China Literature (阅文集团), the online reading unit of Chinese tech giant Tencent, has raised $1.1B after pricing its Hong Kong IPO at the top of its range, Bloomberg reports. The company, which Tencent has a 65.38% stake, offered 151.37 million shares globally at an indicated range of HK$48 to HK$55 each.

Following this hefty IPO, Tencent is planning another listing for its music spin-off in the near future. “It’s already fielding pitches from banks to handle an IPO for its music arm that could raise at least $1 billion next year,” the report citing people with knowledge of the matter.

China’s heated battle for online publishing broke out in 2013 when new players enter the arena poised to challenge existing incumbents. To tap the rising trend, Tencent acquired China Literature’s predecessor, Cloudary Corp., which was owned by Shanda Interactive Entertainment Ltd., for $730 million in 2014.

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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.