Digital media and advertising company Focus Media is set to list via a reverse merger with Jiangsu Hongda New Material.

China-based digital media and advertising company Focus Media, backed by conglomerate Fosun International, is planning a reverse merger with rubber producer and distributor Jiangsu Hongda New Material to go public, China Money Network reported earlier today.

Focus Media could raise as much as RMB9.2bn ($1.5bn), being valued at RMB50bn in the transaction.

The company’s notable shareholders include conglomerate Fosun (which holds 17.4%), FountainVest Partners (19.7%) and Citic Capital China Partners (9.6%). Asset management company Carlyle Group, as well as China…