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Financials

Tencent unit China Literature launches up to $1.1 bln HK IPO -IFR

HONG KONG, Oct 23 (Reuters) - China Literature Ltd launched on Monday an IPO in Hong Kong worth as much as $1.1 billion, seekings funds for acquisitions and to expand its digital publishing business, IFR reported citing a term sheet of the transaction.

The Tencent Holdings Ltd unit, which is China’s largest online publishing and e-book company, and some shareholders are offering 151.37 million shares in an indicative range of HK$48 TO HK$$55 each, said IFR, a Thomson Reuters publication.

Tencent and China Literature did not immediately reply to a Reuters request for comment on the IPO terms. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Edwina Gibbs)

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