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Xinhua Financial Network, affiliate of China's official Xinhua News Agency, said yesterday it was seeking to list as early as next January in one of the first overseas IPOs involving a mainland media company.

The financial services and media company is considering listing in Hong Kong, Tokyo or New York in the next 12 to 24 months, a spokesman said.

"Our company is expanding and we need funds. Listing is one of the options but we have not decided where."

The company, whose largest shareholder is Xinhua with a 20 per cent stake, has been on an expansion spree since it acquired the Asian arm of financial information provider AFX from Agence France-Presse a year ago.

Last December, the company said it planned to buy the New York-based news agency Market News International.

In November, the company raised $20m on international markets for further expansion plans.

The company, which is also owned by Japanese investors including Nissay Capital and Nippon Venture Capital, declined to reveal how much it is aiming to raise from the IPO.

It said all proceeds would be used for future business development, including acquisitions.

Founded in 1999, the Hong Kong-based company distributes Chinese and Asia equity markets news and manages China-related stock market indices in a joint venture with FTSE.

It is expected to report its first profit in 2004.

Tommy Ho, a media analyst at UOB Kay Hian in Hong Kong, said investors would probably welcome an XFN listing for its "uniqueness".

"It is the first of its kind and I don't think there are other Chinese media companies that are being put up for sale," said Mr Ho.

However, he warned investors must question whether the company's service might be affected by China's domestic censorship policies.

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