China’s securities regulator will permit Dalian Wanda Group’s commercial property management unit to apply for a Hong Kong listing, according to a report on Wednesday.
The acceptance, reported by the Caixin business magazine, is a key step towards Zhuhai Wanda Commercial Management Group’s share sale, which has been planned for the past six years.
The company is still awaiting a final sign-off on the initial public offering (IPO) from the China Securities Regulatory Commission, Caixin reported. It would then attend a listing hearing with the Hong Kong stock exchange.
Zhuhai Wanda Commercial Management reported 22.8 billion yuan ($3.5 billion) in revenue in the first half of 2021, compared with 17 billion yuan a year ago. Net profit rose 14% to 9.1 billion yuan.
The unit manages more than 300 Wanda Plaza facilities across the country and secured about $6 billion of pre-IPO funding in September from investors including private equity fund PAG, Tencent Holdings and Ant Group.
Wanda first sought to list its commercial property management business on the domestic market since 2015, Caixin noted.
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