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6 months ago
Tencent-backed China Reading plans up to $800 mln 2017 IPO-IFR
February 6, 2017 / 7:10 AM / 6 months ago

Tencent-backed China Reading plans up to $800 mln 2017 IPO-IFR

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HONG KONG, Feb 6 (Reuters) - China Reading, the country's largest online publishing and e-book company, plans to raise up to $800 million in an initial public offering in 2017, IFR reported on Monday, citing people familiar with the plans.

China Reading, which is backed by China's biggest social network and online entertainment firm Tencent Holdings Ltd , is in the process of selecting underwriters for the IPO and is considering Hong Kong as a likely listing venue, added IFR, a Thomson Reuters publication.

The company, also known as Yuewen Group, hasn't yet finalised a total fundraising target, but the deal could range between $600 million and $800 million, one of the people told IFR.

Tencent didn't immediately reply to a Reuters request for comment on the China Reading IPO plans.

China Reading was formed in 2015, when a Tencent unit took over Shanda Cloudary. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Kim Coghill)

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