Telstra Corporation (TLS) has filed a registration statement to list Chinese internet business Autohome on the New York Stock Exchange.
In a statement to the Australian Securities Exchange, Telstra chief executive officer David Thodey said the initial public offering for Autohome would be an important milestone.
Telstra described the business as "the leading online destination for car buyers in China and one of Telstra’s strategic investments in Asia".
The telco recently increased its Autohome shareholding from 66 per cent to 71.5 per cent ahead of the proposed IPO.
Telstra last month announced that chief financial officer Andrew Penn would work with Mr Thodey and Telstra international group president Tim Chen to enhance Telstra’s Asia strategy.
Mr Chen is Chairman of Autohome and will be Chairman after the IPO.
"Asia is a region of significant opportunity for Telstra but should not be viewed as a single homogenous market," Mr Thodey said.
"We believe there are opportunities to be explored in various geographies and various industry segments but we need to make sure we are focused on the right assets."