Poly Culture Group Corp Ltd, a culture subsidiary of State-owned China Poly Group Corp, is planning to raise up to $331 million in an initial public offering in Hong Kong.

Established in 2000, Poly Culture mainly operates businesses in three sectors - art auctions and management, performance and theater operations, and investments in film and the television industry.

According to sources familiar with the situation, Poly Culture originally planned to go public on the Shanghai Stock Exchange but abandoned it earlier this year because of regulatory uncertainties on the Chinese mainland.