China Literature debuts over 86% in HK

Advanced Search

The story appears on

Page A10

November 9, 2017

GET this page in PDF

Free for subscribers

View shopping cart

China Literature debuts over 86% in HK

By Zhu Shenshen | 00:01 UTC+8 November 9, 2017 |

Print Edition

CHINA Literature Ltd, the country's biggest online reading firm, surged above 86 percent on its first trading day on the Hong Kong stock market yesterday.

The surge in its share price represented strong demand for online reading and opportunities to integrate online literature and game, film and e-sport, industry insiders said.

Tencent-backed China Literature closed at HK$102.40 (US$13), almost double its initial public offering price of HK$55. The closing price was the best first-day performance by any IPO that raised US$500 million or more in 2017, according to Bloomberg News.

“China Literature has stepped into the international capital market and embarks on a new journey as a listed company,” Wu Wenhui, the company’s co-chief executive, said in a statement. “It revealed the confidence of investors in the growth of the online literature industry in China."

By June 30, China Literature had 6.4 million writers and 9.6 million online literary works, and 191.8 million monthly active users.

China’s online literature market revenue rose 44 percent annually on average between 2013 and 2016. In 2016, the revenue hit 4.6 billion yuan, taking up 11.4 percent of the total literature market, according to data.

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

China Literature debuts over 86% in HK

Email this to your friend