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Dalian Wanda Group
BusinessBanking & Finance

Dalian Wanda’s property management unit applies to list in Hong Kong to raise ‘up to US$4 billion’

  • The company is part of Chinese conglomerate Dalian Wanda Group, controlled by its billionaire founder Wang Jianlin
  • Local media reported the company is seeking to raise between US$3 billion and US$4 billion

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Wang Jianlin, chairman of Dalian Wanda Group. Photo: MCT
Georgina Lee
Zhuhai Wanda Commercial Management Group, the property servicing arm of Dalian Wanda Group, filed for a Hong Kong stock exchange listing reportedly valued at up to US$4 billion on Thursday night.
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The mainland China-based company, which is 69.99 per cent owned by Dalian Wanda Commercial Management Group (DWCM), a Chinese conglomerate controlled by its billionaire founder Wang Jianlin, is seeking to raise between US$3 billion and US$4 billion, according to media reports.

The filing document posted on the stock exchange website did not mention the amount of funds targeted. DWCM also has an indirect 8.84 per cent interest in Zhuhai Wanda.

The company said its profit in 2020 was 1.1 billion yuan (US$172 million), 8.8 per cent lower than the previous year. In the first half of this year, it turned a profit of 655.5 million yuan, about 20 per cent less than the 817.1 million yuan it made in the same period last year.

Zhuhai Wanda’s liabilities-to-assets ratio rose to 95.8 per cent in 2020 from 80.4 per cent in 2019. As of the end of June this year, the ratio was down to 80.4 per cent again.

Zhuhai Wanda Commercial Management’s Hong Kong listing plan came after it had withdrawn a plan to list on the Shanghai bourse despite waiting in the queue for five years. Back in September 2015 it had attempted to sell 250 million shares to mainland investors, but regulators suspended a review of its application in February 2019, without disclosing any reasons.
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