China’s official media groups, whose typical priority is spreading government propaganda, have been assigned new political tasks seeking investors.
People’s Daily Online, which operates the website of China’s most authoritative newspaper, is looking to raise up to Rmb527 million $83 million and list on the Shanghai Stock Exchange. China’s securities regulator approved its listing application on Friday.
Xinhuanet, the news portal controlled by the official Xinhua News Agency, is reported to have hired CICC for a Shanghai IPO as well.
The People’s Daily website IPO is small but, significantly, it is the first time that the Communist government has allowed investment...