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People's Daily online shares up 74% on debut
By Ding Yining |
April 27, 2012, Friday
|
Online Edition
Online Edition
THE online news portal of the communist party's flagship newspaper closed almost 74 percent higher than its offering price on its debut on the Shanghai Stock Exchange today.
People's Daily Online opened at 31.01 yuan (US$4.92), 55 percent higher than its 20 yuan offering price.
It closed at 34.72 yuan, jumping 73.6 percent from its offering price.
At 10:00 am, the stock was suspended from trading for 30 minutes after raising 10 percent from its opening price.
The market demand was strong as People's Daily Online is the first news website to go public on the domestic market.
Other similar news portals, like Sina and Sohu, went public in the US.
People's Daily Online opened at 31.01 yuan (US$4.92), 55 percent higher than its 20 yuan offering price.
It closed at 34.72 yuan, jumping 73.6 percent from its offering price.
At 10:00 am, the stock was suspended from trading for 30 minutes after raising 10 percent from its opening price.
The market demand was strong as People's Daily Online is the first news website to go public on the domestic market.
Other similar news portals, like Sina and Sohu, went public in the US.
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