Cango Declares Cash Dividend
Cango, Inc. (NYSE: CANG), an automotive transaction service platform in China, announced today a special cash dividend of 12.5 cents per ordinary share, or 25 cents per American depositary share. The Shanghai-based company said the dividend would be paid on May 28 to shareholders of record as of the close of trading on May 10.
Shares in Cango were at $7.25 per ADS, up nearly 1 percent, in afternoon trading today in New York.
Capital Requirements for China's Small Lenders Will Be Eased After Quarterly Review
BEIJING (Reuters) - Capital requirements for some small commercial banks in China will be eased after they meet certain criteria in the central bank's quarterly risk review, sources told Reuters on Tuesday.
China's central bank, The People's Bank of China (PBOC), conducts quarterly Macro-Prudential Assessments (MPA) for banks to assess the level of risk in the country's financial system.
Future FinTech Receives Listing Warning from Nasdaq
Future FinTech Group Inc. (Nasdaq: FTFT), a financial technology company and integrated producer of fruit-related products, today announced that on April 17, the company received a notification letter from Nasdaq stating the company was not in compliance with listing rules because of its failure to file its annual report by the filing date.
The Nasdaq letter provides the company 60 calendar days from the date of the notification, or until June 17, 2019, to submit a plan. The company said it intends to file by that date.
Baidu to Report First Quarter Results May 16
Baidu Inc. (Nasdaq: BIDU), China’s top search engine, announced Friday that it will post its financial results for the first quarter through March on May 16.
In a February report, Baidu forecast first quarter revenue between 23.5 billion yuan and 24.7 billion yuan, while analysts had expected 24 billion yuan, according to IBES data from Refinitiv.
Shares in Baidu closed at $171.02 apiece, up 69 cents on the day Thursday before the three-day weekend for New York stock markets.
Future FinTech Announces Delay in Filing Annual Report
Future FinTech Group Inc. (Nasdaq: FTFT) said today that it would delay filing its Form 10-K beyond the required filing date of April 16 as it needed extra time to complete the financial statements after changing independent auditors.
The company, based in Xi-an, said it expected to file its annual report by the end of May.
Shares in Future FinTech, which a financial technology company and integrated producer of fruit-related products, closed today at $1.55, up nearly 8 percent on the day. After the late announcement, however, the company's stock was trading down more than 3 percent after hours.
Qudian to Buy Back Shares from Kunlun; Stock Jumps 11%
Shares in Qudian Inc. (NYSE: QD) jumped more than 11 percent Friday morning, to $5.74 apiece, after the company said it will buy back all its shares held by Kunlun Group Ltd.
The Xiamen-based online company, which provides small consumer credit products, has agreed to repurchase nearly 18.2 million of Class A ordinary shares, according to its statement today.
Qudian has not announced the closing date of the transaction. As of Dec. 31, the company reported it had $363.8 million in cash and cash equivalents.
Niu Technologies Announces Increase in Prices in China
Niu Technologies (Nasdaq: NIU), a top provider of urban e-scooters, said today it was increasing the retail price for certain models in its N, M and U series sold in China.
The Beijing-based company said the increases would range from 100 to 500 yuan, or about 1 to 5 percent per scooter. The price increase was effective immediately.
“Price increases are a fact of life, but we work very hard to provide a more engaging and valuable riding experience for our customers," said the company's chief financial officer, Hardy Zhang. "Models being sold now integrate our latest technology, offering better battery performance, better ride performance, advanced rider experience features, and more optimized maintenance regime. We believe our pricing represents an outstanding value for our customers, who are interested in reflecting a premium lifestyle in their daily transportation experience.”
EHi Car Services Completes Merger; Shares to Cease Trading
Shanghai-based eHi Car Services Ltd. (NYSE: EHIC), a car rental and car services company in China, announced today that its purchase by Teamsport Bidco Ltd., a subsidiary of Teamsport Parent Ltd., had been completed.
As a result, eHi has ceased to be a publicly traded company at the stock market's close today. The company is now a wholly owned subsidiary of Parent.
Under the terms of the previously announced merger agreement, approved by shareholders on April 8, each Class A common share has the right to receive $6.125 in cash per share. Each American depositary share represents two Class A common shares.
EHi closed today at $12.20 per ADS.
Baozun to Offer up to $225 Million in Convertible Senior Notes
Baozun Inc. (Nasdaq: BZUN), a large brand e-commerce service partner in China, said today it planned to offer up to $225 million in convertible senior notes due 2024. The company said it intended to grant the initial purchasers in the offering a 30-day option to purchase up to an additional $50 million in principal amount of the notes.
The Shanghai-based company said it planned to use the proceeds from the offering for working capital and other general corporate purposes, including repayment of outstanding indebtedness and potential future acquisitions.
The notes will be convertible into the company’s American depositary shares, each currently representing three Class A ordinary shares of the company, and would mature on May 1, 2024.
Shares in Baozun closed down more than 7 percent today to $41.05 per share.
China Jo-Jo Files for $60 Million Shelf Offering
China Jo-Jo Drugstores Inc. (Nasdaq: CJJD), an online and offline seller of pharmaceutical and other healthcare products in China, filed today to offer up to $60 million of stock, debt, and other securities in the future.
The Hangzhou-based company said in its registration of the shelf offering that the proceeds would be used for general corporate purposes.
Shares in the company closed at $2.82 today in New York, down 2 cents.
China Rapid Finance Announces New CFO, CTO, and Director of Strategy
China Rapid Finance Ltd. (NYSE: XRF) announced today a series of senior appointments, including a new chief finnancial officer and chief technology officer.
The Shanghai-based fintech company, which facilitates a microcredit consumer finance marketplace, said Steven Foo was named chief financial officer, replacing Lan Xie. Foo has more than 20 years experience, previously serving as CFO of Hebron Technology.
At the same time, Wilson Qin, formerly chief information officer of Noah (China) Holdings Ltd., was named chief technology officer of the company.
Quasi Yao, previously with Sino-US United MetLife Insurance Company Ltd., also joined the company to serve as director of strategy and operations, overseeing China Rapid Finance's high-level strategic planning and execution.
Shares in the company were up about 1 percent in late-afternoon trading today, at $1.08 per share.
China Advanced Construction Materials Appoints New Chairman, CEO, and CFO
China Advanced Construction Materials Group Inc. (Nasdaq: CADC) announced today that it appointed a new chief executive and chairman, as well as a new chief financial officer.
Beijing-based CADC, which makes construction materials for large scale infrastructure, commercial, and residential developments, said Yang (Sean) Liu would take over as chief executive officer and chairman of the board, succeeding Xianfu Han. Lili Jiang was named as the company's new chief financial officer and a director, succeeding Weili He.
Shares in CADC were trading down more than 13 percent in afternoon trading today in New York at $2.86 per share.
Hexindai Issues $20 million Three-year Senior Unsecured Note
Hexindai Inc. (Nasdaq: HX), an online consumer lending marketplace in China, said today it issued a $29 million senior unsecured note to Majik Fund SPC, a company managed by a subsidiary of Yunfeng Financial Group Ltd. (HKEX: 0376).
The note, due 2022, bears a fixed interest rate of 12 percent per year with semi-annual payments, the Beijing-based company said. Yunfeng is a financial technology group, providing investing and financing services for individual and institutional investors.
"I'm pleased to issue this Note to Majik Fund SPC which I believe demonstrates their confidence in the future prospects of our business and the industry," said Xinming Zhou, chief executive officer of Hexindai. "With our business gradually improving despite a difficult market environment, we will use the proceeds as working capital to continue growing our platform and diversify our revenue streams to drive future growth and strengthen our position in the industry."
Shares in Hexindai closed today at $2.95, up 1 percent.
iQIYI Announces Proposed Offering of $1.05 Billion Convertible Senior Notes
iQIYI, Inc. (Nasdaq: IQ), an innovative market-leading online entertainment service in China, today announced the proposed offering $1.05 billion in aggregate principal amount of convertible senior notes due 2025.
The company intends to grant the initial purchasers in the notes offering a 13-day option to purchase up to an additional $150 million in principal amount of the notes. The company plans to use part of the net proceeds from the notes offering to pay the costs of the capped call transactions described below, and use the remainder of the proceeds to expand and enhance its content offerings, to strengthen its technologies, and for working capital and other general corporate purposes.
Fanhua Sets Up 25 Cent Dividend for Fourth Quarter
Shares in Fanhua Inc. (Nasdaq: FANH) rose 33 cents Monday afternoon to $23.63 apiece after the company, a Guangzhou-based financial services provider, declared a quarterly dividend of 25 cents per American depositary share.
The company said in a statement today that the fourth quarter dividend will be payable on Apr. 3 to shareholders of record as of Mar. 21.
“The Board and management remain optimistic about the growth prospects of the life insurance market in China and Fanhua,” the company’s chairman and chief executive officer, Chunlin Wang, said. “Therefore, we believe that the Company’s stocks represent an attractive investment in the long run.”
Fanhua has yet to report its financial results for the final quarter of 2018.
Tencent Music Stock Down 5% After Copyright Management Change
The stock of Tencent Music Entertainment Group (NYSE: TME) was trading down 5 percent early Friday, at $17.07 per American depositary share, on news that its vice president, Andy Wai Lam Ng, is withdrawing from his copyright management post today “for personal reasons.”
The music arm of the Chinese conglomerate Tencent Holdings Ltd. (HKEX: 0700) said in a statement that Ng will continue as a senior consultant to advise on strategic copyright partnerships. Tsai Chun Pan, a vice president in charge of the department for music services for smart devices, is taking Ng’s former position.
“We are confident that in their new roles, Tsai Chun and Andy will be able to leverage their extensive experience in the Chinese music entertainment business, forge new alliances with our content partners, augment our copyright protection initiatives, and facilitate the healthy growth of the domestic music entertainment industry," Tencent Music’s chief executive, Cussion Kar Shun Pang, stated.
MSCI to Quadruple Weighting of China A-shares
NEW YORK/SHANGAI (Reuters) - Global index provider MSCI will quadruple the weighting of Chinese mainland shares in its global benchmarks later this year, it said on Thursday, potentially drawing more than $80 billion of fresh foreign inflows to the world's second-biggest economy.
MSCI also announced that it will add Chinese mid-cap stocks to its emerging market benchmark in November, boosting the number of Chinese constituents.
In a statement on its website, MSCI said it will increase the inclusion factor of Chinese large-cap stocks to 20 percent from the current 5 percent in two steps, in May 2019 and in August. As a result, the weighting of Chinese stocks in the MSCI Emerging Market Index will jump to 3.3 percent, from roughly 0.7 percent currently.
The announcement could add fuel to a stock market that has jumped over 20 percent this year, partly on hopes that Beijing and Washington will soon reach a deal to resolve their trade dispute.
After implementation, the MSCI Emerging Markets Index will include 253 large-cap and 168 mid-cap China A-shares, representing a weight of 3.3 percent in the pro-forma index.
Gridsum Announces Equity Investment
BEIJING, Feb. 28, 2019 /PRNewswire/ --
Gridsum Holding Inc. (Nasdaq: GSUM), which provides cloud-based analytics and artificial intelligence solutions, said today that it entered into a share subscription agreement with unidentified equity investment firms, which have agreed to invest about $11.1 million into the company. The Beijing-based company said the investment would occur through the sale of 3.46 million newly issued Class B ordinary shares priced at $3.20 per share. Gridsum, which provides big-data analytics and AI solutions for multinational enterprises and government agencies in China, was selling for $3.84 per share, up nearly 1 percent, in mid-afternoon trading in New York.
China February Factory Activity Shrinks for Third Straight Month
BEIJING (Reuters) - Factory activity in China shrank for the third straight month in February, with its official manufacturing gauge falling to a three-year low, highlighting deepening cracks in an economy facing persistently weak demand at home and abroad.
The official Purchasing Manager's Index (PMI) fell to 49.2 in February, data showed on Thursday, the weakest level since February 2016. The 50-point index mark separates expansion from contraction on a monthly basis.
Analysts surveyed by Reuters had forecast the PMI to come in at 49.5, unchanged from January.
Economic growth in China cooled to its weakest in almost three decades in 2018, and analysts expect a further softening in coming months before stimulus measures start to kick in. Many fear a sharper slowdown in the world's second-biggest economy if current Sino-U.S. trade talks fail and the dispute escalates.
Pharma Provider 111 Inc. Hires Former CFO of iKang, Now Private
Pharma retailer 111 Inc. (Nasdaq: YI) announced Wednesday that it has brought onboard a new chief financial officer, Yang Chen, who has just left the same position at iKang Healthcare Group Inc., a Chinese private preventive healthcare company.
Yang Chen, new CFO at 111 Inc.
Previously, Chen served as vice president of finance and strategy at Campbell Soup Asia Limited and Lee Kum Kee Sauce Group and held various senior roles with Dumex China, PepsiCo Greater China Region, and Wyeth China.
“Yang has extensive leadership experience in financial management, strategy, and capital markets, which makes him a great addition to the team as we continue to drive forward and execute our mission of building the largest integrated online and offline healthcare platform in China powered by technology,” the chairman and chief executive officer of 111, Junling Liu, said in a statement today.
Shares in 111 were trading down 3 cents early Wednesday, at $8.72 per American depositary share.
IKang, formerly listed on the Nasdaq under the symbol “KANG,” closed its going-private deal in January by merging with IK Healthcare Merger Ltd. in accordance to its plan announced in March 2018.
Wanda Group's AMC Entertainment Declares Dividend
AMC Entertainment Holdings Inc. (NYSE: AMC), which is controlled by the Wanda Group in Beijing, announced today it declared a dividend for the quarter ended Dec. 31 of 20 cents per share on shares of Class A and Class B common stock. The dividend is payable in cash on March 25, 2019, to shareholders of record on March 11, 2019.
Trump Says March 1 Deadline for China Trade Talks Not "Magical" Date
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date.
Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if the world's two largest economies do not settle their trade dispute, but Trump has suggested several times that he would be open to postponing the deadline.
"They are very complex talks. They're going very well," Trump told reporters in the Oval Office. "I can't tell you exactly about timing, but the date is not a magical date. A lot of things can happen."
Trump said the real question would be whether the United States would raise the tariffs as planned.
"I know that China would like not for that to happen, so I think they're trying to move fast so that doesn’t happen."
On Tuesday, the United States and China launched a new round of talks in Washington, with follow-up sessions later in the week. The negotiations followed a week of talks in Beijing that ended last week without a deal but which officials said had yielded progress on some key issues.
Secoo Announces Michele Sofisti as the Strategic Advisor for Luxury Watch and Jewelry Business
Secoo Group (Nasdaq: SECO) today announced that Mr. Michele Sofisti joins Secoo as the strategic advisor for Secoo's luxury watch and jewelry business. His joining will further enrich Secoo's luxury watch and jewelry categories and enhance the leading positioning of Secoo in China as a luxury e-commerce platform.
Cango Inc. Announces Changes to Board of Directors
Cango Inc. (NYSE: CANG), an automotive transaction service platform in China, today announced that Mr. Zuyu Tan and Mr. Weibiao Zhanhave tendered their resignations as directors of the company's board of directors for personal reasons. Their resignations were effective as of February 14, 2019.
Vipshop to Announce Fourth Quarter and Full Year 2018 Financial Results
Vipshop Holdings Ltd. (NYSE: VIPS), an online discount retailer for brands in China, today announced that it plans to release its fourth quarter and full year 2018 financial results on Wednesday, February 20, 2019 after market close.
Jianpu Technology to Report Fourth Quarter Results on February 25
Jianpu Technology Inc. (NYSE: JT), a peer-to-peer lending platform in China, today announced that it will report its fourth quarter and fiscal year 2018 unaudited financial results, on Monday, February 25, 2019, before the open of U.S. markets.
Best Inc. Gets New Ticker Symbol on the NYSE; Stock Rises 6%
Shares in Best Inc. (NYSE: BSTI) jumped 6 percent in early trading Tuesday after the company announced that it will change its ticker symbol on the New York Stock Exchange to “BEST,” effective Feb. 19.
“We are excited to be able to align our NYSE ticker symbol with the 'BEST' brand name which provides us with better visibility and consistent recognition with public investors and across all our stakeholders,” the company’s chairman and chief executive, Johnny Chou, said in a statement.
Best, a logistics solutions provider based in Hangzhou, said no action is needed from shareholders and its CUSIP will remain unchanged.
The stock of Best was trading at $5.04 per American depositary share in the morning, up 30 cents.
Kandi Technologies Announces Resignation of CFO
Kandi Technologies Group Inc. (Nasdaq: KNDI), said today that its chief financial officer, Mei Bing, had resigned from the company and was replaced by Zhu Xiaoying as interim CFO as of Jan. 29. The Jinhua-based company, which is developing electric vehicles, said the resignation was for "personal reasons." In addition, Kandi said the board also appointed Wang Yuanyao as Vice President of Finance, effective February 1.
Previous to her appointment, Zhu was in the financial management industry for over 20 years with "extensive experience in the financial management of publicly traded companies," the company said. From October 2003 to June 2007, Zhu was the Chief Financial Officer of Zhejiang Kandi Vehicle Co. Ltd. She previously served as Kandi's CFO from June 2007 to April 2015. For the past four years, she was back at Zhejiang Kandi Vehicle as its CFO.
China's Didi Chuxing Considering Layoffs
(Reuters) - Senior managers at Chinese ride-hailing company Didi Chuxing are looking at cutting headcount at some departments by up to 20 percent, the Information reported on Wednesday, citing a source.
The layoffs will take place mostly in support services like marketing and human resources, the technology news website said, adding that a final decision is not yet made. The company employs over 10,000 people globally.
Didi said it had no comment on the report.
Apple Sees U.S.-China Tensions Easing, Services Business Growing
(Reuters) - Apple Inc said sales for its fiscal second quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world's biggest smartphone market.
However, Chief Executive Tim Cook, who is in regular contact with U.S. President Donald Trump, told Reuters he sees some hope that trade tensions between the United States and China have eased.
He also made upbeat comments about Apple's fast-growing services business and said the company is considering pricing its phones in local currency in China and other international markets, which may spur sales.
Apple shares rose 2.5 percent to $158.55 in after-hours trading.
Canada 'Some Ways Off' on Decision Over Whether to Ban Huawei 5G
OTTAWA (Reuters) - A Canadian government decision on whether to ban Huawei Technologies Co Ltd from supplying equipment to 5G networks is "some ways off into the future yet", a top official said on Tuesday.
The comments by Public Safety Minister Ralph Goodale to reporters were the most specific indication yet from Ottawa on the timing of a politically sensitive announcement.
Officials are studying the security implications of 5G networks, the latest generation of cellular mobile communications. Some Canadian allies have already imposed restrictions on Huawei equipment, citing the risk of espionage.
"It's some way off into the future yet ... it's certainly beyond weeks," Goodale said when asked about the timing.
Canada and China are involved in a separate diplomatic dispute over the arrest of Huawei Chief Financial Officer Meng Wanzhou last month in Vancouver on a U.S. arrest warrant.
China Regulator Approves New Game by Tencent
BEIJING (Reuters) - China regulator on Tuesday green lit a new game published by Tencent Holdings Ltd. in its fifth batch of approvals since December, when the watchdog resumed giving out licences after a freeze for most of last year.
Tencent's "Romantic Rose Garden" is among 95 games that have been approved, the regulator, China's State Administration of Press, Publication, Radio, Film and Television, said on Tuesday.
UPDATE: U.S. Expected to Announce Criminal Charges Related to China's Huawei
WASHINGTON (Reuters) - The U.S. Justice Department is expected to announce criminal charges related to Chinese telecommunications firm Huawei Technologies Co. Ltd. on Monday, four sources told Reuters.
The U.S. government has been expected to announce charges against Meng Wanzhou, Huawei's chief financial officer, as part of an effort to extradite her from Canada.
Sky Solar Replaces CFO Immediately; Shares Plunge
Sky Solar Holdings Ltd. (Nasdaq: SKYS), which develops and operates solar parks internationally, said today it removed Sanjay Shrestha from his position as the chief financial officer of the company, effective immediately. The company said it appointed Julie Zhu as the acting CFO. No reason was given for the move. Sky Solar has developed projects in Asia, South America, Europe, and North America. Shares in the company plunged more than 7 percent in New York by mid-afternoon to 54 cents, off more than 4 cents per share.
Foxconn Cuts 50,000 Contract Jobs in China
(Reuters) - Apple Inc.'s (Nasdaq: AAPL) biggest iPhone assembler Foxconn Technology Group has let go around 50,000 contract workers in China since October, months earlier than normal, Nikkei reported on Friday.
The scale of the cuts is not necessarily deeper than previous years, it is simply significantly earlier, the report said, citing an industry source familiar with the situation.
"It's quite different this year to ask assembly line workers to leave before the year-end," the source told Nikkei.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, was not immediately available for a comment.
Earlier this month, Nikkei reported that Apple cut current quarter production plan for new iPhones by 10 percent in the face of slowing demand in China, the world's largest smartphone market.
China Confirms Vice Premier Liu to Visit U.S. for Trade Talks Jan. 30-31
BEIJING (Reuters) - Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington, China's commerce ministry said on Thursday, confirming earlier reports of the planned talks.
Liu's scheduled visit follows lower-level negotiations held in Beijing last week aimed at resolving a bitter trade dispute between the world's two largest economies ahead of a scheduled March 2 escalation of U.S. tariffs on $200 billion worth of Chinese goods.
Commerce ministry spokesman Gao Feng confirmed Liu's visit during a weekly press briefing.
A source familiar with White House planning for the negotiations said this week that Liu had accepted an invitation to go to Washington for talks with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on the last two days of January.
Renmin Tianli Changes Ticker Symbol to Reflect New Strategy
Renmin Tianli Group Inc. (Nasdaq: ABAC), which produces breeder hogs, market hogs and black hogs, as well as specialty processed black hog pork products, announced today it was changing its ticker symbol to "BIQI" effective Jan. 17. The company, based in Wuhan City, said the change was intended to reflect its strategy of expanding beyond hog farming and including investments and acquisitions in selected industries, including real estate. Renmin Tianli recently announced it purchased a 40 percent stake in Dalian Lianhui Hotel Co. Ltd. and a portfolio of industrial and residential properties from the Hubei Science and Technology Industrial Park.
China Advanced Construction Materials Regains Nasdaq Compliance
China Advanced Construction Materials Group Inc. (Nasdaq: CADC), a producer of construction materials for large scale infrastructure, commercial and residential developments, announced today it had regained compliance with Nasdaq's filing and annual meeting requirements. The Beijing-based company said it was notified Jan. 11 by Nasdaq officials that was approved for continued listing on the Nasdaq Capital Market after filing its Form 10-K on Dec. 10 for its fiscal year ended June 30, 2018, and its filing of Form 10-Q on Jan. 4. The company's annual meeting requirement was also reached as it filed Form 8-K on Dec. 27 disclosing its annual meeting of shareholders after they met earlier in the day.
Sohu.com Adopts Poison Pill Provision to Block Takeovers
Sohu.com (Nasdaq: SOHU) has instituted a poison pill provision to block any unwanted purchase of the company. The provision said it was to "deter coercive and unfair takeover tactics, including through the accumulation of shares in the open market or through private transactions," Sohu explained in a filing. Under terms of the provision, if a shareholder accumulates more than 15 percent of the company, without board approval, a potential suitor would have the right to buy one-thousandth of a preferred share for $200, making the takeover prohibitively expensive.
Sohu's American depositary shares closed at $18.19 today in New York, down more than 2 percent.
Dalian Wanda Group Posts Revenue Drop for Third Straight Year
SHANGHAI, (Reuters) - Chinese conglomerate Dalian Wanda Group’s revenue fell by 5.7 percent in 2018 as the company sought to relieve debt pressure by offloading domestic and overseas holdings amid a government crackdown on leverage and overseas acquisitions.
Total group revenues were 214.28 billion yuan ($31.70 billion), the company said on Saturday in a statement on its official WeChat account. It was the third consecutive year of falling revenues for the group.
The company did not disclose information about its profits for the year but said total assets fell 11.5 percent to 625.73 billion yuan.
Owned by tycoon Wang Jianlin, one of China’s richest men, Wanda has been squeezed by government pressure to cut down on what Beijing sees as irrational overseas deals.
Last year it offloaded stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid, as well as some property developments.
The company recently filed for a U.S. initial public offering of its sports unit.