Pursuits
Wanda Commercial Plans 12 Billion Yuan IPO as Stocks Tumble
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Dalian Wanda Commercial Properties Co., the property developer controlled by billionaire Wang Jianlin, plans to raise as much as 12 billion yuan ($1.9 billion) within the next year in an offering of shares in China.
The Beijing-based company will sell as many as 300 million yuan-denominated A shares, which will then be listed in either Shanghai or Shenzhen, it said in a statement to the Hong Kong Stock Exchange Friday. The public float of Wanda Commercial, which is already listed in Hong Kong, will be around 47.3 percent following the sale, according to the statement.