Xinhuanet IPO Application Accepted
Jan 07, 2013 (SinoCast Daily Business Beat via COMTEX) --
Xinhuanet, an important central news service-oriented website in the Chinese mainland, is expected to debut on the stock market soon.
According to information on the website of the China Securities Regulatory Commission (CSRC), the top Chinese securities regulator, Xinhuanet is one of those that have filed to the watchdog for an IPO on the Shanghai Stock Market and the application has been accepted, with the sponsor being China International Capital Corp. Ltd. (CICC). Sources said at the end of 2011 that IPO size of it would hit about CNY 1 billion. The website declined to make a comment on the saying.
People in the circle pointed out that People.cn Co., Ltd. (SHSE: 603000), the online portal of the People's Daily, got listed on the Shanghai bourse in April 2012, becoming the first news portal to debut on the stock market in the country. The IPO price was CNY 12 per share and within 12 trading days, it once even reached CNY 48.04 per share. Xinhuanet was similar to People.cn and there would be great possibility for its IPO shares to be chased by investors. Thus both IPO size and share price of it drew rising attention of the public currently.
Established in November 7, 1997 as a news portal of Xinhua News Agency, it was officially named Xinhuanet in March 2000. And in the second half of the year, it restructured itself into an enterprise. Currently, it releases news items 24 hours daily in eight languages, namely Chinese, English, French, Spanish, Russian, Arabic, Japanese and Tibetan by using multimedia communication means including texts, photos, graphics, audio messages, video, blogs, podacst, microblogs, short messages, and mobile news. According to information from the State Administration for Industry and Commerce, its registered capital is CNY 156 million and the legal representative is Tian Shubin.
Actually, it has had a plan to debut on the stock market for a long period of time and a senior official with the central government disclosed in an interview as early as August 2010 that it had won a nod from the Propaganda Department of the CCCPC to launch on IPO on the domestic stock market. In line with information on the website of China Culture Industry Investment, the fund has bought into it. The fund was jointly established by the Ministry of Finance (MoF), BOC International Holdings Ltd., China International Television Corp. and so on on July 6, 2011 and the total size as well as the phase-I size each is CNY 20 billion and CNY 6 billion.
(USD 1 = CNY 6.23)
Source: www.eastday.com (January 07, 2013)
[ InfoTech Spotlight's Homepage ]