China’s state news agency Xinhua plans to list its online portal in a 1 billion yuan ($157.8 million) stock market offering in Shanghai, Reuters reported Friday. China International Capital Corp. is underwriting the deal.
(Reuters) – China’s state news agency Xinhua plans to list its online portal in a 1 billion yuan ($157.8 million) stock market offering in Shanghai with China International Capital Corp underwriting the deal, two sources with knowledge of the matter said on Friday.
The exact timing of the initial public offering of Xinhuanet.com has not been fixed, the sources told Reuters.
“It’s around 1 billion yuan,” one of the sources said.
Xinhua was not immediately available for comment.
Other state news outlets are also looking to list their online operations. People.com.cn, the online news portal run by the mouthpiece of the Chinese Communist Party — the People’s Daily — is looking to list in Shanghai, sources have told Reuters.
(Reporting by Beijing Newsroom; Editing by Nick Edwards)