Pixel uses IPO funds for expansion

Asia-Pacific-based Pixel Media has listed on the AIM Market of the London Stock Exchange, raising an estimated US$4 million to fund expansion in Asia. <BR><BR> The interactive adsales network becomes one of the first Asian headquartered digital operations outside Japan to capitalise on renewed appetite for digital plays, according to Pixel CEO Kevin Huang. Huang (pictured) said the four-year-old group had reached a stage where a listing was imperative to achieve its revenue and growth objectives. <BR><BR> Born following the September 2002 management buy-out of DoubleClick Media's Hong Kong business, Huang said funds raised from the initial public offering would be used to expand into key markets in Greater China and Southeast Asia, as well as accelerate growth of its core Hong Kong and Malaysia operations. <BR><BR> At the time of the listing, Pixel had offices in Hong Kong and Kuala Lumpur and a representative office in Shanghai. Product and technology development have also been identified as an investment priority. <BR><BR> "The AIM board has a strong group of companies within the online ad sector that are already trading on AIM. This shows that there is generally a strong appreciation from investors for companies like Pixel," said Huang. <BR><BR> Pixel's exclusive adsales portfolio includes online media brands such as MSN Hong Kong, SCMP.com, Chinese portal Sohu.com and Atnext.com, the news site and portal operated by leading Hong Kong newspaper Apple Daily.