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People.cn Co., Ltd debuts on Shanghai Stock Exchange

(People's Daily Online)

09:56, April 27, 2012

(People's Daily Online/Lei Yang)

People.cn Co., Ltd, the online portal of the People's Daily, the Chinese Communist Party’s official newspaper, has started to trade its shares on the Shanghai Stock Exchange today.

It is the first news portal getting listed in China's A-share market and the first media company to realize overall listing in the market.

Trading under the code 603000, the stock's opening price is 31.01 yuan, 11.01 yuan higher than the issue price, increasing 55.05 percent.

The company's performance on the opening trading day could be described as "excellent", reflecting investors' confidence in the company's future growth, Ma Li, president of People.cn Co., Ltd said.

The successful listing will definitely facilitate more rapid development of People.cn Co., Ltd, said Ma.

According to Liao Hong, vice president and CEO of People.cn Co., Ltd, the media corporation has distinguished advantages in its brand, content, audience and customers. It also possesses a number of operational qualifications with high level of market access in the internet industry.

The company sold 69,105,691 new shares, accounting for 25 percent of its total capital, at 20 yuan each, and raised 1.38 billion yuan in an initial public offering.

The money raised will be used to expand its business on mobile news, upgrade technology as well as strengthen its operations.

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