Mure Dickie of the Financial Times interviewed Long Xinmin, a “minister at the press and publishing administration” who confirms that GAPP is against newspaper groups raising capital from the market. Nothing to do with the news you understand, it’s all about clamping down on corruption. Excerpt:<\/p>\n
Newspaper shares ban sets back liberalisation<\/a><\/p>\n
China has barred local newspapers from publicly issuing shares following a corruption scandal last year at IPO pioneer Beijing Youth Daily, according to the sector\u2019s top regulator.<\/p>\n
However, the government was \u201cencouraging\u201d book publishing companies to list shares on stock markets in mainland China and Hong Kong, said Long Xinmin, minister at the press and publishing administration…<\/p>\n
…In an interview with the Financial Times, Mr Long blamed the freeze on new newspaper listings on problems at Beijing Youth Daily, a leading Chinese newspaper. It listed its commercial operations in Hong Kong in 2004 under the name Beijing Media.<\/p>\n
The arrest of a number of Beijing Media\u2019s advertising managers and staff for \u201ceconomic problems\u201d had infuriated investors and hurt the company\u2019s share price, Mr Long said…<\/p>\n
…At the time, Shi Zongyuan, Mr Long\u2019s predecessor as head of the general administration of press and publications, told the FT that Beijing had suspended liberalisation because of the role international media played in \u201ccolour revolutions\u201d in Georgia, Ukraine and Kyrgyzstan…<\/p>\n
…Mr Long stressed that Beijing was trying to give private capital an expanded role in publishing and distribution.<\/p>\n
\u201cWe encourage and promote listings in the publishing sector,\u201d he said.<\/p>\n
The FT reported in March that Liaoning Publishing Group had been given permission to become the first Chinese publisher to list in Hong Kong…<\/p>\n
…He noted the recent back-door listing of Shanghai Xinhua Media, a distribution venture, and plans for an IPO by Sichuan Xinhua Winshare Chainstore, a distributor based in western China…<\/p><\/blockquote>\n
In another story filed by Mure Dickie, The FT reports that Baidu is planning a move into the Japanese market<\/a>. Your correspondent’s favorite sentence of the article:<\/p>\n
“In Japan, Baidu will also lack the indirect support of Chinese internet censors, who have disrupted or blocked Google\u2019s services.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Mure Dickie of the Financial Times interviewed Long Xinmin, a “minister at the press and publishing administration” who confirms that GAPP is against newspaper groups raising capital from the market. Nothing to do with the news you understand, it’s all … Continue reading