News portal of Chinese Communist Party goes public

People.Cn Co., Ltd has started to trade its shares on the Shanghai Stock Exchange today, the daily said in its website.

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

Its stocks opened with 31.01 yuan, (USD Four) 11.01 yuan higher than the issue price, increasing 55.05 per cent.

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, resident of People.Cn Co., Ltd said.

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

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 per cent 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, up grade-technology as well as strengthen its operations, he said. PTI KJV SAR AKJ