Son of China’s Richest Man Criticized by State Media for His Infatuation/Wanda Withdraws From AMC

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The man is Wang Sicong, the only son of China’s richest man, and the woman is a young online celebrity. People thought the scandal would destroy the girl, but it turns out more people have come around to support her. Wang, however, was caught in limbo for the first time. And more trouble seems to be waiting for his family.

On May 25, 2012, Dalian Wanda Group announced its complete withdrawal from the board of directors of AMC, the world’s largest movie theater chain, and divested most of its holdings, liquidating $1.476 billion. According to estimates, Wanda Group has liquidated about RMB 20.696 billion in its sales of overseas assets. In the recent past, entrepreneurs who have been labeled as capitalists include Alibaba’s founder Jack Ma, Tencent’s CEO Pony Ma, and most recently, Zhang Yiming, the founder of ByteDance.