Key facts
- Dalian Wanda Group must pay Suning.com 1.75 billion yuan.
- The payment resolves a dispute over Suning's 2018 investment in Wanda's commercial property management arm.
- The investment was tied to a planned initial public offering that did not proceed.
- The Nanjing Intermediate People’s Court issued the first-instance civil judgment.
A Chinese court has ordered real estate conglomerate Dalian Wanda Group Co. Ltd. to pay retailer Suning.com Co. Ltd. approximately 1.75 billion yuan ($250 million), concluding a legal dispute stemming from a failed initial public offering.
The Nanjing Intermediate People’s Court issued a first-instance civil judgment mandating Wanda to refund the "remaining amount" of Suning's 2018 investment. This investment was made in anticipation of the scrapped listing of Wanda's commercial property management division. Suning disclosed the ruling in a stock exchange filing on Monday, noting that its other claims in the case were dismissed.
The dispute centers on Suning's financial backing of Wanda's commercial property management arm prior to its planned IPO, which ultimately did not materialize.