The property management unit of Dalian Wanda Group, Zhuhai Wanda Commercial Management Group, has filed for an initial public offering (IPO) on the Hong King stock exchange valued at up to $4 billion, reports the South China Morning Post.
The mainland China-based company, which is 69.99% owned by Dalian Wanda Commercial Management Group (DWCM), a Chinese conglomerate controlled by its billionaire founder Wang Jianlin, is seeking to raise between $3 billion and $4 billion.
The filing document posted on the stock exchange website did not mention the amount of funds targeted. DWCM also has an indirect 8.84% interest in Zhuhai Wanda.
The company said its profit in 2020 was RMB 1.1 billion ($172 million), 8.8% lower than the previous year. In the first half of this year, it turned a profit of RMB 655.5 million, about 20% less than the RMB 817.1 million it made in the same period last year.