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Dalian Wanda Group is in talks with its backers to avoid making a sizeable RMB 30bn ($4.1bn) repayment to investors in its Zhuhai Wanda shopping mall unit if it failx to complete an IPO this year, as per sources. This comes after news that Wanda was said to have told investors that the IPO will likely only take place in 2024. They noted that given talks are early stages, there is no clarity on whether any agreement will be reached between Wanda and the investors. Zhuhai Wanda had initially filed a failed IPO in 2021 and has since been unable to list itself in Hong Kong. As per a regulatory letter by the CSRC, Zhuhai Wanda is required to repay the funds to the pre-IPO investors if its listing fails by end-2023.
Wanda’s dollar bonds have been under pressure in recent months and were trading lower by over 1 points yesterday – its 11% 2025s were down 1.5 points to 42.93 cents on the dollar.
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