China’s state-owned news websites may prepare to launch initial public offerings on the Shanghai Stock Exchange after getting regulatory approval for listing last week, the South ChinaMorning Post reported on Monday.
Measures to rejuvenate the mainland’s cultural system were at the top of the agenda of the meeting of the Central Committee of the Communist Party in Beijing and the China Securities Regulatory Commission (CSRC) will support listings of cultural firms, the newspaper said citiMng CSRC Chairman Shang Fulin.
Industry observers see the likelihood of the People’s Daily, Xinhua news agency and China Central Television Station being among the first to seek a listing, the paper said.
There is concern that state-owned news websites will not be flexible enough to compete with rivals such as search giant Baidu Inc. The only edge official websites will have is the monopolistic advantage Beijing may grant them, the newspaper said. It gave no further listing details.
(Reporting by Donny Kwok; Editing by Jacqueline Wong)