HONG KONG, April 5 (Reuters) - The online news site of Chinese government-controlled People’s Daily, People.cn, has launched an initial offer of shares in worth around 527 million yuan ($83.7 million), IFR reported on Thursday, the first in a series of domestic listings for government web sites.
People.cn’s issue will set a precedent for similar listings, Thomson Reuters news and analysis service IFR reported, including Xinhuanet.com and 10 other government-backed online portals, such as CNTV, qianlong.com and eastday.com.
People.cn will set the price range for an issue of not more than 69.11 million shares on April 16. Bookbuilding will start on April 17, and pricing is slated for two days later.
Citic Securities is arranging the transaction. ($1 = 6.2980 Chinese yuan) (Reporting by Stephen Aldred)