Wanda Cinema set its issue price at 21.35 yuan per share at Shenzhen Stock Exchange and has more than doubled since the IPO and closed at 45 yuan on Wednesday.

According to the newspaper earlier, Wang Jianlin will surpass Jack Ma and reclaim his spot as China's wealthiest person if the Cinemas' share reaches 60 yuan, which is in line with the target price analysts earlier issued.

Both Wanda Cinemas and Wanda Commercial Properties are two listed arms of the Dalian-based Group.

China's solar energy giant Li Hejun, chairman of Hanergy Thin Film Power Group, is said to be another contender for Jack Ma's top ranking, as the company's share price has more than tripled in the past six months from HK$1.18 to HK$3.6 each.