(Yicai Global) July 12 -- Wanda Film Holding said controlling shareholder Beijing Wanda Investment will transfer almost 8.3 percent of the Chinese cinema chain’s stock to Lu Lili, the wife of East Money Information's actual controller, for nearly CNY2.2 billion (USD306 million).

The transfer will involve 180 million Wanda Film shares, with each priced at about CNY12 (USD1.67), the Beijing-based company noted, without disclosing further details. 

Wanda Film’s shares [SHE: 002739] closed 0.5 percent higher at CNY13.91 apiece today, after earlier jumping by as much as 3 percent. The stock has gained 10 percent this month.

Wang Jianlin, property tycoon and chairman of Wanda Group, controls Wanda Film through Wanda Investment and is the person acting in concert. After the transfer, his holding will shrink to 31 percent, but he will remain Wanda Film's controlling shareholder.

Lu is married to Shen Jun, who founded financial and stock information platform operator East Money in 2005. The family owns 23 percent of East Money.

Wanda Investment pared its holding in Wanda Film by 19.4 million shares, equal to about 0.9 percent of the total, through centralized bidding and block trades between June 19 and July 7. This was part of a plan to reduce the controlling shareholder's stake in the company, Wanda Film said on April 20.

Due to its own demand for funds, Wanda Film's controlling shareholder sold 3 percent of its stake, valued at more than CNY900 million at the time of the announcement. Wanda Investment has sold 2.6 percent of the shares so far. 

China's largest cultural firm Wanda Cultural Industry Group, the entity acting in concert with Wanda Investment, also pared its holding in Wanda Film by 2 percent via block trade in March, cashing out nearly CNY600 million (USD83.5 million).

Wanda Film's net profit was likely between CNY380 million and CNY420 million in the six months ended June 30, compared with a net loss of CNY580 million a year earlier, the Beijing-based firm said earlier.

Editor: Martin Kadiev