Capitalist investors may soon have a chance to put their money into a Communist news organisation.
According to a report from Beijing, People.com.cn, the online arm of China’s People’s Daily newspaper – the Communist party’s principal mouthpiece – will soon launch an initial public offering (IPO). The funds would go into turning People.com.cn into “an internationally-recognised website”.
People’s Daily Online, which operates People.com.cn, plans to raise around 800m renminbi ($120m) and issue 40 million A-shares at Rmb15-20 ($2.27-3) a share, through an IPO in Shanghai at the beginning of this year, says China Daily, another state-run publication.
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