(Yicai Global) Oct. 13 -- Dalian Wanda Group Co. has extended its business empire from commercial properties, the cultural industry and finance to include the Internet of Things, with the establishment of the Wanda Internet Technology Group.
The Shanghai-based subsidiary will focus on creating a new generation of Internet of Things model. Its stable of companies will include Ffan Technology, 99Bill, Credit Rating Company, the internet data center, Shanghai Heading Information Engineering and Online Credit Company, the Dalian-based company announced.
It is a major move by Wanda Group to accelerate structural transition toward a modern services business. It will also allow Wanda Financial Group to focus on traditional financial businesses such as banking, insurance, securities and investment.
Founder Mr. Wang Jianlin is China's richest man. He has made it his target to increase Wanda Group's total assets to USD200 billion, its market cap to USD300 billion, its revenue to USD100 billion and its net profit to USD10 billion by 2020.