Regulator terminates reviews for Wanda IPOs on A-share markets

Chinese commercial property -developer Dalian Wanda Group Co announced late Wednesday that it will keep on exploring more ways to get listed on capital markets after the securities regulator terminated reviews of its IPOs on the A-share capital markets.

The China Securities Regulatory Commission (CSRC) said in a notice on Tuesday that it terminated reviews for the Wanda IPOs because it didn't update its application materials.

Wanda has been preparing to get listed on the A-share capital markets for over four years, according to the real estate conglomerate's announcement on its official website.

According to a previous notice released by the CSRC in January, Dalian Wanda Commercial Properties Co, an affiliated company of Dalian Wanda Group, was in the process of applying to float on the Shanghai Stock Exchange, and another of the conglomerate's subsidiaries Wanda Cinema was seeking to list on the Shenzhen Stock Exchange.

But the review for Wanda Cinema's IPO was also ended due to a lack of some "necessary documents," according to the CSRC.

"The termination of its IPOs will have a limited impact on the development of Wanda Commercial Properties, because the company has strong financing capacity," Song Yanqing, president of property consultancy Rand Consultation, was quoted by the National Business Daily as saying on Thursday.

Analysts were not surprised at the review termination of the Wanda IPOs considering the poor performance of China's capital markets.

"Wanda may have possibly given up its IPO plans on its own initiative and deliberately didn't update its application material in light of the performance of the A- share markets," Chen Xi, general manager of the research center at Beijing-based RET Property Consultants, was quoted by the same newspaper as saying.