Wanda Sells Stakes in Financial Firms to China UnionPay
Xu Wei
/SOURCE : Yicai
Wanda Sells Stakes in Financial Firms to China UnionPay

(Yicai Global) Aug. 9 -- Wang Jianlin, the former richest man in China, has offloaded assets after selling hotels and equity to Guangzhou R&F Properties Co. [HK:2777] and Sunac China Holdings Ltd. [HK:1918]. Wang's Dalian Wanda Group Co. sold some of its equity in financial firms to China UnionPay.

Shanghai Wanda Internet Finance Service Co., which was previously owned solely by Wanda companies (Dalian Wanda Commercial Properties Co. [HK:3699] and Wanda Group), has three new additional shareholders -- Shanghai Lianyin Venture Fund Co., Jiaxing Wanji Investment Management Partnership and Expresspay Business Co.

Shanghai Lianyin Venture Fund is a wholly-owned subsidiary of China UnionPay, while Expresspay has many stakeholders. Shanghai Lianyin Venture Fund is one of them. Wanda Group did not disclose what fraction of Wanda Internet Finance China UnionPay holds.

The shareholders of Jiaxing Wanji Investment Management Partnership are Wang Jianlin and Qu Dejun. Qu is the head of Wanda Internet Finance.

Wanda Internet Finance probably made the sale to China UnionPay in preparation for listing or to reduce its liabilities, the Economic Observer quoted a source familiar with Wanda's operations as saying.

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Keywords: Wanda , China UnionPay