Wanda Announces Incorporation of Internet Technology Group

The announcement of the incorporation of Wanda Internet Technology Group on October 13 saw Wanda Group make another adjustment to its group structure from three major sectors formerly - commercial properties, cultural industry and financial - to four major industry groups, namely commercial properties, cultural industry, internet and finance, marking a comprehensive structural transformation into a modern services business for the Group.

The newly incorporated Wanda Internet Technology Group is a spin-off of Wanda Financial Group, and will focus on online-offline integration, creating a new generation internet of things model. Its stable of companies will comprise Ffan Technology, 99Bill, Credit Rating Company, the internet data center, Shanghai Heading Information Engineering, and Online Credit Company, among others. Meanwhile, Wanda Financial Group will focus its efforts on developing traditional financial services including banking, insurance, securities and investment.

Former Wanda Financial Group President Qu Dejun will become President of Wanda Internet Technology Group, while China Guangfa Bank's former Chairman Dong Jianyue will become Chairman and President of Wanda Financial Group. Dong Jianyue is a stalwart in China's financial circle and a well known banker. His joining the company will help drive Wanda Financial toward realizing significant growth.

Wanda Group Chairman Wang Jianlin said that the current internal corporate structural adjustment is part of Wanda's fourth in-depth structural transition and a major move by the Group to accelerate structural transition toward a modern services business. This is in line with the general trend of structural transformation of the economy as well as consumption upgrading in China. The brand-new corporate structure is interdependent and has synergistic growth, and will help Wanda realize its 2020 "2211" goal by laying a solid foundation for Wanda to become an unrivaled world-class enterprise.