China Ruyi opened 8% higher before tumbling, after announced 2.26 bn yuan acquisition of 49% stake in Dalian Wanda’s investment unit
COMPANY NEWS STOCKS
China Ruyi opened 8% higher before tumbling, after announced 2.26 bn yuan acquisition of 49% stake in Dalian Wanda’s investment unit
COMPANY NEWS STOCKS

China Ruyi opened 8% higher before tumbling, after announced 2.26 bn yuan acquisition of 49% stake in Dalian Wanda’s investment unit

 

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China Ruyi, a Tencent-backed film and game company, opened nearly 8% higher on Monday, but later slipped into negative territory, falling as much as 8.4% to hit a low of HK$2.37 at one point.

Chinese conglomerate Dalian Wanda Group has agreed to sell a 49% stake in its investment unit Beijing Wanda Investment for 2.26 billion yuan to a controlled equity entity of China Ruyi, the latter said in a stock exchange filing.

The proceeds of transactions will be used to repay its $400 million debt due on Sunday, according to Chinese news outlet The Paper.

China Ruyi has been eyeing Wanda Investment’s 20% stake in Wanda Film, according to the report. Earlier this month, Wanda Investment twice agreed to offload its holdings in the Shenzhen-listed cinema unit for a total of 4.51 billion yuan,cutting its stake from 36.5%.