SHANGHAI, June 30 The online arm of China's
official Xinhua news agency said it is seeking to raise $240
million in an initial public offering, the second state media
firm to go public as Beijing looks to transform the sector into
a more commercial one.
Xinhuanet Co Ltd, which plans to list in Shanghai, is aiming
to raise about 1.5 billion yuan ($240 million) by selling 51.9
million shares, it said in its prospectus posted on the China
Securities Regulatory Commission website on Friday.
A listing would follow the 2012 debut of People.cn Ltd
, the online site for the People's Daily, which also
has ties to the central government and which raised more than
twice its targeted amount.
Xinhuanet said the funds will be used for five different
projects including a data analysis system and an online
The sale will be underwritten by China International Capital
($1 = 6.2180 Chinese Yuan Renminbi)
(Reporting by Shanghai Newsroom; Editing by Kazunori Takada and