Xinhuanet’s mission statement says it is an “important information organ of the central government”, and at the same time is “striving to?.?.?.?become a first-rate, internationally competitive” media outlet. Some might see a tension here. The prospectus for the site’s initial public offering does not see it that way. That prospectus boasts 349 pages (in Chinese only). The issue will be available solely to domestic investors, via Shanghai-listed A shares. Xinhua News Agency is expected to own 64 per cent after the flotation.

So why would investors want to own the internet portal of a government mouthpiece? Xinhuanet sees the majority shareholder as a “competitive advantage”, and argues that the brand is “strongly influential”. Its high-quality audience appeals to advertisers (ads make up 64 per cent of revenues); but this hardly sets it apart from the major news websites with which it hopes to compete. And exclusive coverage of government appointments, Party news and national events is undermined by the growing success of social media in breaking and reporting news with credibility.

The company does list six pages of risks, against the four and a half of competitive advantages. That major shareholder comes up again – beware: your interests may not be aligned. Three lines nod to the threat posed by a change in government policy. The legal environment gets six lines – among other things, the law cannot guarantee protection of Xinhuanet’s interests.