Headlines From China: Dalian Wanda Exits AMC Entertainment, Reversing Global Expansion

Dalian Wanda Exits AMC Entertainment, Reversing Global Expansion

Dalian Wanda Group Co. Ltd. has almost completely exited its investment in AMC Entertainment Holdings Inc., marking the latest retreat from overseas markets for the once-rapacious conglomerate founded by Chinese billionaire Wang Jianlin. Wanda, which bought the theater chain in 2012 for $2.6 billion, cut its stake to just 0.002%, according to a filing Friday. That compares with 6.8% in an April 9 disclosure and more than a third of the shares in October. Wanda has been trimming its position as the chain struggled with the pandemic, but also as the group contracts its investments outside of China. The company — spanning malls, films, sports and theme parks — was among Chinese conglomerates that accumulated some of the world’s largest debts after snapping up overseas trophy assets, often at premium prices, and now faces significant debt maturities. Read more Caixin Global

2021 China International Intelligent Communication Forum Held in Wuxi

Focusing on the future of intelligence and media convergence, the 2021 China International Intelligent Communication Forum (CIICF), jointly organized by China Media Group (CMG) and Jiangsu Provincial People’s Government, took place in Wuxi of eastern China’s Shen Haixiong, Shen Haixiong, Deputy Head of the Publicity Department of the CPC Central Committee, said that the era of intelligent communication is promoting in-depth media convergence and closer people-to-people ties all around the world, and is distinguished by richness of information and extensive information sharing. CMG, upholding the principle that “even giant corporations must keep themselves up to date”, is strategically building a “5G+4K/8K+AI” landscape, and accelerating the pace towards its goal of building a world-class new-type mainstream media group. Read more PR Newswire