Chinese shopping mall developer Dalian Wanda Commercial Properties Co (HKG: 3699) became listed on Dec. 23 and was Asia’s biggest IPO this year but its price ended up a 3% plunge when the market was closed.

During a press conference of the IPO, Wang said that the firm is also planning the IPO in Shanghai and it will be happening very soon, while the group is also planning to have IPOs for all its subsidiary companies in the future.

“Fortune is nothing but numbers. It is definitely not my priority to be the richest man in China, but it is my dream to build my company a super international giant of its kind,” Wang said.

A latest research and statistics by the Hurun Report said that Wang Jianlin (王健林), chairman for Wanda, will replace Alibaba Group’s (NYSE: BABA) founder Jack Ma (馬雲) and become the most wealthy man in China if Wanda’s stock price appreciates for more than 30% but it did not happen.

Wanda Group Chairman Wang Jianlin

Hurun Report ranked Wang as the 26^th richest person in the world in 2014, with a total asset of US$25 billion. In 2013, Forbes ranked him as the 128^th richest person in the world, with the asset of US$8.6 billion. In August 2013, Bloomberg listed him as the richest man in China with a total amount of US$14.2 billion. Hurun Report said that his net worth rose to US$22 billion in September 2013. Wang, who owns 98% of the Wanda Group, is currently ranked as the 4^th richest man in China by Forbes.

Alibaba’s stock price, meanwhile, ended up with a 38% appreciation on the first day to be listed on New York Stock Exchange back in September.

The IPO values the company at 8.6 times 2015 earnings forecasts. The Beijing-based firm has China’s largest commercial property portfolio, with 159 Wanda Plaza shopping centers and six Wanda City projects across China.

Fitch Ratings said that the proceeds from the IPO will help reduce Wanda’s leverage from 10.8 times earnings at the end of June to just under seven times by year-end, while net debt is expected to be trimmed to below US$10 billion, from US$13 billion five months ago.

Moody also estimated in a recent report and said that Wanda’s net debt ratio will decline to 38% to 42% at the end of 2014, from 44.5% at the end of June.

“The IPO will reduce Wanda’s reliance on debt funding, thereby enhancing its interest coverage,” Moody’s report said.

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