A potential host for Wanda’s backdoor listing in China has pulled out of talks, causing a headache for Wang Jianlin, China’s richest man, as he seeks to replace a poorly performing Hong Kong listing with the higher valuations offered in Shanghai and Shenzhen.
Shenzhen-listed Soft Rock Investment Group yesterday said it had dropped out of discussions over an asset swap deal to restructure itself as Wanda Commercial Properties’ shell.
Mr Wang paid $4.4bn earlier this year to privatise Dalian Wanda Commercial Properties just 18 months after listing in Hong Kong. The privatisation was the biggest such deal by a Chinese group in the city, and its success in relisting onshore was being closely watched as a template that others might follow.
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