Xinhua Bookstore Head Office will team up with a foreign company and other domestic investors to set up a joint venture later this month.

　　The new company - Xinhua Publications Circulation and Distribution Co Ltd - will be officially established in Beijing on April 24, Zhang Yashan, director of the general office of Xinhua Bookstore Head Office, told China Daily yesterday.

　　State-owned Xinhua Bookstore Head Office will peel off its core book distribution business and transfer related assets to the new venture.

　　Zhang refused to give further details, saying that "all information will be issued at the company’s establishing ceremony."A report from the Market News said that Xinhua Bookstore Head Office will be the largest shareholder, owning a 40 per cent stake in the new company.

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