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Xinhua Media eyes stake in online bookstore-sources

Mon Jul 16, 2007 12:58am EDT

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SHANGHAI, July 16 (Reuters) - Shanghai Xinhua Media Co. (600825.SS) is in early talks to buy into Dangdang.com, a Chinese online bookstore that media have reported is planning a Nasdaq listing, two sources close to the situation said on Monday.

Dangdang.com, partly held by a group of global investors, including Doll Capital, Walden International and IDG Ventures, has entered talks with Xinhua Media, which approached the online bookstore about a month ago, the sources told Reuters.

Xinhua Media, controlled by state-owned Jiefang Daily Press Group, one of China's biggest newspaper publishers, hopes to team up with Beijing-based Dangdang.com to tap the domestic online book market, said the sources, who declined to be identified.

Xinhua Media, which dominates distribution channels for books and magazines in Shanghai, China's financial hub, went public on the domestic A-share market through a back-door listing earlier this year.

Officials at Xinhua Media declined to comment, while a spokesman for Dangdang.com could not be immediately reached for comment.

Chinese media reported last year that Dangdang.com, which bills itself as the country's biggest online bookstore, plans to list on the Nasdaq eventually.



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