StockMarketWire.com - Book publisher Bloomsbury Publishing said it had entered the domestic Chinese market by forming a joint venture with state-owned group China Youth Publishing.

The joint venture would be based in Beijing and publish its own titles originating from China, as well as licensing titles from Bloomsbury and other global publishers, in the Chinese language for the mainland market.

Bloomsbury had a 50% stake in the joint venture, China Youth 30% and the latter's subsidiary, RLM,.the remaining 20%.

Vafa Payman, managing director of Bloomsbury China, would run the business.

'Bloomsbury already has a presence in the region, with sales of English language titles in China and revenue from licensing of IP rights for Chinese translations growing significantly over the past five years,' the company said.

'The joint venture presents the next step in establishing a domestic publishing footprint.'

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