De­buts on Shang­hai Stock Ex­chan­ge

Times of Suriname - - ENGELS -

CHI­NA - Xin­hu­a­net Co. Ltd. de­bu­ted on the Shang­hai Stock Ex­chan­ge yes­ter­day with its sha­res sur­ging im­me­di­a­te­ly af­ter ope­ning. Xin­hu­a­net.com, the web­si­te of Chi­na’s of­fi­ci­al news wi­re Xin­hua News Ag­en­cy, ro­se 43.99 per­cent to 39.87 yu­an (5.88 U.S. dol­lars) per sha­re, as the dai­ly 10 per­cent li­mit on sha­re pri­ce mo­ve­ment does not ap­ply on the de­but lis­ting day. A to­tal of 51.9 mil­li­on sha­res of the com­pa­ny be­ca­me avai­la­ble on the mar­ket af­ter the IPO, ac­coun­ting for a quar­ter of its to­tal ca­pi­ta­li­za­ti­on. Xin­hua News Ag­en­cy holds mo­re than 80 per­cent of the sha­res. Ac­cor­ding to the com­pa­ny’s pros­pec­tus, it plans to use the funds rai­sed to ex­pand its bu­si­ness in mul­ti-me­dia ser­vi­ces, cloud plat­form, mo­bi­le In­ter­net ser­vi­ces, e-govern­ment big da­ta ana­ly­tic sy­s­tem and on­li­ne edu­ca­ti­on. “The en­try in­to the A-sha­re mar­ket is sig­ni­fi­cant and will cre­a­te fresh op­por­tu­ni­ties for the com­pa­ny,” Xin­hu­a­net chair­man and pre­si­dent Ti­an Shu­bin said at a ce­re­mo­ny in Shang­hai. He said Xin­hu­a­net will con­ti­nue to in­te­gra­te tech­no­lo­gy, ca­pi­tal and ta­lent in­to its me­dia bu­si­ness in the fu­tu­re to speed up the dri­ve to­ward a world-class In­ter­net cul­tu­re com­pa­ny. “By go­ing pu­blic, the com­pa­ny will be ab­le to im­pro­ve its in­fra­struc­tu­re and R&D ca­pa­bi­li­ty,” said Zhao Pei­lin with the Chi­na In­ter­na­ti­o­nal Ca­pi­tal Corp., spon­sor of the IPO, ad­ding that in­vest­ment in on­li­ne edu­ca­ti­on will bring con­si­de­ra­ble re­turns to the com­pa­ny. The com­pa­ny got the green light for the IPO a month ago af­ter ye­ars of wai­ting. It ini­ti­al­ly ap­plied for an IPO in ear­ly 2013, but the pro­ce­du­re was sus­pen­ded as the Chi­na Se­cu­ri­ties Re­gu­la­to­ry Com­mis­si­on hal­ted ap­pro­val of new stock lis­tings. Ano­ther ap­pli­ca­ti­on was sub­mit­ted in mid-2014 af­ter the ap­pro­val pro­cess re­su­med. Xin­hu­a­net is the se­cond sta­te me­dia or­ga­ni­za­ti­on to go pu­blic. Pe­o­p­le.cn, the web­si­te of the Pe­o­p­le’s Dai­ly, was li­sted in ear­ly 2012. Xin­hu­a­net.com was es­ta­blis­hed 20 ye­ars ago to pro­vi­de around-the-clock news in va­rious lan­gu­a­ges to the do­mestic and fo­reign au­dien­ce. The web­si­te’s IPO is the la­test mo­ve to trans­form the sta­te-run news ag­en­cy, as the In­ter­net and tech­no­lo­gy ha­ve res­ha­ped the me­dia sec­tor. The news ag­en­cy, which will ce­le­bra­te its 85th an­ni­vers­a­ry next month, is ex­plo­ring mul­ti-me­dia ser­vi­ces and mar­ke­ti­zing so­me of its sub­si­di­a­ries to im­pro­ve the com­pe­ti­ti­ve­ness and rein­for­ce the mar­ket in­flu­en­ce. Xin­hu­a­net has star­ted to use dro­nes to co­ver brea­king news and ex­pe­ri­ment with ro­bot wri­ters, as well as streng­then coo­p­e­ra­ti­on with high-tech firms in other sec­tors, such as using big da­ta to re­de­fi­ne me­di­cal tre­at­ment. Thanks to the ef­forts, Xin­hu­a­net wit­nes­sed ri­sing net pro­fits in the past three ye­ars, from 167 mil­li­on yu­an in 2013 to 261 mil­li­on yu­an last year. In the first half of 2016, net pro­fits stood at 102 mil­li­on yu­an.

(Xin­hu­a­net.com)

Mem­bers of the Xin­hu­a­net du­ring the ce­re­mo­ny of the Shang­hai Stock Ex­chan­ge.(Pho­to: Xin­hua)

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