Wanda raises stake in film unit

Updated 2017-06-27 11:04:58 Global Times

Dalian Wanda Group purchased more than 2 million shares in its film unit, Wanda Film Holding Co, listed on the Shenzhen Stock Exchange, for 107 million yuan (.65 million) according to Wanda Film filings on Monday.

The move lifted Beijing Wanda Investment Co's total stake in the film unit to more than 682 million shares, accounting for 58.08 percent of the company, the filing said.

Shares of Wanda Film plunged late last week after media reports that some Chinese banks had unloaded the company's bonds. On Thursday, Wanda Film's shares fell 9.9 percent, prompting the company to request a suspension of its shares trading.

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