Business / Companies

Dalian Wanda Commercial to issue $1.9b A-shares

(Agenices) Updated: 2015-07-03 14:43

Dalian Wanda Commercial to issue $1.9b A-shares

The logo of Wanda Plaza is seen in Shanghai December 23, 2014. [Photo/Agencies]

Dalian Wanda Commercial Properties Co Ltd said on Friday it planned to issue up to 12 billion yuan ($1.93 billion) worth of A-shares to fund plaza projects in China.

The developer will seek approval from shareholders, the China Securities Regulatory Commission and other authorities for the proposed issue of up to 300 million A shares at a price yet to be determined, it said in a filing to the Hong Kong bourse.

Dalian Wanda Group, the parent company of Hong Kong-listed Dalian Wanda Commercial, said in April it would follow an "asset-light" strategy for its growth plan, seeking outside investment to finance plazas and selling them after five or seven years.

In May, Dalian Wanda Group teamed up with China Vanke to jointly buy land and develop real estate projects.

Related: China's top soccer club seeks listing on start-up board

A top soccer club in China is a spot on the country's start-up board amid current stock market frenzy, filings made public on Wednesday showed.

Guangzhou Evergrande Taobao Football Club, 2013 AFC Champions League winner and four-time Chinese Super League champion, will seek listing on the National Equities Exchange and Quotations (NEEQ), which was launched in late 2012 and known as the "new third board" .

Despite the club's stellar record, filings showed Guangzhou Evergrande Taobao has been losing money. It registered losses of 576 million yuan ($ 92 million) and 482 million yuan in 2013 and 2014.

NEEQ uses a trading mechanism comparable to the OTC Bulletin Board or pink sheets trading system in the US, an easier option for some companies which may instead spend more than a year to get the regulators' nod for listings on the main stock exchanges.

Guangzhou Evergrande Taobao is backed by Evergrande, a leading real estate developer and Alibaba, an e-commerce giant, which respectively own60 percent and 40 percent stakes in the club.

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