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Xinhuanet debuts on Shanghai bourse

Xinhua, October 28, 2016 Adjust font size:

Xinhuanet Co., Ltd. debuted on Shanghai bourse on Friday with its shares surging to a trade suspension immediately after opening.

Xinhuanet, the website of China's Xinhua News Agency, rose 43.99 percent to 39.87 yuan (5.88 U.S. dollars) per share boosted by huge buying on the Shanghai Stock Exchange.

The company got the green light for an IPO a month ago after years of waiting.

According to the company's prospectus, Xinhuanet planned to raise funds from the stock market to expand its multi-media business, cloud service and mobile Internet services.

Xinhuanet is the second state media outlet going public. People.cn, website of the People's Daily -- the flagship newspaper of the Communist Party of China, started to be publicly traded in early 2012. Endi