Xinhua website planning $158 mln IPO -sources | india | Hindustan Times
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Xinhua website planning $158 mln IPO -sources

india Updated: Dec 23, 2011 17:18 IST

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China's state news agency Xinhua plans to list its online portal in a 1 billion yuan ($157.8 million) stock market offering in Shanghai with China International Capital Corp underwriting the deal, two sources with knowledge of the matter said on Friday. The exact timing of the initial public offering of has not been fixed, the sources told Reuters.

"It's around 1 billion yuan," one of the sources said.

Xinhua was not immediately available for commet. Other state news outlets are also looking to list their online operations., the online news portal run by the mouthpiece of the Chinese Communist Party -- the People's Daily -- is looking to list in Shanghai, sources have told Reuters. ($1 = 6.3390 Chinese yuan)