Focus Media Holding Limited (Nasdaq: FMCN), China’s leading multi-platform digital media company, has announced its wholly owned subsidiary Allyes Online Media Holding Ltd. (“Allyes”), a company that operates its internet advertising business, has submitted on a confidential basis to the U.S. Securities and Exchange Commission (the “SEC”) a draft registration statement for a proposed initial public offering (or “IPO”) of American depositary shares (or “ADSs”) representing ordinary shares of Allyes. The purpose of the IPO, if completed, is to provide Allyes with greater flexibility in developing its leadership in the internet advertising market in China.
The IPO is expected to commence as market conditions permit, and is subject to Allyes’ filing publicly with the SEC a registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended (or the “Securities Act”), and the SEC’s declaring such registration statement effective. The number and dollar amount of ADSs proposed to be offered and sold have not yet been determined.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act. This announcement is not intended to, and does not, constitute an offer of any securities for sale.
Focus Media Holding Limited (Nasdaq: FMCN) is China’s leading multi-platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays .