Deals
Wanda Sports Hints at Chinese Firms’ Mixed Results in U.S. IPOs
- Most China-based firms listing in U.S. trade below offer price
- Nasdaq’s China pipeline for offerings ‘never been stronger’
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Wanda Sports Group Co.’s diminished aspirations for its initial public offering may not suppress Chinese companies’ appetite for U.S. listings -- but the performance of many newly public stocks might at least give them pause.
On Wednesday, the Beijing-based sports promoter, a unit of billionaire Wang Jianlin ’s conglomerate Dalian Wanda Group Co., downsized and cut the offer price for its IPO set for Thursday. Instead of raising $500 million by selling 33.3 million American depositary shares for $12 to $15 each, Wanda Sports is now shooting for 28 million shares at $9 to $11 to raise as much as $308 million.