Dalian Wanda Commercial Properties Co., which is controlled by Chinese billionaire Wang Jianlin, has filed a listing application with the Hong Kong Stock Exchange Tuesday for its initial public offering that could raise between US$5 billion and US$6 billion in the city.
A listing application, or an A-1 filing, is the first step toward getting approval from the Hong Kong exchange for a listing in the city. With the size of over US$5 billion, the IPO could be the biggest offering since Swiss metals trader Glencore International PLC which raised $10 billion in a Hong Kong-London listing in May 2011, according to Dealogic. Dalian Wanda Commercial Properties could be also the largest real-estate firm ever to list in Hong Kong.
Dalian Wanda Commercial Properties is the property arm of Dalian Wanda Group, the Chinese company that bought movie chain AMC Entertainment AMC Holdings in 2012. Dalian Wanda is owned by Mr. Wang who is a former military officer originally from southwest China's Sichuan province. He set up the company's operations in Dalian, a major city in Liaoning province in the northeast of the country.
According to the preliminary prospectus, the property firm has 178 property projects including Wanda Plazas in 112 cities across 29 provinces in China. It recorded 87 billion yuan (US$14 billion) of revenue last year, and 25 billion yuan of net profit.
China International Capital Corp. and HSBC Holdings PLC are joint-sponsors of the offering which could take place by the end of the year.
Company aims to raise up to US$6 billion, could be largest real-estate firm to list in Hong Kong.
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