China’s Wanda files for US IPO of sports unit

HONG KONG/NEW YORK: Chinese conglomerate Dalian Wanda Group has filed confidentially for a US initial public offering of its sports unit that could fetch up to $500 million, according to sources with direct knowledge of the matter.
The company made the filing with the US Securities and Exchange Commission for the listing, which could happen in the first half of this year, the sources said.
The IPO could raise between $300 million and $500 million, the people said, though one cautioned that $500 million might be high.
A Wanda spokesman did not provide any immediate comment.
Wanda’s sprawling business empire ranges from real estate to sport to cinemas, but it has been rattled in the past years by a government-led crackdown on overseas deals and high leverage. — Reuters