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Shares of People's Daily Online surge 73.6% in Shanghai debut

Apr. 27, 2012 (China Knowledge) - People's Daily Online Co Ltd<603000>, a website built by People's Daily, the official newspaper of the Communist Party of China, today saw its share price soar 73.6% to RMB 34.72 in its debut on the Shanghai Stock Exchange.

Shares opened at RMB 31.01, RMB 11.01 or 55.05% higher than the issue price of RMB 20.00.

The company sold 69.1 million A-shares, accounting for 25% of its total capital, in its initial public offering, and raised RMB 1.38 billion in the IPO.

RMB 289 million of the total proceeds will be used to expand into wireless services, RMB 146 million to upgrade technology and RMB 92.43 million to beef up the firm's editorial team, said People's Daily Online.

In 2011, the company's sales revenue rose 49.9% year on year to RMB 497 million, and its net profit surged 73.9% to RMB 138 million, China Knowledge reported earlier.

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