Chinese conglomerate Wanda Group has sold off essentially its entire stake in AMC Theatres, officially exiting the U.S. theatrical exhibition business. ... On Friday, AMC disclosed that Wanda sold all but 10,000 shares in the past week, netting $426.7 million. It previously sold three tranches last month for $220 million.

Why did Wanda sold AMC?

The company began selling down its AMC holdings in 2018, soon after Chinese regulators targeted Wanda and other private conglomerates including HNA Group, Anbang Insurance and Fosun International over their aggressive, debt-fueled purchases of overseas assets. Banks were told to curtail funding for these deals.

Is AMC still owned by Wanda?

Wanda now owns 10,000 of AMC's Class A shares, or 0.002% of the total shares outstanding. No single entity holds an ownership stake above 10%, AMC said. “With no controlling shareholder in place, now AMC will be governed just as is most other publicly traded companies, with a wide array of shareholders,” Mr.