SHANGHAI, April 5 The online news portal of
Chinese government mouthpiece, the People's Daily, has launched
an initial public offering in Shanghai, aiming to raise about
527 million yuan ($83.6 million).
People.cn Co Ltd will sell 69.1 million shares through the
IPO, it said in its prospectus posted on the Shanghai stock
exchange website late on Wednesday.
The proceeds will be used to upgrade technology, deliver
news on mobile platforms and strengthen its editorial team.
The company will set the IPO price range on April 17 and the
final pricing will be announced on April 20, it said.
People.cn, which is controlled by People's Daily, counts
state-owned telecommunications giants including China Mobile Ltd
, China Unicom and China Telecom Corp Ltd
Beijing is encouraging IPOs by state-owned news websites as
part of efforts to strengthen control over the media in the
Internet age. China's state news agency Xinhua also plans to
list its online portal in Shanghai to raise about 1 billion
yuan, two sources with knowledge of the deal told Reuters last
(Reporting by Yixin Chen and Kazunori Takada; Editing by