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Watchdog reviews People's Online's IPO plan
By Ding Yining |
January 10, 2012, Tuesday
|
Online Edition
Online Edition
CHINA'S securities watchdog will review the initial public offering application lodged on Friday by the online arm of state-owned People's Daily.
People's Daily Online Co said it expected to raise 527 million yuan (US$83.5 million) through its listing on the Shanghai Stock Exchange.
It plans to sell 69.1 million in new shares, or 25 percent of its share base after the listing, according to a prospectus posted on the China Securities Regulatory Commission website yesterday.
People's Daily is the controlling shareholder of People's Online at a 79.54 percent stake.
Its profit jumped nearly 4 times year on year to 81.6 million yuan in 2010, while its income rose 74.2 percent to 332 million yuan.
Online advertising contributes about half of People's Online's income, among other revenues from information and mobile value-added services.
People.cn plans to use the proceeds to upgrade technology and develop mobile services.
People's Daily Online is the first among state-owned websites to submit the listing materials including Xinhua Online, the web portal of the state-backed Xinhua news agency as well as Shanghai-based Eastday.com.
However, they are generally lagging behind portals operated by established Internet companies such as Sina Corp and Sohu in terms of variety of information and attraction to web users.
People's Daily Online Co said it expected to raise 527 million yuan (US$83.5 million) through its listing on the Shanghai Stock Exchange.
It plans to sell 69.1 million in new shares, or 25 percent of its share base after the listing, according to a prospectus posted on the China Securities Regulatory Commission website yesterday.
People's Daily is the controlling shareholder of People's Online at a 79.54 percent stake.
Its profit jumped nearly 4 times year on year to 81.6 million yuan in 2010, while its income rose 74.2 percent to 332 million yuan.
Online advertising contributes about half of People's Online's income, among other revenues from information and mobile value-added services.
People.cn plans to use the proceeds to upgrade technology and develop mobile services.
People's Daily Online is the first among state-owned websites to submit the listing materials including Xinhua Online, the web portal of the state-backed Xinhua news agency as well as Shanghai-based Eastday.com.
However, they are generally lagging behind portals operated by established Internet companies such as Sina Corp and Sohu in terms of variety of information and attraction to web users.
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