt, and it was taking a slow turn。
03
End
In 2016, wang kenlin said in front of the camera, "set a small target and make a billion."
A billion may be a small target for wang kenwood。
Wanda's commercial empire extends from property to culture, sports and finance, and he can go into hollywood and sit on the same footing as those movie giants if he wants。
But when times leave you, they don't even say goodbye。
Only 10 years later, wang kenshin's name has been associated with hundreds of millions of debts and has even faced recourse from many creditors, such as yonghui, sunin and zuning。
Wang ken forest and those of his generation have built a glorious era of property with steel and cement。
Now that the curtain has fallen, the back of that era is gone, but wang ken forest has not fallen。
Business can lose, but people can't。
This is perhaps the last resonance of the old age for the new age. (concluded full text)
