The People’s IPO
Its 348-page draft listing prospectus notes, couched in traditional prose, that government procurement is an important source of the company’s income. No kidding. But that depends on its role as a mouthpiece. As a result, People’s Daily Online’s following lags that of listed news behemoths Sina and Sohu as measured by unique user numbers and page views, as well as state-backed Xinhua and CCTV.
Proceeds will be spent on mobile phone services and technology upgrades. It will need more than this to be the true Portal of the People.
© The Financial Times Limited 2012
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