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China's Wanda files for U.S. IPO of sports unit to raise up to $500 million: sources


Added 01-11-19 03:03:02am EST - “Chinese conglomerate Dalian Wanda Group has filed confidentially for a U.S. init...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “China's Wanda files for U.S. IPO of sports unit to raise up to $500...”. Below is an excerpt from the article.

HONG KONG/NEW YORK (Reuters) - Chinese conglomerate Dalian Wanda Group has filed confidentially for a U.S. initial public offering of its sports unit that could fetch up to $500 million, according to sources with direct knowledge of the matter.

The company made the filing with the U.S. Securities and Exchange Commission for the listing, which could happen in the first half of this year, the sources said.

The IPO could raise between $300 million and $500 million, the people said, though one cautioned that $500 million might be high.

Wanda’s sprawling business empire ranges from real estate to sport to cinemas, but it has been rattled in the past years by a government-led crackdown on overseas deals and high leverage.

The company owned by Wang Jianlin, one of China’s richest men, has since started offloading domestic and overseas holdings, including stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid and a handful of property developments.

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