King & Wood Mallesons has advised Xinhuanet, the online arm of China’s official Xinhua news agency, on its IPO, which could be worth more than $240 million.

Xinhuanet which plans to list in Shanghai, is aiming to raise the amount by selling 51.9 million shares, according to the prospectus posted on the China Securities Regulatory Commission website.

A KWM team led by three partners – Wang Jianping, Tang Lizi and Jiang Yifeng – is representing the state-owned media website.

China International Capital Corp is acting as the sponsor of the deal, which was represented by DeHeng Law Offices.

The listing follows the 2012 stock market debut of People.cn, the online site of the People's Daily, which is also controlled by the central government. That listing raised more than twice its target amount.