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China Daily Website

Aussie Telstra to list Autohome on NYSE

Updated: 2013-11-05 14:18
( Xinhua)

SYDNEY -- Telstra, Australia's leading telecommunications and information services company, on Tuesday announced that it had filed a registration statement to list its majority-owned Chinese internet based business, Autohome on the New York Stock Exchange.

In a statement released to the Australian Securities Exchange on Tuesday, Telstra Chief Executive Officer David Thodey said the Initial Public Offering for Autohome, the leading online destination for car buyers in China and one of Telstra's strategic investments in Asia, would be an important milestone for Autohome.

"Asia is a region of significant opportunity for Telstra but should not be viewed as a single homogenous market," he said in a statement on Tuesday.

"We believe there are opportunities to be explored in various geographies and various industry segments but we need to make sure we are focused on the right assets."

Telstra has recently increased its shareholding in Autohome from 66 percent to 71.5 percent ahead of the planned listing.

Telstra International Group President and Group Executive Tim Chen is also the chairman of Autohome and will be chairman after any IPO, the Australian telecommunications giant said.

In October, Telstra announced that its Chief Financial Officer Andrew Penn would work with Thodey and Chen to enhance Telstra's Asia strategy.