China’s Wanda Group “All Out” of AMC Theatres’ Board of Directors

China’s Wanda Group announced in an announcement on Sunday that it had “fully withdrawn” from the board of U.S. theater operator AMC Entertainment Holdings Inc. as of May this year, Reuters reported. The move is in line with Wanda Group’s “domestic focus” development strategy.

It is reported that Wang Jianlin, the head of Wanda Group, was ranked 68th on the Hurun Global Rich List last year with a value of 119 billion yuan. But this year, Wang Jianlin failed to enter the top 100 of the global billionaires list. U.S. theater operator AMC also confirmed in an exchange filing in February that Wanda Group had converted its stock so it could sell AMC shares.

Wanda Group said in the announcement that the group has been driving AMC’s successful IPO and M&A since May 2012, when it acquired 100 percent of AMC for $700 million, making it the world’s largest movie theater chain. After the sale of the stake, Wanda Film, a subsidiary of Wanda Group, will sign a long-term strategic cooperation agreement with AMC to support each other globally and in mainland China.