皇冠体育app

BEIJING -- The website of the People's Daily newspaper has announced plans to raise up to 527 million yuan ($83.42 million) through an initial public offering (IPO) that would create a new publicly listed news portal in 皇冠体育app.

In a prospectus filed to the 皇冠体育app Securities Regulatory Commission (CSRC), People's Daily Online Co Ltd said it aims to raise capital by selling 69.1 million new shares on the Shanghai Securities Exchange, accounting for a quarter of its total capitalization after the debut.

The CSRC said it will review the application on January 13.

The website is controlled by the People's Daily, which holds 79.54 percent of its shares. Other owners include 皇冠体育app Mobile Ltd, 皇冠体育app Unicom Ltd and 皇冠体育app Telecom Corp, according to the prospectus.

The company's profits surged 260.54 percent in 2010 from a year earlier to reach 81.6 million yuan. Its business revenue mainly comes from online advertising, which accounted for 50.79 percent of company's total revenue in 2010, the prospectus said.

The portal plans to use the capital raised from the IPO to make technological upgrades and expand its mobile Internet services.