Wanda Film Holding gets green light to buy 95% share of Wanda Pictures

Wanda Film Holding Co, the movie branch under conglomerate Wanda Group, announced this Thursday that it had received regulatory approval to acquire 95 percent of shares from another subsidiary Wanda Pictures a day earlier, under conditions that the company needs to re-file a few documents.

The company also said it will resume trading today.

Wanda Film’s plan for the acquisition was first brought up earlier in 2016, a year when Wanda Group bought Legendary Entertainment. The plan to buy Wanda Pictures, however, failed due to “immature situations”, according to the company. Such attempt failed again later in 2017 for similar reasons.

Wanda Film also reported this Thursday a full-year revenue of 14.1 billion yuan ($2.1 billion), up 6.59 percent year-on-year. Its profit, however, dropped by 14.68 percent and reached 1.6 billion yuan.