The Chinese card network China UnionPay has denied reports that it plans to sell a 10% stake in itself.

Reports last week said the company was considering selling part of itself to three Chinese investment firms and was planning an initial public offering next year.

China UnionPay is expanding in Asia to better compete against Visa Inc. and MasterCard Inc.

"We have not sold any stake," a UnionPay representative said last week. "There are no plans as of now for going public."

More than 1.3 million merchants and 2.1 million automated teller machines are connected to the China UnionPay network.