Gadgets & Electronics, Internet

China's Richest Man Bets On IoT

First he built a real estate empire, then he crafted an entertainment business, then he dove into banking, and now China's richest man is jumping into the Internet of Things.

Wang Jianlin, chairman of Wanda Group, says Wanda's latest foray into technology is the company's fourth major transformation. This IoT focus is part of the company's split into four major industrial groups: commercial, cultural, network technology, and financial. Previously the company had three groups of commercial, cultural, and financial.

The newly established Wanda network technology group was separated from Wanda financial group and it will focus on the fusion of online and offline resources to create a new-generation Internet of things model. The new network technology group includes several companies such as Ffan.com, 99bill.com, and Heading.

It also covers online credit businesses, network data centers, and online loans. Qu Dejun, former president of Wanda financial group, has been appointed president of Wanda's new network technology group.

Meanwhile, Wanda financial group will focus on traditional financial businesses, including banking, insurance, securities, and investment. Dong Jianyue, former chairman of China Guangfa Bank, has been appointed president of Wanda financial group.

Wang Jianlin said that this company internal structure adjustment is Wanda's fourth transformation and it is a major measure to accelerate the group's transformation into a modern service industry business. It meets the macro trend of economic restructuring and consumption upgrade in China and will benefit consumers.

Financial details of the business restructuring have not been released by the company.

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