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HONG KONG -- Goldman Sachs and Legend Group, parent of computer giant Lenovo, are backing China's Universe Media Holdings prior to its planned Nasdaq share flotation.

The company operates some 75,000 TV screens in trains and stations around China.

According to news agency reports, the two backers are injecting $58 million as the last round of financing before an IPO.

Compared with traditional media these new media firms are lightly regulated.

Several of Universe's competitors are already listed on the Nasdaq. These include VisionChina, Airmedia, which operates LCD screens in planes and airports, and Focus Media Holdings, which has screens in elevators across China and Hong Kong.