Newspaper>> Shares • China
The mouthpiece of China’s ruling Communist Party is taking to capitalist ways. On April 7, the online version of People’s Daily launched an initial public offering of its shares in Shanghai. It aims to raise 527 million yuan (US $84 million) to upgrade its technology and strengthen its operations. The paper faces competition from private online rivals such as Sina Corp and Sohu.
China is the world’s largest Internet market with over 500 million Internet users. Firms, including state-owned enterprises, have been trying to tap into this lucrative market and cater to the growing demand. China’s media analysts believe that along with strengthening its presence online, People’s Daily would use the funds from the share sale to deliver news on the mobile platform.
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