BUSINESS China's Wanda Sports makes public debut on Nasdaq

BUSINESS

China's Wanda Sports makes public debut on Nasdaq

Xinhua

06:41, July 27, 2019

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(Photo: Agencies)

NEW YORK, July 26 (Xinhua) -- Wanda Sports Group Co., Ltd., the sports-related business unit of Chinese conglomerate Dalian Wanda Group, made its public debut Friday on Nasdaq.

The company, listed on the Nasdaq Global Market under the ticker symbol of "WSG", priced its initial public offering of around 23.8 million American depository shares (ADSs) at 8 U.S. dollars per ADS for a total offering size of approximately 190.4 million dollars.

It intended to use the net proceedings of approximately 170.4 million dollars from the offering to pay a loan facility.

Established in 2015, Wanda Sports Group is one of the world's largest sports events, media and marketing platforms in terms of revenue in 2018, according to an industry report by Frost & Sullivan, a third-party research firm.

The Chinese company own and have contractual rights to an extensive portfolio of global, regional sports properties from which it seeks to generate revenue across the value chain, including events operation, media production and media distribution, sponsorship and marketing, digital solutions and ancillary services.

Yang Hengming, chief executive officer of Wanda Sports, told Xinhua on Friday that the company is very confident in the outlook of China's sports industry and believes the sports market in China is a most promising one across the world.

"Wanda Sports is going to play a greater role in China's sports market and is dedicated to advancing the market at large," he added.


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