Xinhua plans to sell shares

Xinhua Bookstore announced that it plans to sell up to 60% of its stock to domestic and overseas private investors. Officials at the state-owned bookstore, which sells 65% of books on the mainland, said that the company would remain the largest shareholder. The bookstore was in talks with as many as six investors, but expected to seal deals with only five, according to a South China Morning Post report. Xinhua Bookstore branches throughout China are controlled by provincial and local governments and contracts with the investors would likely have to be negotiated with each branch individually.