(Yicai Global) June 21 -- CITIC Press Group, the largest book publishing house in China, has suspended its listing on the over-the-counter New Third Board as it plans to list on the ChiNext board for growth enterprises next week.

The Shenzhen Stock Exchange has approved its listing plan and it hopes to go public on June 25, the Beijing-based firm said in a statement. It plans to offer up to 47.5 million new shares, or 25 percent of its total post-listing share capital, reducing parent CITIC Group's stake to 62.7 percent from 83.6 percent and major shareholder CITIC Investment Holdings' share to 10.8 percent from 14.4 percent, according to the prospectus.

The publisher, which runs 87 bookstores in China, earned CNY196 million (USD28.6 million) in net profit last year, up 4.8 percent as revenue soared 23.1 percent to CNY1.6 billion. Income from booking distribution made up about 76 percent of the total, the prospectus shows.

Money raised will go toward investments in intellectual property rights, building operations platforms and smart-life service systems and upgrading its operating systems.

Editor: James Boynton