Netflix shares are up more than 4% — shooting past the $600 mark to touch a new high of $611.29 — after Bloomberg reported that it’s talking to potential partners in China about a plan to enter the huge and fast-growing market.

The report says that one of the potential partners is Wasu Media Holding Co, a partnership that’s 20% owned by Alibaba founder Jack Ma. This is one of seven companies that has a government license to offer Internet TV in China.

Netflix has been open about its desire to enter the market as it looks to become a worldwide streaming power.

Chief Content Officer Ted Sarandos said in an appearance in Cannes that the company wants China to be “part of our global strategy.” He added, though, that “there are a lot of operating constraints in China that are different than anywhere else and we don’t have any operating partners anywhere else so that would be a new skill, but one that we’re open to and figuring out what is the right path to operate in China.”

In addition to the operating issues, Netflix would have to tailor its programming to comply with government censorship restrictions. It would be a shock if officials permitted a streaming service to offer sex and violence soaked series such as Orange Is The New Black.

Contributing: Nancy Tartaglione