BUSINESS

Wanda Ordered to Pay Suning 1.75 Billion Yuan Over Failed IPO

Published: Jul. 1, 2026 1:52 p.m. GMT+8

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A Chinese court has ordered real estate conglomerate Dalian Wanda Group Co. Ltd. to pay retailer Suning.com Co. Ltd. about 1.75 billion yuan ($250 million), ending a dispute over a failed IPO attempt.

Suning received a first-instance civil judgment from the Nanjing Intermediate People’s Court ordering Wanda to refund the “remaining amount” from Suning’s 2018 investment ahead of the scrapped listing of Wanda’s commercial property management arm, while dismissing the retailer’s other claims, Suning said in a stock exchange filing Monday.

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Chinese court orders Wanda to pay Suning 1.75 billion yuan ($250 million) over failed 2018 IPO investment.
Judgment is subject to appeal; Suning originally invested 5 billion yuan for 14% stake in Wanda commercial unit.
Both firms face liquidity crises; Wanda sold plazas, Suning sold assets to ease strain.

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Who’s Who

Dalian Wanda Group Co., Ltd.: Dalian Wanda Group Co., Ltd. is a Chinese real estate conglomerate. In 2025, a Nanjing court ordered it to pay Suning.com ~1.75 billion yuan ($250M) over a failed 2018 IPO guarantee for its commercial property arm. Wanda is facing a liquidity crisis and has sold numerous commercial plazas since 2023.

Suning.com Co., Ltd.: A Chinese court ordered Dalian Wanda to pay Suning.com Co., Ltd. about 1.75 billion yuan ($250 million) over a failed IPO investment from 2018. Suning, a retailer facing a liquidity crisis, has been offloading assets. The judgment is subject to appeal.

Dalian Wanda Commercial Management Group Co., Ltd.: Dalian Wanda Commercial Management Group Co., Ltd. is a commercial property manager. In 2018, Suning invested in it as part of a Tencent-led consortium, anticipating a listing. Wanda promised a listing by Oct 31, 2023, but the IPO failed, leading to a court order to refund Suning.

Tencent Holdings Ltd.: Tencent Holdings Ltd. led a consortium in 2018 that invested 34 billion yuan for a 14% stake in Dalian Wanda Commercial Management Group Co. Ltd., anticipating a listing that later fell through. The article does not provide further details about Tencent's role or outcome in the subsequent legal dispute between Suning and Wanda.

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What Happened When

2018：: Suning joined a Tencent-led consortium to invest 34 billion yuan for a 14% stake in Dalian Wanda Commercial Management Group Co. Ltd., anticipating a Chinese mainland listing.

Since April 2023：: Wanda began selling numerous commercial plazas to ease financial strain.

By October 31, 2023：: Wanda was supposed to complete a listing on the Chinese mainland, in Hong Kong, or another region, as part of its promises to investors.