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China's Wanda unit seeking Hong Kong IPO told to explain its business

Securities regulator asks Zhuhai Wanda for information on transactions with shareholders

People attend a Dalian Wanda Group media event in Beijing in 2017.    © Reuters

China's top securities regulator has asked a Dalian Wanda Group subsidiary seeking a Hong Kong initial public offering to provide more information about its business and its connections to shareholders.

The China Securities Regulatory Commission (CSRC) requested that Zhuhai Wanda Commercial Management Group submit additional material to explain its transactions with shareholders, as well as measures it takes to prevent funds from being embezzled by shareholders and avoid providing guarantees for its controlling shareholder's financing, according to a CSRC document released Friday.

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