China's largest cinema chain, Wanda Cinema Line Co., has had its bid to raise US$ 320 million through listing on the Shenzhen stock exchange denied by regulators after the company failed to produce the required documents for an initial public offering.
The Securities Times reports that Wanda Cinema Lines had its application to issue 60 million shares for an IPO halted because of insufficient documents.
The China Securities Regulatory Commission accepted 637 applications for listing by July 1, but only 40 were approved.
Dalian Wanda Group, helmed by Chinese business mogul Wang Jianlin, is the largest owner and operator of movie theaters in the world.
In 2012, Wanda spent over two billion dollars buying AMC Theatres, the second-largest theater chain in North America.
