Telstra will list Chinese car sales website Autohome on the New York Stock Exchange. The website is one of Telstra’s strategic investments in Asia.
“Asia is a region of significant opportunity for Telstra, but should not be viewed as a single homogeneous market," CEO David Thodey said in an ASX statement.
“We believe there are opportunities to be explored in various geographies a and various industry segments, but we need to make sure we are focused on the right assets.”
Telstra recently increased its shareholding in the online car sales business from 66 per cent to 71.5 per cent prior to the proposed IPO.
Revenue from Telstra’s international business grew by 16.2 per cent ($243 million) to $1,739 million during the 2012-13 financial year. Its international business is made up of Hong Kong mobile services (CSL New World), global connectivity and NAS, and digital media in China.