Beijing Youth Daily Plans Shr Sale To Singapore Co-Source

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Thursday 4 November 10:18 PM

Beijing Youth Daily Plans Shr Sale To Singapore Co-Source

DJ Beijing Youth Daily Plans Shr Sale To Singapore Co-Source

HONG KONG (Dow Jones)--Beijing Youth Daily, China's second-largest newspaper group, plans to invite a Singapore media company to become a strategic shareholder ahead of its planned Hong Kong listing this month, said a person familiar with the situation.

Singapore has only one newspaper publisher, and analysts in Hong Kong expect Singapore Press Holdings Ltd. (T39.SG) will be investing in the unprecedented IPO. Singapore Press declined to comment.

"It hasn't signed any agreements yet, but the company is in talks with two potential strategic investors - one in U.S., one in Singapore - both media companies," said the source, adding the IPO approval hearing would likely take place within the next two weeks.

Beijing Youth Daily is expected to be the first Chinese newspaper to list overseas after the country opened up its politically sensitive media industry to public ownership.

The source added the size of Beijing Youth Daily's IPO would likely be lower than the expected US$100 million.

-By Carmen Chan, Dow Jones Newswires; 852-2802-7002; carmen.chan@dowjones.com

-Edited by Sharon Buan

Later Story:	Singapore's Informatics 2Q Losses S$26.7M Vs S$2.7M (Dow Jones)
Earlier Story:	Foreigners Net Sellers Of THB898 Mln Thai Stocks Thursday (Dow Jones)