The Wanda Movie Park was part of property and entertainment group Dalian Wanda. Photo: AFP

Wanda Cinemas, the leading cinema operator in China under the Dalian Wanda Group, said on Monday that 90 million shares of the company will be transferred to an investment management firm related to Alibaba, reported.

The shares, accounting for 7.66% of the total share capital of Wanda Cinemas, were previously held by Beijing Wanda Investment Co. Ltd. While the new shareholder, Hangzhou Zhenxi Investment Co. Ltd., is linked to Alibaba.

It is reported that the transfer price was 51.96 yuan per share, adding to a total of 4.68 billion yuan (US$750 million).

Aside from Alibaba, Cultural Investment Holdings Co. Ltd. also participated in the acquisition of Wanda Cinemas’ equity. In February, Wanda Group announced that those two companies will acquire 12.77% shares of the group.

Among them, Alibaba will invest 4.68 billion yuan, while Cultural Investment will contribute 3.12 billion yuan, securing the position of second and third largest shareholder.

Meanwhile, Wanda Group is still the controlling shareholder of the company, holding 48.09% of the shares.

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