Buddhist shrine IPO

Chinese Buddhist shrine tests investor faith with IPO

Putuo, a sacred Buddhist mountain resort in China, is seeking $118 million from a domestic IPO.
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Guan Yin, the goddess of mercy
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<div style="text-align: left;"> Guan Yin, the goddess of mercy </div>

Chinese policymakers have gone to great lengths to prioritise economic development, and the ingenuity of its entrepreneurs is undoubted. But the latest stock market debutante is unusual even for get-rich-quick China a famed Buddhist resort known as Putuo Mountain is planning to raise Rmb750 million $118 million.

Like all good Buddhists, Putuo is on a journey of growth and development. The mountain, which rises to the southeast of Shanghai, is one of four sacred Buddhist mountain resorts in China. Each year, shrines on Putuo attract monks and nuns from around the country, and millions of Chinese devotees come to pray before a huge statue of Guan Yin, the goddess...

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