TAKE-ONE Media, which places free promotional leaflets in high-end office and apartment buildings, said yesterday that IDGVC Partners has agreed to take a minority stake.

The deal will help the Beijing-based advertising company to expand its network from five cities to 30 by the end of March to pave the way for a Nasdaq listing, scheduled to take place next year.

The value of the deal was not disclosed, though there are rumors that IDGVC, which manages a US$1.6 billion fund, injected nearly US$10 million in Take-one.

"We target the same locations as Focus Media," said Jacky Cai, its founder and chairman. "But our platform allows advertisers to tell their potential customers much more than 30-second ads can do."

The company, founded in September 2006, has already sealed advertising deals with Deutsche Bank, HSBC and China Mobile, among others, according to Cai.

He said its gross margin is similar to that of Framedia, about 70 percent, before the latter was digitalized. Framedia, operator of poster ads in elevators that Focus acquired in 2005 for US$185 million, began to add LCD screens to increase advertising inventory in May last year.

Take-one's stands are in more than 2,000 office buildings and 12,000 high-end apartment buildings in Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.