Eliza Wong
Breaking Down the Latest Transaction
In the latest chapter of Dalian Wanda Group’s strategic restructuring, founder Wang Jianlin (王健林) continues shrinking his conglomerate through the $34 million sale of Kuaiqian Financial Services (快钱金融服务) to streaming giant China RuYi. This transaction represents the fourth major divestment this year by China’s once-dominant commercial property empire.
Deal Structure Revealed
Shanghai RuYi acquired precisely 30% of Kuaiqian through subsidiary Shanghai RuYi Xingchen Enterprise Management. Regulatory filings confirm this values the decade-old payments processor at approximately $114 million – a striking discount to competitor valuations like Ant Group’s $150 billion pre-IPO peak.
Wanda’s Path of Divestment
Wang Jianlin’s retreat strategy began in 2017 during China’s capital controls crisis when Wanda sold $9 billion hotel assets overnight. The pattern accelerated dramatically post-pandemic:
- 2023: Theme park portfolio sold for $756 million
- April 2024: Controlling stake in Wanda Film surrendered to RuYi chairman Ke Liming
- Q2 2025: Commercial property assets totalling $1.2 billion liquidated
China RuYi’s Strategic Pivot
Since assuming control of Wanda Film, RuYi chairman Ke Liming has executed a bold convergence strategy blending content creation with digital finance capabilities.
Building Financial Synergies
The Kuaiqian acquisition directly complements RuYi’s integrated entertainment ecosystem:
- Subscription billing across RuYi’s streaming platform (470M users)
- Integrated cinema payments in Wanda’s 8,200 screens
- Cross-border microtransactions for gaming division
According to iMedia Research chief Zhang Yi, ‘Third-party payments licenses carry policy premium. This transaction enables nationwide distribution without lengthy regulatory processes.’
The Curious Case of Kuaiqian Financial
Tianyancha corporate records reveal startling operational details about the prized acquisition: Registered ‘micro-enterprise’ status, zero registered employees.
The Real Asset: Payment Licenses
Kuaiqian’s true value lies in comprehensive People’s Bank of China approvals for:
- Internet & mobile payments processing
- Bank card acquiring
- Cross-border RMB settlements
- Digital RMB integration
These permits remain scarce commodity since Beijing’s fintech clampdown.
Analysts Divided on Acquisition Logic
The valuation debate intensifies amid Kuaiqian’s apparent dormancy.
The Bull Case
‘$114m valuation appears opportunistic given license scarcity,’ notes ZH Securities fintech analyst Li Wei. Comparison benchmarks:
- 2015: Lakala Payment sold for $3.7B
- 2021: Meituan acquired Rongyi Pay for $1.2B
The Bear Perspective
Internet analyst Zhang Shule counters: ‘Licenses alone don’t generate synergies. Without merchant network integration teams, RuYi essentially bought compliance paperwork.’ Recent industry precedents suggest similar challenges:
- ByteDance’s failed Nuomi payment rollout
- Bilibili abandoning payment ecosystem after license acquisition
The Broader Restructuring Context
This transaction extends Wang Jianlin’s seven-year strategic retreat. Once Asia’s richest man now stands outside Forbes Billionaires List entirely.
Wanda Film Disconnection Complete
April’s ownership transfer to RuYi finalized Wanda’s exit from crown jewel acquired NPR in 2012 for $2.6B. Silver lining: Profit soared 393% YoY in H1 2025.
The Liquidation Imperative
Rating agency Moody’s notes: ‘Urgency stems from unresolved $2bn offshore debt restructure.’ Parallel deleveraging patterns:
- Evergrande: $20B+ assets disposed
- Soho China: CEO resigns amid sale implosions
Payment Industry Synergy Window
Beijing’s fintech umbrella regulations stiffen daily. Standards surrounding merchant acquisition responsibility tighten considerably.
Execution Tightrope
‘Operational integration proves critical,’ warns KPMG fintech lead Chen Gang. Historical risk examples:
- JD Finance’s abrupt withdrawal from consumer loans market
- Tencent WeChat Pay merchant acquisition freeze punishment
Conclusion: The Long Road Ahead
Wang Jianlin’s latest strategic asset sale advances deleveraging priorities while enabling RuYi’s ecosystem building amidst regulatory headwinds. Kuaiqian’s empty corporate shell undermines simplicity arguments – transaction records confirm Xi’an mobile firm Rydei Technology handled platform maintenance throughout 2024. With People’s Bank approval pending, RuYi faces years of restoring merchant relationships abandoned after Kuaiqian’s 2020 processing volume plummeted.
For Wang Jianlin, the path appears clearer: Continued asset liquidation under Beijing’s deleveraging mandate. Observers should monitor Dalian Wanda Plaza transactions rumored for Q4 bidding. Ultimately, this transaction showcases China’s ‘license arbitrage’ economy where regulatory permissions eclipse operational fundamentals.
