A quick hit from IFR Asia:
Chinese state-owned media website Xinhuanet has cleared a China Securities Regulatory Commission hearing for a proposed Shanghai IPO of about Rmb1.50bn (US$232m).Deal Street Asia had some pre-approval details:
Xinhuanet.com to Raise $216m via IPO
Chinese official media firm Xinhuanet.com is looking to raise RMB1.5 billion ($216 million) in an A-share initial pubic offering (IPO) in Shanghai, coming back to the market after its plans were stalled by the market suspension last year.*Mr. Deng helped lift 1,000,000,000 Chinese out of subsistence poverty* with pragmatic market reforms:
The IPO application will be examined by the securities regulator this Wednesday, Chinese media reported.
Xinhuanet.com plans to issue 51.9 million new shares and list on the Shanghai Stock Exchange, with proceeds from the IPO earmarked to strengthen its mobile Internet infrastructure and operation improvements.
The Chinese official news agency initially appeared in the IPO waiting list in January 2013. Its plans was held back when the Chinese IPO market was suspended and reopened a couple of times, delaying Xinhuanet.com and many other pending IPO exercises.
Xinhuanet.com is a major online news platform run by the Xinhua News Agency, as well as the operator of Gov.cn, the official website of China’s central government.
"Do not care if the cat is black or white, what matters is it catches mice"