PEOPLE'S DAILY ONLINE COMPLETES REFORM; CLOSER TO IPO

AsiaInfo Services
05-13-2011
People's Daily Online Completes Reform; Closer to IPO

BEIJING, May 13, 2011 (SinoCast Daily Business Beat via COMTEX) -- People's Daily Online, an online news and information unit of People's Daily, had completed a long-awaited reform by the end of 2010, one step closer to a planned initial public offering (IPO) for a listing on the stock market.

People's Daily Online is expected to become the first online news platform in China to get listed on the renminbi-denominated A share market and the first news media in the country to launch an overall listing provided that the proposed IPO makes a success, pointed out market observers.

There were widespread reports that People's Daily Online was likely to kick off an IPO for a debut on the stock market in Shanghai this June at the earliest, with CITIC Securities Company Limited (SHSE: 600030) acting as the underwriter.

People's Daily Online, 80% owned by People's Daily, generates a majority of its revenue from Guangzhou, capital city of Guangdong province, at the moment.

Source: www.163.com (May 13, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
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