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Dalian Wanda’s Wang Jianlin makes fourth bid to list Zhuhai Wanda in Hong Kong to avert refund

  • The management unit’s previous listing attempt – made in October 2022 – lapsed in April
  • If the company fails to list by the end of the year, it will have to repurchase 30 billion yuan (US$4.4 billion) of equity from pre-IPO investors

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Zhuhai Wanda Commercial Management Group is making another attempt to list on the Hong Kong stock exchange. Photo: Nora Tam
Mia Castagnone

Dalian Wanda Group, China’s largest commercial property developer, has applied for a fourth time to list its management unit on the Hong Kong stock exchange.

Zhuhai Wanda Commercial Management Group’s latest application for an initial public offering (IPO) came on Wednesday night. Parent company Dalian Wanda owns 69.66 per cent of Zhuhai Wanda.

The management unit’s previous listing attempt – made in October 2022 – lapsed in April. Dalian Wanda, founded by Chinese tycoon Wang Jianlin, has submitted an IPO prospectus twice before in October 2021 and April 2022. The unit aimed to raise up to HK$31 billion (US$4 billion) in its previous application.

Zhuhai Wanda’s third IPO application lapsed after Chinese regulators asked Dalian Wanda to provide additional details about its application for the Hong Kong IPO, fuelling concerns about the developer’s liquidity.

Dalian Wanda Group’s Wanda Plaza building is pictured in Beijing. Photo: Reuters
Dalian Wanda Group’s Wanda Plaza building is pictured in Beijing. Photo: Reuters

If the company fails to list by the end of the year, it could find itself in deeper trouble, as it would have to repurchase 30 billion yuan (US$4.4 billion) of equity from pre-IPO investors, according to its listing prospectus.

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