SHANGHAI, July 16 Chinese Internet firm Oak
Pacific Interactive is considering an initial public offering
"at a suitable time" in Hong Kong or on the U.S. Nasdaq, its
chief executive said on Wednesday.
Oak Pacific, with sales of about 500 million yuan ($73.4
million) last year, aims for sales growth around 30 percent
annually in the long term, Chief Executive Joe Chen said.
Oak Pacific's entertainment portal, Mop.com, has entered a
stable growth phase, and Xiaonei.com, a social networking site
focused on college students and office workers, is expected to
turn a profit at the end of this year, Chen told Reuters on the
sidelines of the ChinaJoy online gaming conference.
"We're in no hurry to list at the moment, since overseas
markets are so bad. We are IPO-ready, but are under no huge
pressure to do so and will wait for the right moment," Chen
Beijing-based Oak Pacific does not have any immediate need
to raise more capital, he added.
In April, several venture capital firms, including Japan's
Softbank Corp (9984.T), invested $430 million in Oak Pacific and
now hold a combined 35 percent stake.
(Reporting by Sophie Taylor and David Lin; Editing by Edmund