NEWS outlet Caixin Media Co., founded by one of China’s most respected journalists, Hu Shuli, is seeking to raise up to US$200 million in its latest funding round to finance growth, Reuters quoted sources with direct knowledge of the matter as saying yesterday.

The Beijing-based firm is looking to raise US$100 million to US$200 million with a target valuation of about US$500 million prior to the funding round, said one of the sources.

Caixin, backed by tech giant Tencent Holdings Ltd. and investment firm China Media Capital (CMC), plans to primarily use the proceeds to develop business-related technologies and finance expansion, said the second source.

The U.S. dollar fundraising comes as Caixin, which has mostly raised yuan-denominated capital, looks to go public overseas in the coming two to three years, with Hong Kong the preferred listing venue, the sources said.

Caixin, with its eponymous flagship magazine, has grown from a pure business publication to a comprehensive, influential media group in the world’s second-largest economy.

It mainly provides Chinese corporate, political and financial news and analysis, as well as publishing business data and indices, including the Caixin/Markit Manufacturing Purchasing Managers’ Index.

Hu established Caixin in 2009 after leaving her post as editor-in-chief at another well-known business publication, Caijing.

Under Hu’s leadership, Caixin has attracted a devoted following among the country’s policymakers, business leaders and academics. It also brought in CMC chief Li Ruigang, a Chinese media mogul, as its chairman following CMC’s 2013 investment.

China has seen rapid growth in the media industry in recent years, with its gross market value expected to reach 3 trillion yuan (US$447 billion) by 2020, showed a report by Tsinghua University.(SD-Agencies)