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China Regulator Greenlights Wanda Unit HK IPO: Caixin


Dalian Wanda Group's Wanda Plaza building in Beijing. Photo: Reuters

China’s securities regulator will permit Dalian Wanda Group’s commercial property management unit to apply for a Hong Kong listing, Caixin reported on Wednesday.

The acceptance is a key step towards Zhuhai Wanda Commercial Management Group’s share sale, which has been planned for the past six years, the report said, adding that the company is still awaiting a final sign-off on the initial public offering (IPO) from the China Securities Regulatory Commission. It would then attend a listing hearing with the Hong Kong stock exchange.

Zhuhai Wanda Commercial Management reported 22.8 billion yuan ($3.5 billion) in revenue in the first half of 2021, compared with 17 billion yuan a year ago, the report said. Net profit rose 14% to 9.1 billion yuan, it added. The unit manages more than 300 Wanda Plaza facilities across the country and secured about $6 billion of pre-IPO funding in September from investors including private equity fund PAG, Tencent Holdings and Ant Group, Caixin said. Read the full storyCaixin.

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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