Jun 07, 2023 08:00 PM

FINANCE

Wanda Unit Seeking Hong Kong IPO Asked to Explain Its Business

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Zhuhai Wanda’s prospectus claimed an average occupancy rate of 98.8% for the malls it managed from 2019 to 2021. Photo: VCG

Zhuhai Wanda’s prospectus claimed an average occupancy rate of 98.8% for the malls it managed from 2019 to 2021. Photo: VCG

China’s top securities regulator has asked a Dalian Wanda Group Co. Ltd. subsidiary seeking a Hong Kong IPO to provide more information about its business and its connections to shareholders.

The China Securities Regulatory Commission (CSRC) requested that Zhuhai Wanda Commercial Management Group Co. Ltd. submit additional material to explain its transactions with shareholders, as well as measures it takes to prevent funds from being embezzled by shareholders and avoid providing guarantees for its controlling shareholder’s financing, according to a CSRC document released Friday.

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