China's biggest movie theatre operator, Wanda Cinema Line, is reportedly going to scale back its IPO, scheduled to take place on the Shenzhen Stock Exchange later this week.
Reports say Wanda will seek to raise about 1.2 billion yuan or 203 million US dollars, much less than the original plan of 370 million dollars.
It is said that Wanda decided on a price of 21 yuan a share following the China Securities Regulatory Commission's call to tighten IPO sales.
The theater operator applied for the IPO last July but was rejected due to high pricing.
Wanda Cinema Line's IPO will be the second Wanda listing after the company's property arm went public in Hong Kong at the end of last year.
Industry reports suggest Wanda Cinema had a 14 percent market share of China's 30 billion yuan movie market last year.