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Dalian Wanda Commercial may opt for Shanghai backdoor listing

Dalian Wanda CommercialProperties Co. Ltd., which is consideringa privatization and delistingon The Stock Exchange of Hong Kong Ltd., is mulling a backdoor listing on the Shanghaibourse, Reuters reported, citing two people with knowledge of the matter.

The developer may acquire a shell company to tap the listingmarket in Shanghai if it does not land regulatory approval to launch an IPO on theShanghai stock exchange, according to one of the people.

Dalian Wanda Commercial could also opt for the acquisition ofa shell company if the IPO application process takes a long time, according to theother person.

The property developer's parent firm, Dalian Wanda Group, wasin the early stages of reviewing a voluntary general offer for Dalian Wanda Commercial'sH shares, as previously reported. The company hopes to receive 20x earnings fromChinese investors if its shares are listed on the mainland, which is much higherthan the current Hong Kong market valuation of 5.8x earnings over the last 12 months,as reported earlier.

In 2015, Greenland Holding Group secured a Shanghai backdoor listing through its listed affiliateShanghai Jinfeng Investment Co. Ltd., as reported earlier.