State-owned Liaoning Publishing and Media Company Limited was approved by the China Securities Regulatory Commission on Tuesday for an A-share initial public offering, making it China's first wholly listed publication company, which will include both its editorial and operational business in the listing entity.
The company plans to issue 140 million A shares, accounting for 25.41 percent of its total stock issue, it said in the draft prospectus to the China Securities Regulatory Commission.
The proceeds will be invested in four projects, including the setting up of a publication and designing company and the expansion of a publication distribution company.
The capital used in the four projects is expected to be around 703.81 million yuan, said the company.
Four other publication companies, including Liaoning Children's Publishing House and Liaoning Education Press, are also reportedly expected to be injected into the listed entity in the future.
There are many other publication companies listed in China, such as Xinhua Media and B-ray Media in Shanghai and Beijing Media in Hong Kong, but they all have listed only their operational businesses.
Analysts said Liaoning Publishing stands out from other listed companies in this respect and is expected to attract many investors.
(China Daily November 22, 2007)
