Shanghai Securities News, 12/20/07
Intermedia, an advertising agency for railways in China has announced that the company has recently received funding from IDGVC and has completed setting up independent companies both in China and overseas. The company expects to begin preparations for going public in the latter half of next year. The specific amount invested, as well as the percentage of total stock that IDGVC owns was not revealed.
Sources stated that over the next year, Intermedia will use this capital injection to perform a large scale expansion of its business, and it plans to increase its current yearly turnover of tens of millions of RMB to RMB 150 mln. It will then perform a second round of funding in September next year and compete its listing on Nasdaq in 2009.
Research shows that volume of passengers on trains in China for 2007 will likely reach 1.3 bln, and by 2010 this figure will reach 2 bln. Intermedia currently occupies 88% of all advertising media resources on Chinese trains, and covers almost all provinces and 3rd and 4th tier cities.