cloud services: A total of 51.9 million shares became available on the market after the IPO, accounting for a quarter of the company total capitalization, according to Global Times China. Xinhua News Agency holds more than 80 percent of the shares. Xinhuanet.com, the website of China official news wire Xinhua News Agency, rose 43.99 percent to 39.87 yuan per share, boosted by huge orders on the Shanghai Stock Exchange. According to the company prospectus, it plans to use the funds raised to expand its multi-media business, cloud services, mobile Internet services, and online education. Thanks to the rapidly-growing business in information services and mobile networks, Xinhuanet has witnessed rising net profits in the past three years, from 167 million yuan in 2013 to 261 million yuan last year. 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, Xinhuanet chairman Tian Shubin said.
(news.financializer.com). As
reported in the news.
Tagged under cloud services, company prospectus topics.