Anhui Xinhua may raise 712m yuan from float

Publishing firm to use proceeds for expanding sales network

SHANGHAI: Publishing firm Anhui Xinhua Media Co (AXMC) may kickstart a new round of media public floats after it said it was planning to raise 712 million yuan through an initial public offering (IPO) to expand its sales network.

The State-owned firm based in central Anhui province plans to float 10 million shares, or as much as a 12.09 percent stake, to expand its book store network, logistics system, and an electronic advertisement media network, according to the prospectus filed to the Shanghai Stock Exchange.