Jun. 4, 2012 (China Knowledge) - Changjiang Publishing and Media Co Ltd<600757>, principally engaged in the publication and distribution of supplementary textbooks, general books, journals, audio-visual products and digital products, has said it will raise RMB 1.19 billion of shares via a private placement.

In a statement filed with the Shanghai Stock Exchange, the company said it will issue up to 160.08 million new shares for RMB 7.43 apiece to selected investors, the names of which were not disclosed.

Proceeds from the offering will be invested in outlets, online education service, printing and publishing, logistics, preschool education, cinemas, online reading, and for capital replenishment.

In the first quarter of this year, Changjiang Publishing and Media reaped RMB 79.42 million in net profit, reflecting a YoY jump of more than two folds, and its operating revenue grew by 56.35% YoY to RMB 664 million.

The firm's net profit for 2011 totaled RMB 280 million, up 20.4% from a year earlier.