Stocks News
- China's top financial website to list on Nasdaq
Date: 31-May-2007 Sources: (Xinhua Online)
China's leading financial Internet portal Eastmoney.com is to launch an initial public offering (IPO) on the Nasdaq stock exchange later this year, the company's CEO announced on Tuesday.
The Shanghai-based Internet company is expected to raise 500 million U.S. dollars through the IPO, said Qi Shi, founder and CEO of the web site, without giving further details.
Eastmoney.com, with 15 million registered users and a daily traffic of 150 million visits, is the top Chinese financial website and ranks 125 in the world in terms of traffic, according to Alexa, a web information company.
Eastmoney is expected to earn 11 million to 13 million dollars this year and double the amount next year, with the majority of revenue coming form advertising, institutional and individual services.
It is rumored that the company will choose Goldman Sachs as its underwriter.
'We have followed Eastmoney's business operations closely and are confident in its development. But it is not yet time to disclose if we would like to cooperate further,' said Lian Jie, executive director of Goldman Sachs.
The Internet portal officially forged strategic alliance with Focus Media Holding, an outdoor media company, which operates billboards and television screens in elevators, on Tuesday.
'The 130 million high-end clients of Focus Media are what Eastmoney needs. We will share advertising strategies and information, and build Eastmoney into the flagship of global financial portals,' said Qi Shi.
Sponsor Results:
