New Daming
新达盟
New Daming (新达盟) is a commercial management company that manages roughly 500 shopping malls across China, renamed from what was previously Wanda Commercial Management . In 2024, PAG led a consortium to complete a RMB 66 billion transaction—described by 暗涌Waves as a "deal of the century"—making the buyer group the largest shareholder with a 60% stake, while Dalian Wanda retains 40% . Shan Weijian, PAG's founder, framed the investment as targeting a "leading consumer enterprise" with defensible market position rather than a real estate "bottom-fishing" play, as some coverage labeled it . The deal was large enough to single-handedly distort quarterly venture statistics: it accounted for RMB 60 billion of the RMB 224.1 billion total recorded for Q3 2024, meaning the remaining 900+ companies split only RMB 19.1 billion .
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Coverage
"PAG's China Picture Is Just Beginning to Unfold, as 'One Step Forward, One Step Back' Sets Two Records"
Only pick the fruit you can see.
暗涌Waves·When Post-'90s Founders Cluster Into the Unicorn Club: A Look at China's New Unicorns in 2024
Forty-four companies made the list, with hard tech taking center stage.
真格基金·Countless Lies About M&A in China, and One Truth
All we hear are footsteps on the stairs, but no one ever comes down.
暗涌Waves·Revisiting Shan Weijian: Plain Water and Financial Storms
Drink the lightest water, close the biggest deals.
暗涌Waves·Hongshan and Li-Ning Go Abroad Together, Sending Two Market Signals
A bellwether for the primary market.
暗涌Waves·
