wanda commercial plans 38bn hong kong ipo
Last Updated : GMT 16:28:18
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Wanda Commercial plans $3.8bn Hong Kong IPO

Arab Today, arab today

Arab Today, arab today Wanda Commercial plans $3.8bn Hong Kong IPO

Dalian Wanda Commercial Properties Co.
Hong Kong - AFP

Dalian Wanda Commercial Properties Co., controlled by Chinese billionaire Wang Jianlin, plans to raise up to $3.8 billion in what would be Hong Kong's biggest listing this year, financial media reported Monday.
The Chinese shopping mall developer plans to sell 600 million shares for between HK$41.80 to HK$49.60 (US$5.39 to $6.40) each, Dow Jones Newswires reported, citing a person familiar with the matter.
That would put the company's valuation at between HK$161 billion and HK$191.5 billion, or US$20.8 billion to $24.7 billion.
The initial public offering comes at a difficult time for China's property market, where prices have been falling for months and construction rates have been slowing.
But the IPO, which is expected to launch by December 23, has already drawn $1.99 billion of commitments from cornerstone investors including Kuwait's sovereign wealth fund, Bloomberg reported.
Cornerstone investors will account for at least 52 percent of the listing, the agency said, citing a term sheet.
Wanda Commercial could not immediately be reached for comment.
The company is reportedly the world's second-largest developer of shopping malls, owning dozens across China. It is the flagship of Dalian Wanda Group Co. whose secretive billionaire owner, Wang, is worth an estimated $15 billion.

 

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