A Chinese publishing group listed on the Shanghai stock market on Friday morning, becoming the country's first media company to issue shares in all its operations, including editorial units.

Liaoning Publishing and Media Company Limited (LPMC) aimed to raise more than 600 million yuan (US$81.6 million) by selling 140 million A shares. This accounted for 25.41 percent of its enlarged capitalization, Chairman Ren Huiying said.

The company's shares opened at 16.63 yuan, 258 percent higher than its initial public offering price of 4.64 yuan.

The listing "is an important achievement in the cultural systematic reform. It marks new success while deepening reform in the publishing and distribution industry", said Ouyang Jian, deputy director of the Publicity Department of the Central Committee of the Communist Party of China (CPC), in a congratulatory letter.

Ouyang hoped that the LPMC would provide further references and gain experience for the reform of China's publishing and distribution system.

The department, General Administration of Press and Publication and the Liaoning provincial government have all approved the commercialization of the LPMC.

Observers said the listing displayed China was deepening the commercialization of its publishing and media industry and the sector could be bright in next year's stock market.

Other media publishing companies, such as Chengdu B-Ray Media and Beijing Media, had listed before LPMC but excluded their editorial units, according to Song Jianwu, director of the Institute of Communication and Media Management Research of China Renmin University.

The LPMC listing as a whole package was a landmark and breakthrough for the entire industry and signaled a major policy change in the country, Song said. "People are expecting further steps in the commercialization process."

"Its listing is more than just stock market news," added Lin Muxi, a professor with the Liaoning University School of Economics. "It is very important politically."

The LPMC, based in Shenyang, capital of the northeastern Liaoning Province, is engaged in publishing, distribution, printing and printing materials. It had 1.13 billion yuan in net assets and 90.5 million yuan in net profit by the end of last year.

It currently includes five publishing houses, five book distribution subsidiaries, one bill and ticket printing company and one printing materials company.

It planned to merge another four publishing houses in Liaoning Province when conditions were ripe, Ren said.

It was co-founded by Liaoning Publishing Group and the Advertising and Communication Center of Liaoning TV on August 29, 2006.

Ren said the LPMC had been given the privilege by the China Securities Regulatory Commission to get a fast-track listing. The current regulations stipulated that a company must exist for at least three years before being listed.

(Xinhua News Agency December 21, 2007)