Daily opts for HK listing

The Beijing Youth Daily newspaper group has dropped plans to float on the domestic market, opting instead to float its shares on the Hong Kong stock exchange. The IPO of 25% of the group's shares is expected to raise US$64-128 million, the South China Morning Post quoted sources as saying. The sources said the IPO was seen as a test case for market reform of China's tightly regulated media, with a Hong Kong listing intended to lift industry standards and give mainland media greater exposure to international practices.