Mar 24, 2021 04:49 PM

Wanda Puts Mainland IPO on Hold

What’s new: Dalian Wanda Commercial Management Group Co. Ltd., a major Chinese property manager, announced (link in Chinese) on Wednesday that it has decided to withdraw its Chinese mainland IPO application.

Wanda Commercial said that it will restructure its resources including commercial operations, technology, data and staff before seeking a listing domestically or overseas as soon as possible.

The background: Wanda Commercial went public in Hong Kong in December 2014, but in 2016 was privatized in a HK$34.5 billion share buyback — worth $4.45 billion at the time — on the belief that it was undervalued. The goal was to relist on the mainland by September 2018.

In January 2018, Wanda Commercial obtained strategic investment of a combined 34 billion yuan ($5.2 billion) from a group of investors — Tencent Holdings Ltd., retail giant Suning Holdings Group, e-commerce retailer Inc. and real estate developer Sunac China Holdings Ltd. Wanda Commercial promised that it would seek a domestic or overseas listing by October 2023.

Wanda Commercial, which manages core assets including hotels and shopping malls, had 556.3 billion yuan in total assets at the end of June 2020, 3.3% less than at the end of 2019, according to its 2020 half-year report (link in Chinese). At the end of June, it had about 283.4 billion yuan in total liabilities, down from 297.9 billion yuan at the end of 2019, the report showed.

Contact reporter Timmy Shen ( and editor Heather Mowbray (

Download our app to receive breaking news alerts and read the news on the go.

Follow the Chinese markets in real time with Caixin Global’s new stock database.

You've accessed an article available only to subscribers
Share this article
Open WeChat and scan the QR code
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
Caixin Biz Roundup: Elon Musk Meets With Foreign Minister on Rare China Trip