Wanda Cinema approved for IPO in China

The Chinese movie theater company Wanda Cinema Line has been approved for a share offering on the mainland, Reuters reported. The company, which is controlled by Chinese real estate mogul Wang Jianlin, hopes to raise up to RMB2 billion (US$325.6 million) and comes at the same time as Wang’s real estate unit, Dalian Wanda Commercial Properties, prepares its Hong Kong IPO. China box-offices takings are growing at 30% annually, according to Beijing-based market research firm EntGroup. Revenue at Wanda, which controls 14.5% of the market, increased 33% to RMB4.02 billion last year, while profit grew 55% to RMB604.8 million.