China Securities Regulatory Commission (CSRC) has approved Beijing-based online video site LeTV.com's application for an initial public offering on domestic growth enterprise board, according to a notice on the CSRC's site on June 10.

The site plans to raise a total of RMB 262 million for use in three projects including online video infrastructure and applications platform upgrades, 163.com reported June 11 citing its prospectus. The site recorded revenues of RMB 146 million and a net profit of RMB 4.45 million in 2009, the report said. Letv.com will be the first online video site in the country to complete a domestic IPO, said the report.

Previous reports said, Hurray Holdings (Nasdaq:HRAY) will be renamed after the online video site Ku6.com which will comprise its main business after restructuring its businesses with its main shareholder Shanda (Nasdaq:SNDA)