CHINA KNOWLEDGE

China Knowledge is in the business of providing business solutions and products on China. Within the Group it has financial terminal, publishing, newswires, research, multimedia production and a wide range of consulting services offer to foreign businesses seeking opportunities in China.
Business
Dalian Wanda prepares for IPO of its sports assets
CKN
2019/01/11 09:43:08
2,323
China's News, China's Financial News, Dalian Wanda

Jan 11, 2019 (China Knowledge) - Chinese conglomerate Dalian Wanda Group has made a confidential filing with the U.S. Securities and Exchange Commission (SEC) for an IPO of its sports business that may potentially bring in up to USD 500 million.

According to the company’s SEC filing, the IPO could take place within the first half of this year and raise between USD 300 million to USD 500 million.

Dalian Wanda which owns businesses ranging from real estate to entertainment to sports has come under some pressure from the Chinese government over its overseas acquisitions and high-debt levels in recent times.

The company has since sold its stakes in some of its domestic and foreign assets such as cinema operator AMC Group, Spanish soccer club Atletico Madrid and some properties.

An IPO of the company’s sports assets will likely include Swiss sports marketing agency Infront Sports and Media AG as well as World Triathlon Corp which organizes the Ironman races. The two assets were acquired by Wanda for USD 1.2 billion and USD 650 million in 2015 respectively.

Citigroup, Deutsche Bank and Morgan Stanley are currently working on the deal according to sources.

Chinese companies raised USD 58.2 billion in IPOs last year, making up for 29% of the global IPOs. In U.S. alone, Chinese companies raised USD 9.1 billion, the highest since 2014 when Alibaba made its record-breaking IPO which raised USD 25 billion.

Copyright © 2018 www.chinaknowledge.com

Send feedback or comments to: info@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com

To access our page on Bloomberg, type CKFI