(June 30): A Chinese court ordered Dalian Wanda Group Co Ltd to pay Suning.com Co, Ltd 1.75 billion yuan, settling a years-long dispute over a failed property management initial public offering.
The ruling in Nanjing ordered the Chinese conglomerate to refund the “remaining amount” from Suning’s initial 2018 investment ahead of the scrapped listing of Wanda’s commercial property management arm while dismissing the retailer’s other claims, Suning said in a regulatory filing Monday.
The judgment has not yet taken effect and remains subject to appeal, Suning added. Wanda representatives didn’t immediately reply to a request for comment.
Suning joined a consortium to invest 34 billion yuan for a 14% stake in Wanda Commercial Properties in 2018, anticipating an onshore listing for the property manager. After the planned IPO fell through, Suning started arbitration proceedings with Wanda in 2024 to recoup its five billion yuan investment.
The dispute escalated in 2021 when Wanda launched the property management platform Zhuhai Wanda Commercial Management Group Co to pursue a Hong Kong IPO with new investors. Suning claimed Wanda violated their undisclosed 2018 share repurchase agreement and demanded its investment back. Wanda denied liability, and according to a 2025 Suning filing, China’s trade arbitration commission ruled against Suning’s repayment request.
Uploaded by Arion Yeow
