Wanda Group is reportedly attempting to sell its payment license subsidiary 99Bill to raise cash. Potential buyers are said to include ByteDance.

99Bill is an established payment institution focusing on internet and mobile phone payments acquired by Wanda Group in 2014 for US$315 million (2.2 million yuan).

With financial constraints due to obstacles in its listing, Wanda hopes to raise approximately 1 billion yuan (US$140 million). Although it ranked fourth in transaction volume in 2022, 99Bill is far from giants like Alipay. Negotiations on price are ongoing.

Wanda’s foray into Internet finance included acquiring various financial licenses. When the liquidity crisis hit in 2017, Wanda’s internet technology business ran aground. 99Bill and Aeon Life insurance licenses have previously been considered for sale.

Negotiations for ByteDance to take over 99Bill are in the early stages.