Source: Global TimesTen Chinese mainland news websites, including the Xinhua and People's Daily online, are selected as the first batch of news websites to launch on the A-share market, local media reported.
The 10 websites are Xinhua, People's Daily online, CCTV, Qianlong.com, Eastday.com, Enorth.com, Dzwww.com, Voc.com, Zjol.com and Scol.com.
"The relevant departments are pushing forward the whole thing to ensure one or two firms successfully get listed," a correspondent from Voc.com said.
Xu Yaowen, analyst from Galaxy Securities, said that Eastday.com has completed restructuring and is expected to be the first website to be launched on the market.
With a registered capital of 600 million yuan and established in May 2005, the website is jointly set up by 12 firms. This is the third time the website applies for an Initial Public Offerings (IPO) since 2007.
The move comes after China's nine departments jointly released a statement to expand the financing of the cultural industry at the beginning of April.
Cai Mingzhao, vice director of the State Council Information Office, previously stated that efforts to step up news websites' restructuring should be made so as to diversify the sources of capital.
Source article: http://business.globaltimes.cn/china-markets/2010-05/530286.html
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