Xinhuanet.com, the online platform of China’s official Xinhua news agency, has received the green light for an initial public offering (IPO), China’s securities regulator announced on Friday afternoon.
The company plans to issue 51.9 million shares, equal to 25 per cent of total equity after the floatation, to raise about 1.5 billion yuan (HK$1.74 billion), it said in the prospectus issued in June.
It has been more than three years since the regulator accepted the application and started a review of Xinhua’s application.
People.cn, the online platform of People’s Daily, China’s party mouthpiece, went public on the Shanghai bourse in early 2012, raising 530 million yuan.
The China Securities Regulatory Commission (CSRC) on Friday approved IPO applications for 12 companies, including Xinhuanet.com and Bank of Shanghai. The 12 companies together will raise no more than 15.5 billion yuan, the CSRC said in an official statement.
In China, formal listing on bourses usually happens within six months of the candidate receiving the approval.
As of Thursday, 689 companies were in the queue for IPO review by the CSRC, the regulator said.