The Beijing Youth Daily newspaper, controlled by the Communist Youth League, is now officially on the capitalist road.
Beijing Media Corp, formed from the newspaper’s non-editorial operations, had a successful IPO in Hong Kong.
From the Financial Times (subsciption required):
Ben Kwong, research head at KGI Asia … said the focus will be on Bejing Media, which is tipped to gain more than 10 pct after its Hong Kong public offering was 422 times subscribed and its institutional offering oversubscribed.
From Yahoo Singapore’s Dow Jones feed:
The shares of Beijing Media Corp … made a dazzling debut on the Hong Kong Stock Exchange Wednesday, rising 25% from the initial public offer price.
The shares opened at HK$23.75, higher than the IPO price of HK$18.95. Ten minutes into the session, they were at HK$22.80.
It was the second most actively traded share, with HK$212.5 million worth of shares having changed hands.
The top headline of the pictured Beijing Youth Daily front page reads: “Trading in Hong Kong starts today”. You can find an article with some information about Beijing Youth Daily president Zhang Yanping on Mercury News here.