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 story: Caixin.