Dalian Wanda unit’s Hong Kong IPO application lapses for the third time, bonds come under further pressure
- The deadline to list Zhuhai Wanda Commercial Management Group lapsed on Tuesday, the Hong Kong stock exchange said
- Parent Dalian Wanda Commercial’s bonds sink further after they were hit by rumours of possible delay to trust loan repayments last week
Chinese conglomerate Dalian Wanda Group has failed to list its management unit in Hong Kong for a third time.
The initial public offering (IPO) application of Zhuhai Wanda Commercial Management Group, controlled by Dalian Wanda Commercial, the group’s commercial property management arm, had “lapsed” on Tuesday, according to the Hong Kong stock exchange.
Wanda, founded by Chinese tycoon Wang Jianlin, had failed for the third time to list its subsidiary as it did not submit the relevant listing documents within six months of the mandatory deadline.
The company said in a written reply to the Post’s request for comment that it would submit listing documents to the exchange as soon as possible.
Zhuhai Wanda had filed an application with the Hong Kong exchange at the end of October, aiming to raise up to US$4 billion. Dalian Wanda Commercial owns 69.66 per cent of Zhuhai Wanda.
The company had submitted the prospectus twice before in October 2021 and April 2022.
