Does Wanda plans to raise $3 billion ahead of HK IPO?

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Date: 28.04.2021

Chinese conglomerate Dalian Wanda Group aims to raise 20 billion yuan ($3.08 billion) for its commercial property management business, before listing the unit in Hong Kong by year-end, two people with direct knowledge of the matter told Reuters.

Wanda is targeting primarily private equity investors for Wanda Light Asset Commercial Management Co, aiming for a valuation of 200 billion yuan, said the people.

Several prospective investors tapped by Wanda and its financial advisors, however, have found that valuation "too high", one of the people said. The conglomerate, owned by Wang Jianlin - once China's richest person - aims to complete the fundraising by July and file for an initial public offering (IPO) in September, they said.

Wanda Group did not respond to a request for comment. Chinese developers and real estate managers raised a record $10.4 billion in Hong Kong listings last year, showed data from Refinitiv.

The listing plan comes after the unit's debt-laden parent, Wanda Commercial Management Group - China's biggest commercial property developer - withdrew a domestic IPO application in March, saying it would revamp its assets and pursue an overseas listing.

Based on: Finance Yahoo

#News #IPO #ICO #Wanda #Wcryptn.com

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