Tencent’s Online Publishing Platform China Literature Files For Hong Kong IPO

China Literature Ltd., an online literature platform operated by Tencent Holdings, has filed an IPO prospectus to list on the Hong Kong Stock Exchange. No financial details were disclosed. But the company, formerly known as China Reading Ltd., is reportedly seeking US$800 million via the float.

Hong Kong-listed Tencent is the company's largest shareholder, with a 65.3% stake. Carlyle Group and Trustbridge Partners own 12.2% and 6.2%, respectively.

Tencent announced in March that it would spin off its online publishing and e-book unit and seek a stand-along IPO in Hong Kong. The unit was formally established by Tencent in 2015 after it acquired Cloudary Corp., the literature arm of Shanda Group, the largest Chinese online publishing platform at tha...

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