Telco plans to float Chinese Internet business Autohome on NYSE
|The telco recently increased its shareholding in the Asian company to 71.5%, ahead of the proposed IPO. |
The Autohome platform is a primary destination for Chinese car buyers.
The business could be valued at $1 billion, say market sources.
The IPO of Autohome will be a significant milestone for the company, DEO David Thodey said today.
"Asia is a region of significant opportunity for Telstra but should not be viewed as a single homogenous market.
"We believe there are opportunities to be explored in various geographies and various industry segments but we need to make sure we are focused on the right assets".
Telstra Group Executive Tim Chen will remain Chairman of Autohome after any IPO.
Telstra international revenues soared to $1.7 bn, up 16.2%, in FY 2012-13.