FOCUS Media plans to split its wireless service division and list it to raise funds for the rapidly growing business, according to its chief executive officer.

The division, which Shanghai-based Focus Media bought in 2006 for US$30 million, sells mobile phone advertisements and was the fastest growing segment of Focus.

Jason Jiang, chief executive officer of Focus, revealed the plan during the firm's third quarter earnings call but didn't specify the location of the listing or how much money it would like to raise.

Sales of its wireless services nearly tripled in the quarter to US$14 million from a year ago, accounting for nine percent of the company's total revenue.

According to Jiang, China's wireless advertising market is about US$100 million in size, and Focus is leader with a 50-percent share.