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China’s Wanda Sports drops US IPO target

In an amended filing with the US Securities and Exchange Commission, Wanda Sports Group has cut the size of their US initial public offering from $500m (€449m) to $308m.

According to Reuters, Wanda Sports, a unit of Chinese conglomerate Dalian Wanda, set its new IPO price range at $9-$11 per share, compared to its previous range of $12-$15.

Wanda Sports, whose holdings include the Infront agency and the World Triathlon Corporation, owner of the Ironman brand, also cut the total number of shares on sale from 33.33 million to 28 million.

This move could be linked to sluggish US investor demand for Chinese stocks after last week’s listing of Chinese esports streaming platform DouYu on the Nasdaq market. DouYu was listed at the lower end of the company’s indicative range, amid a global markets sell-off in reaction to US-China trade tensions.

Read more: Shares in esports streaming platform DouYu start trading on Nasdaq

In the filing, Wanda Sports said it is required to use some of the proceeds of the IPO to repay an 11.5-per-cent loan connected to a restructuring of the group, with the remainder set to go towards investments and general corporate use.

Morgan Stanley, Deutsche Bank and Citigroup are engaged to lead the process to list on the Nasdaq Global Market under the WSG symbol.

Headquartered in Beijing, Wanda Sports Group has more than 60 offices and 1,600 employees around the world.

Read more: Investors will do well to examine the football deals of Endeavor and Wanda Sports

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