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China’s Wanda Pictures Raises $2.4 Billion (Report)

China’s Dalian Wanda is reported to have raised $2.4 billion (RMB15.9 billion) for its film unit, Wanda Pictures.

According to a report by Bloomberg, group VP Liu Zhaohui held a briefing for financiers in Hong Kong on Thursday and said that the offering, which had sought $1.5 billion was oversubscribed.

Wanda is busily restructuring and scaling up its entertainment assets, though it is not currently clear how the organizational chart will finish up.

Chairman Wang Jianlin has publicly said that he was seeking one — or two — IPOs for the company’s film distribution and production arms. But now it appears that Wanda is able to raise the finance through private placings and may be able to avoid a new share listing.

Wanda Cinema Line, the groups already-listed theaters chain, is expected to absorb Wanda Pictures, the unit that will include the recently acquired Legendary Entertainment. Wanda Cinema Line shares have been suspended since the end of February and the group has said that the stock could remain suspended until April – albeit with updates made to the market every week.

Wanda Cinema posted a regulatory filing Wednesday and added no new information.

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