Xinhua's online unit plans IPO

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THE Internet unit under China's state-backed Xinhua news agency has applied to launch an initial public offering on the Shanghai Stock Exchange, according to a preliminary filing with the China Securities Regulatory Commission.

The names of 176 companies planning to list were released in a statement dated January 4 on the commission's website.

The CSRC's statement didn't mention the size of the Xinhua offering or when it will be launched.

Beijing-based Xinhua Network Co has a registered capital of 155.7 million yuan (US$24.8 million). It carries Xinhua's stories on Xinhuanet.com and also aggregates news stories from other newspapers and magazines.

The news website comes in seven languages including English and French.

China International Capital Corp is acting as its sponsor and nominator.

The listing of Xinhua Network Co follows last year's People's' Daily Online offering.

People's Daily Online surged 78 percent from its offering price on its debut in April. The shares have since dropped, but remain up 23 percent from its debut price.

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