The Beijing Youth Daily, China's second largest newspaper group, plans to begin marketing its US$100 million IPO in Hong Kong in November, following expected regulatory approval in late October, Dow Jones reported. Citing a source familiar with the IPO, the agency said HSBC and CITIC Capital were jointly sponsoring the sale of a 25% stake in the newspaper publisher. The sale will be a major development in the Chinese media industry marking the first time the country has opened the sector up to public ownership.
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