China-based social networking company Oak Pacific Interactive is preparing its flotation in the first six months of next year.
Newswire Reuters said Oak had hired investment banks Credit Suisse and Deutsche Bank for its initial public offering, five years after it had initially been mooted.
Japan-based conglomerate Softbank owns 14% of Oak, with warrants for a further 26% with a 2011 strike time limit and Y30bn price.
Oak, previously known as ChinaInterActiveCorp, previously raised $48m from Legend Capital, the corporate venturing unit of computer group Legend, and venture capital firms General Atlantic, DCM, Technology Crossover Ventures and Accel Partners.