Wanda plans $321mn Shenzhen IPO for cinema company

Wanda Cinema Line plans to raise US$321 million (RMB2 billion) through an initial public offering in Shenzhen’s bourse to fund the opening of new cinemas and to supplement working capital, The Wall Street Journal reported, citing a preliminary prospectus posted late Monday. The IPO will sell up to 60 million yuan-denominated A shares in what could be among China’s biggest IPOs this year. The company controlled by Chinese tycoon Wang Jianlin owns 142 cinemas in 73 cities throughout the country with 1247 films screens at the end of 2013.