Wang Jianlin, the billionaire chairman of China’s Dalian Wanda Group, isn’t a man that likes to think small. So it’s not much of a surprise that he is moving quickly on a new step for the big U.S. theatre chain he bought last year in a deal worth $2.6 billion.
Dalian Wanda Group bought U.S.-based AMC Entertainment last year for $2.6 billion. (Image credit: AFP/Getty Images via @daylife)
According to a U.S. SEC filing on Friday, Wang’s AMC Entertainment Holdings plans to raise $400 million in an IPO. The company didn’t provide any pricing details.
Wang also runs one of the largest movie theatre chains in China, and the U.S. acquisition comes amid a push by Wanda into the entertainment industry at home. Consulting firm PwC estimates that spending on filmed entertainment will increase by 15% annually during the next five years in China, part of expected growth in domestic demand in a country that is known for its success in exports. Last week U.S.-listed Bona Film Group of China said it would set up a $163 million fund with Sequoia Capital and Noah Holdings of China to invest in film content. Already, Wanda’s U.S. and China theatre businesses combined make Wanda the industry’s global leader.
Earlier this year, Wang announced plans to invest about $1.6 billion in London in a luxury yacht maker Sunseeker and in a real estate project.
Wang’s expansion abroad is part of a larger wave of overseas investment by Chinese businesses. Earlier this year, the Shuanghui Group said it would buy U.S. meat producer Smithfield for $4.7 billion.
Wang ranked No. 128 on the 2013 Forbes Billionaires List with wealth of $8.6 billion.
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