(Yicai Global) Oct. 13 -- China Literature, China's largest online literature platform and an affiliate of internet giant Tencent Holdings Ltd. [HKG:0700], has successfully passed a Hong Kong listing hearing and will carry out pre-listing roadshows next week at the earliest ahead of an initial public offering later this month, Hong Kong news outlet Sing Tao Daily reported.
China Literature plans to raise between USD600 and USD800 million through the IPO and will remain affiliated to Tencent after its completion.
Tencent indirectly controls 65.38 percent of the firm, through multiple wholly-owned subsidiaries. China Literature's other shareholders include private equity investors, such as Carlyle Group and Trustbridge Partners.
China Literature centrally manages and operates a number of online literature brands, including Qidian, Chuangshi QQ, ReadNovel and XXSY. The company mainly engages in paid online reading, copyright operations, and paperback books.