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Wanda funds more in its listed arm to fight back speculation

SHENZHEN-LISTED Wanda Cinema Line Co surged 3.6 percent today after its parent firm Wanda Group announced the plan to increase the listed firm’s stake with no more than 1 billion yuan (US$145 million).

Wanda Cinema Line plunged 10 percent daily cap yesterday morning and halted trading after Wanda Group, owned by China’s richest man Wang Jianlin, was reported to be involved in a probe by China’s regulators.

The China’s Banking Regulatory Commission have begun a probe into the sources of finance used by some of China’s most acquisitive companies, including Wanda Group, Fosun International and other companies, media reported on Thursday.

Wanda denied the report and announced to increase stakes of Wanda Cinema Line by no more than 1 billion yuan within three months, because of “strong confidence of the company’s future development”, the company said in a statement to the Shenzhen Stock Exchange.

Wanda surged 3.6 percent to close at 53.8 yuan, compared with 0.99 percent increase of the Shenzhen stock index.


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