Wanda Group Fully Withdraws From AMC in Nearly $1.5 Billion Stock Liquidation

A billboard along Hollywood's famed Sunset Strip from the Center for American Security as part of its "China Owns US" campaign in Hollywood, California, on Aug. 29, 2016. Frederic J. Brown/AFP via Getty Images

Chinese investment firm Wanda Group has sold off the majority of its stake in AMC Theatres, exiting the U.S. movie theatre business.

Dalian Wanda Group, owned by former Chinese Tycoon Wang Jianling, announced on its official website that, as of May, it has officially liquidated all its assets in AMC Entertainment Holdings Inc. and resigned their chairperson seat on AMC’s board of directors.