Xinhuanet, the Internet portal of state news agency Xinhua, has filed with the China Securities Regulatory Commission for an IPO at Shanghai Stock Exchange. According to the  prospectus, the company planned to issue 51.90 million new shares for 1.497 billion yuan (around $240 million), pushing the company’s total capital stock to 208 million shares.

The funds will be injected in construction of information and cloud platform, big data analysis system, new media application technology research center and online education project, according to the company.

The prospectus added that the company’s revenue surged 37.5% YOY to 456 million yuan in 2013, while its net profit advanced 23.9% YOY to 168 million yuan during the same period.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.