Wanda Film Unit Shares Plunge When Trade Resumes After 16-Month Pause
The film unit of Chinese entertainment titan Dalian Wanda Group opened down beyond the daily 10% limit on Monday, the first trading day after shares were suspended to allow the company to work out an asset restructuring plan.
Wanda, the owner of U.S. film studio Legendary Entertainment, suspended trading of its shares in July 2017 as it began preparing the plan that eventually saw it inject $15 billion worth of filmmaking assets into its Shenzhen-listed unit Wanda Film Holding Co. Ltd. The final deal was considerably smaller than the first restructuring plan the company issued in early 2016, which later collapsed.
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