Jul 13, 2023 02:01 AM

BUSINESS

Wanda Group Sells $307 Million Shares in Cinema Unit Amid Liquidity Pressure

By Niu Mujiangqu and Denise Jia

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A Wanda movie theater in Yichang, Hubei province, on April 19, 2023.

A Wanda movie theater in Yichang, Hubei province, on April 19, 2023.

Dalian Wanda Group Co. is selling an 8.26% stake in its cinema unit to raise nearly 2.2 billion yuan ($307 million) as the conglomerate faces liquidity pressure.

Wanda Film Holding Co. Ltd.’s controlling shareholder Beijing Wanda Investment Co. Ltd. is selling 180 million shares to Lu Lili, the wife of financial information provider East Money Information Co. Ltd.’s owner Qishi, Wanda announced Tuesday.

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