Dalian Wanda Group Considers Hong Kong Listing For Sports Assets
China's Dalian Wanda Group is considering a Hong Kong listing for its sports assets as "part of efforts to rationalize its portfolio that could also include other sales," sources said, according to Wu, Jim & Baker of REUTERS. The conglomerate last month "tapped investment banks for a potential initial public offering of its sports businesses," the sources added. Citic Securities, China's largest brokerage, is reportedly one of the banks involved. A spokesperson for Citic Securities declined to comment. An IPO of Wanda's sports assets would include Infront Sports & Media, a Swiss sports marketing company and World Triathlon Corp. The share offering would also include Wanda's "smaller sports assets in China, such as cycling and basketball leagues." The public float would not involve Wanda's 20% stake in Atlético Madrid, valued at €67M after a recent capital raise. The IPO would "most likely take place in Hong Kong," but bankers have also pitched for a U.S. listing, according to the sources. Wanda is separately looking to sell Sunseeker Int'l, a British yacht maker it bought in '13 for $495M, "but whose financial performance it has failed to turn around." Wanda declined to comment (REUTERS, 1/4).