Jan. 10, 2012 (China Knowledge) - People's Daily Online Co Ltd, which operates People.com.cn, plans to raise about RMB 527 million through an initial public offering on the Shanghai Stock Exchange
, said the China Securities Regulatory Commission
The commission said in a statement that it will review the listing application of People's Daily Online on January 13.
People's Daily Online, the mouthpiece newspaper of the ruling Communist Party of China, plans to issue 69.11 million new shares, which is equivalent to 25% of its enlarged share capital, according to its preliminary prospectus.
The IPO proceeds will be used to fund the firm's value-added wireless services, upgrade technology and expand its editorial team.
In the first half of 2011, the company's net profit was RMB 32.25 million and its operating revenue was RMB 211.17 million.