CTV Golden Bridge International, the sole advertising agent for government-owned Chinese Central Television (CCTV), has received approval from the local regulator for its US$110 million initial public offering in Hong Kong, set for late next month at the earliest, sources said. 'The firm got the formal approval earlier and everything is on the right track,' one source said. 'The company is waiting for better timing to get a higher valuation.' Morgan Stanley and Cazenove Asia are jointly advising on the sale. Although CTV Golden Bridge has a strong and long-standing relationship with CCTV, the two parties are not equity linked. Market watchers believe CTV Golden Bridge can achieve further growth since television will remain the leading form of mass media in the near future. CTV Golden Bridge is the exclusive agent for CCTV 4 and 9. Channel 4 is a Mandarin-speaking channel aired in foreign markets including Singapore, the United States and Thailand, aimed at overseas Chinese. The channel also broadcasts on the mainland. Channel 9 is a fully English-speaking television channel available on the mainland , targeting the non-Chinese audience with official Chinese information. 'The company was one of the biggest spenders in CCTV advertising last year,' an industry source said. 'CTV Golden Bridge paid 435 million yuan for the airtime spots on the two channels and some slots on CCTV's other channels. 'The market share for CCTV 4 in the mainland is likely to increase as the channel will also carry programmes for overseas Chinese, such as Taiwan political news, which could contribute more advertising income,' the source said. According to data provided by CCTV, CCTV 4 viewership share during prime time reached 2.11 per cent last September, up 24.7 per cent from the previous month, and ranked seventh among the top 10 most popular satellite television channels on the mainland. Improved living standards on the mainland and the booming retail sector have helped motivate companies to spend more on advertising. China retail-sales growth stayed high at 22 per cent to 814.2 billion yuan in April this year, compared with 15.5 per cent growth in the same period last year, partly because of high inflation but also from strong consumption demand.