China tycoon Wang considers delisting Wanda unit

AFP, HONG KONG: China’s richest man billionaire Wang Jianlin is considering buying back the Hong Kong-listed shares of a subsidiary of his Dalian Wanda empire, having seen its value plunge a little more than a year after listing.
Shares in Wanda Com-mercial—one of the world’s largest developers of shopping malls with dozens across China—soared 20 per cent after news late Wednesday that Wang was looking at a privatisation.
The firm listed in December 2014 after a $3.7 billion initial public offering—the biggest in Hong Kong for a real estate firm—but its share price tumbled as the mainland property market slowed sharply.
Shares in the company were initially priced at HK$48 and peaked at HK$77 in June last year, but fell nearly 60 per cent to HK$32 in February. Wang is looking at paying HK$48 a share, a 24 per cent premium to its Wednesday closing price.

 

China tycoon Wang considers delisting Wanda unit

AFP, HONG KONG: Chinas richest man billionaire Wang Jianlin is considering buying back the Hong Kong-listed shares of a subsidiary of his Dalian Wanda empire, having seen its value plunge a little more than a year after listing. Shares in Wanda Com-mercialone of the worlds largest developers of shopping malls with dozens across Chinasoared 20 per cent after news late Wednesday that Wang was looking at a privatisation. The firm listed in December 2014 after a $3.7 billion initial public offeringthe biggest in Hong Kong for a real estate firmbut its share price tumbled as the mainland property market slowed sharply. Shares in the company were initially priced at HK$48 and peaked at HK$77 in June last year, but fell nearly 60 per cent to HK$32 in February. Wang is looking at paying HK$48 a share, a 24 per cent premium to its Wednesday closing price.