Dalian Wanda Group Co.’s closely held film-making unit raised 15.88 billion yuan ($2.4 billion) in a recent sale of its shares, an executive said.
Wanda Pictures completed the share sale, which was oversubscribed, in one and a half months, Liu Zhaohui, vice president at the group, said at a briefing in Hong Kong on Thursday. He didn’t provide further details.
Wanda had been seeking to raise about 10 billion yuan via the Wanda Pictures share sale, according to a fundraising document seen by Bloomberg. The funds would help Wang Jianlin, China’s richest man, build on his burgeoning entertainment empire, which now includes U.S. movie-production company Legendary Entertainment.
Wanda Cinema Line Co., which has been halted from trading since late February pending the disclosure of an acquisition, is likely to buy affiliate Wanda Pictures and become the most dominant player in China’s movie industry, Credit Suisse Group AG said in a note to clients this month. Wanda has declined to comment on that report, which also estimated Wanda Pictures to have a valuation of 48 billion yuan.