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Scotson wins U23 TT champs, more changes to Aussie nationals: Daily News Digest
Following some pressure on its business by a government-led push against overseas deals, the Chinese Dalian Wanda Group is reportedly considering putting its sports assets on the stock market, including the WorldTour Tour of Guangxi.
According to Reuters, the company is considering a Hong Kong listing, and last month spoke to investment banks for what it termed a potential initial public offering of its sports businesses. Saying the information came from three separate sources, it stated that Citic Securities, China’s largest brokerage, is one of the banks involved.
Both Citic Securities and Dalian Wanda Group declined to comment. The latter is owned by Wang Jianlin, one of China’s richest men.
Reuters states that an IPO [initial public offering] of the companies sports assets would include the Swiss sports marketing company Infront Sports & Media AG, which organises the Hammer Series events with Velon. It was purchased in 2015 by Wanda for $1.2 billion.
An IPO would also include the company’s cycling assets in China. It is not clear if this would have any impact on the running of the Tour of Guangxi. Last year Chinese regulators moved against the company’s buying spree of overseas assets, instructing banks to stop providing funding.
Click through to read more at Reuters.