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在线翻译:
szdaily -> Markets -> 
Alibaba leads investment in film unit of Wanda
    2018-02-08  08:53    Shenzhen Daily

DALIAN Wanda Group is selling a US$1.24 billion stake in its listed film business to a pair of investors led by Alibaba Group Holding Ltd., as the conglomerate looks to bring in strategic partners and raise new funds.

The property-to-entertainment firm will sell the combined 12.77 percent in Wanda Film Holding Co. to e-commerce giant Alibaba and State-backed Cultural Investment Holdings Ltd. for a total of 7.8 billion yuan (US$1.24 billion).

The move, hot on the heels of a separate deal to bring in investors to its commercial property unit, highlights a major shift by Wanda toward a streamlined, “asset light” model, amid a broad crackdown in China on high levels of corporate debt.

“Generally speaking, Wanda needs more cash and every business line needs cash,” said Li Chengdong, a Beijing-based analyst, referring to a cash crunch that has hit Wanda and a number of other major conglomerates in China over the past year amid tightening access to credit.

In the latest deal, Alibaba will invest 4.68 billion yuan of the total. Wanda would remain as the controlling shareholder of the firm with a 48.09 percent stake, it said in a statement.

Wanda said the deal would give its film business access to Alibaba’s strength in big data, while Cultural Investment, indirectly controlled by Beijing city’s cultural assets arm, would help to open up tourism-related opportunities.

“The main purpose of the equity transfer of Wanda Film Holding is to bring in shareholders with strategic value,” Wanda said.

Alibaba, which has its own film division as well as businesses from sports and ticketing to online payments, said in a statement the deal reflected the “future development potential” of Wanda Film.

The stake sale will add to the around US$16 billion in investment deals that Wanda has announced since last year.

(SD-Agencies)

 

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