July 16, 2008 / 5:11 AM / 11 years ago

China's Oak Pacific considering HK or Nasdaq IPO

SHANGHAI, July 16 (Reuters) - 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 said.

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. ($1=6.813 Yuan) (Reporting by Sophie Taylor and David Lin; Editing by Edmund Klamann)

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