China Poly Group Corporation, the state-run mega-conglomerate has announced that its cultural division will seek an Initial Public Offering this year, anticipated to raise up to $330 million for the company. China Poly is a major player in the Chinese auction market, pitted against Sotheby’s and Christie’s, but seems to have set its sights internationally. “We are very big in the art auction market in mainland China but still have a long way to go to become the biggest auction house worldwide,” said China Poly chief executive, Jiang Yingchun.
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