(Yicai Global) April 9 -- A Chinese printing firm aims to become the first company in the country to spin-off a cloud unit for listing on Shanghai's upcoming tech board.

Tungkong's board of directors has approved a plan for its storage and digitalization subsidiary Tungkong Ruiyun Data Technology to go public on the science and technology innovation board, the Jinan-based firm said in a statement.

Tungkong Ruiyun has exhibited rapid growth in sales revenue and net profit in recent years and boasts strong competitiveness in its field, the parent firm said. It has developed a file cloud storage service targeting medium, small and micro firms. The offering will expand financing channels for the enterprise and pave the way for the future development of its services.

The plan will not affect the parent company's listing status but favor its ongoing business, the parent noted.

Tungkong engages in printing, laminating and technical services and operating revenue grew 8.1 percent annually to CNY1.5 billion (USD231 million) last year. Net profit rose over 10 percent to CNY257 million (USD38.3 million).

Founded in 2015, Tungkong Ruiyun has a registered capital of CNY50 million and focuses on technology development, transfer, consulting and services as well as file storage and digitization.

Editor: William Clegg