Publishing group granted IPO

Liaoning Publishing Group, one of China's largest publishers, has been given the go ahead to list part of its operations in Hong Kong, the Financial Times reported, citing industry sources. The partial listing of the state group would be a watershed for overseas investors in the sector as it would be the first by a Chinese publishing house, and signal that governmental control will not necessarily hamper commercialization. Though granted, approval has not been announced for the IPO, which is expected to take place this year. Liaoning Publishing, which prints about 1,500 new titles a year, will not be able to list some parts of its business, such as editing departments.