China's Focus Media (FMCN) announced that its wholly owned subsidiary Allyes Online Media Holding Ltd. is preparing to be listed in the United States.
According to Focus Media, Allyes Online Media Holding Ltd. plans to issue American depositary shares. The company has submitted a draft registration statement to the Securities and Exchange Commission for a proposed initial public offering, but the detailed share amount and price is not currently available.
Previous to this, Allyes Online Media Holding Ltd. once prepared to be listed in NASDAQ in the first quarter of 2007 and its estimated market value at that time was about USD1 billion.
Founded in 1998, Allyes Online Media Holding Ltd. is one of China's largest Internet advertising agencies and Internet advertising technologies providers. Its patented AdForward software series products, which cover various aspects of Internet advertising, have been adopted by 80% Chinese independent business websites and advertising agencies, including Sina.com and Taobao.com. In March 2007, Allyes Online Media Holding Ltd. was wholly acquired by Focus Media.