Beijing Media launches HK IPO

Beijing Media Corp Ltd, publisher of the Beijing Youth Daily, formally began its initial public offering on the Hong Kong exchange. In a statement, the company said it would sell 47.74 million shares to the public in the offering, or 25.02% of its total. The IPO, the first by a Chinese media company, is being seen as a breakthrough move for China's tightly regulated media industry. Stocks are expected to be priced between HK$14.95 (US$1.92) to HK$18.95 (US$2.43), with the figure to be finalized on Friday. Trading in Beijing Media shares is scheduled to begin next Wednesday. The IPO is expected to earn the company up to US$99m. South African media giant Naspers has said it planned to secure 9.9% of the company's shares.