Nie Zhenzhu, president of the China Publishing Group (CPG), recently announced that CPG aims to register its new subsidiary, China Publishing Media Co., Ltd., by February, adding that one of China's three major telecom operators will be among the new subsidiary's major shareholders. The subsidiary plans a domestic A-share listing in early 2012. The new subsidiary will encompass CPG's domestic publishing business, with approximately RMB 1.2 bln in total assets.
To date CPG has established 96 subsidiaries and holding companies and 40 publishing houses, with 7,500 employees and RMB 7.1 bln in total assets.
Editor's Note: China Publishing Group previously launched a self-branded version of the WeFound e-reader co-developed by Beijing Founder subsidiary Foread Media Tech and China Mobile (NYSE: CHL; 0941.HK) subsidiary ASPire Technologies. For more background on this topic, please see "China Publishing Group Releases Branded E-Reader" MD 4/30/10 issue.