Xinhua news site applies for Shanghai IPO

State-owned online news agency Xinhua has applied to list its shares for its online news site on the Shanghai Stock Exchange, the second initial public offering by a Chinese state media site in a year, Reuters reported, citing the China Securities Regulatory Commission (CSRC). Xinhuanet.com’s listing application is being reviewed by the CSRC, the regulator said in a notice posted online on Saturday, which did not reveal the date of the IPO. The agency’s listing is likely to raise a significant sum from investors, given Xinhua’s standing as the voice of the Communist Party. Sources first told Reuters in late 2011 that the agency intended to conduct an IPO, rumored to raise US$160 million (RMB1 billion). There are 800 Chinese firms waiting to be listed, but Xinhuanet may be fast-tracked due to its political connections, analysts said.