Xinhua website to offer $158 million IPO

China's state news agency Xinhua plans to list its online portal in a 1 billion yuan ($157.8 million) stock market offering in Shanghai with China International Capital Corp underwriting the deal.

The exact timing of the initial public offering of Xinhuanet.com has not been fixed.

"It's around 1 billion yuan", said a source.

Other state news outlets are also looking to list their online operations. People.com.cn, the online news portal run by the mouthpiece of the Chinese Communist Party - the People's Daily - is looking to list in Shanghai.

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