On the evening of May 21, Yonghui Superstores Co.,Ltd. (601933.SH) announced that the company recently received the "Notice of Case Acceptance" from the court. The arbitration award document (Shang Guo Zhong [2024] No. 3170) issued by the Shanghai International Economic and Trade Arbitration Commission for the arbitration case between the company and Dalian Yujin Trading Co., Ltd. (hereinafter referred to as "Dalian Yujin"), Wang Jianlin, Sun Xishuang, and Dalian Yifang Group Co., Ltd. (hereinafter referred to as "Yifang Group") has taken legal effect. Following the company's application to the court for enforcement, the court has decided to accept the case for enforcement.
From Arbitration to Enforcement: Two-Year Debt Recovery Enters Judicial Compulsory Procedure This high-value equity dispute, which has drawn significant market attention, originated from Yonghui Superstores' strategic decision in late 2023 to revitalize its stock assets and recoup funds. On December 8, 2023, Yonghui Superstores signed a share transfer agreement with Dalian Yujin, selling 389 million shares of Wanda Commercial Management Co., Ltd. (corresponding to 64,783,300 shares held before the capital increase and share expansion of Wanda Commercial Management on August 25, 2023) to the latter. The total consideration for the shares was approximately RMB 4.53 billion, to be paid by Dalian Yujin in eight installments. However, the transaction did not proceed smoothly. From April to July 2024, Dalian Yujin's second and third installment payments were consecutively overdue. On July 26, 2024, the parties signed a "Supplementary Agreement," restructuring the remaining unpaid balance of RMB 3.839 billion into eight installments, extending the payment deadline to March 31, 2026, with Wang Jianlin, Sun Xishuang, and Yifang Group providing joint and several guarantees for all remaining payments. Yet, these credit enhancement measures failed to reverse the default situation. On September 30, 2024, the restructured fourth installment payment of RMB 300 million was again in default. In October 2024, Yonghui Superstores filed for arbitration with the Shanghai International Economic and Trade Arbitration Commission, demanding a one-time payment of the total remaining balance of RMB 3.639 billion, default penalty of RMB 218 million, and related costs, while pursuing the joint liability of guarantors including Wang Jianlin, involving a total amount of approximately RMB 3.86 billion. On April 14, 2026, the Shanghai International Economic and Trade Arbitration Commission issued a final award, fully supporting Yonghui Superstores' claims: Dalian Yujin must pay Yonghui the remaining share transfer payment of RMB 3.639 billion and accelerated maturity default penalty of RMB 218 million. Combined with legal fees, preservation fees, etc., the total amount is approximately RMB 3.86 billion; Wang Jianlin, Sun Xishuang, and Yifang Group bear joint and several guarantee liability for all the above debts and must fulfill them within 20 days of the award taking effect.
Uncertainty Over Recovery of Funds; Yonghui's Performance Recovery Remains to Be Seen According to the company's announcement on May 21, the amount involved in this case is the remaining share transfer payment of RMB 3.639 billion and related default penalties, legal fees, arbitration fees, etc. Yonghui Superstores explicitly stated in the announcement that the amount recoverable from the enforcement of this case is uncertain, and the impact on the company's current or future period profits cannot be determined at this time. The company will conduct corresponding accounting treatments based on subsequent developments and outcomes of the case, in accordance with relevant accounting standards and actual circumstances. The impact on the company's profit or loss will be based on the results confirmed by the annual audit of the accountants. Yonghui Superstores emphasized that this arbitration matter will not affect the company's normal production and operational activities. For Yonghui Superstores, this enforcement claim at the RMB 3.8 billion level is crucial. According to the 2025 performance forecast, the company's annual revenue was RMB 53.508 billion, a year-on-year decrease of 20.82%; net profit attributable to shareholders was a loss of RMB 2.55 billion, a loss increase of 74.01% compared to the 2024 loss of RMB 1.465 billion; cumulative losses from 2021 to 2025 have exceeded RMB 12 billion. If the RMB 3.8 billion payment can be successfully enforced, it will significantly improve the company's cash flow situation, adding an important weight for turning a profit in 2026; if enforcement is hindered, the company will continue to face difficulties with high debt ratios, refinancing pressures, and operational strain.
Wanda Affiliates Under Liquidity Pressure; Joint Guarantee Liability Draws Market Attention Another focal point of this case is the joint and several guarantee liability of Wang Jianlin, Sun Xishuang, and Yifang Group. Data from Tianyancha shows that Yifang Group holds a 100% stake in Dalian Yujin. Sun Xishuang is the Chairman of Yifang Group, has a close relationship with Wang Jianlin, and was deeply involved in the privatization process of Wanda as an early partner. Currently, Wanda Group is in a period of adjustment, having continuously sold assets and reduced debt in recent years to alleviate liquidity pressure. Wang Jianlin's personal wealth has also significantly shrunk. Against this backdrop, the RMB 3.86 billion joint guarantee liability will undoubtedly further intensify the financial pressure on the Wanda affiliates. The market is focused on whether guarantors like Wang Jianlin can fulfill their repayment obligations if Dalian Yujin is unable to pay, and whether this will have a chain reaction on the debt restructuring and asset disposal currently being advanced by Wanda. From a legal procedure perspective, the arbitration award taking effect and entering the court enforcement stage means Yonghui Superstores' creditor's rights have been judicially confirmed, and the rights can be realized through compulsory enforcement measures such as sealing up, freezing, and auctioning the respondents' assets. However, given the debt scale and asset status of the respondents, the final recovery ratio and timeline for enforcement remain highly uncertain. With the court's acceptance of the case for enforcement, this debt recovery saga lasting two and a half years has officially entered a new stage of judicial compulsory enforcement.
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