Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

China news site worth more than New York Times

@CNNMoneyInvest April 27, 2012: 11:55 AM ET

Shares of People.cn, soared 74% in their debut on the Shanghai Stock Exchange.

NEW YORK (CNNMoney) -- Propaganda doesn't pay? Actually it's pretty lucrative ... at least if you're a media outlet backed by the Chinese government .

People.cn, the online arm of People's Daily, the official newspaper of the Chinese Communist Party that is highly censored, went public on the Shanghai Stock Exchange (SHCOMP) on Friday. Shares surged 74% and the company is now worth 9.6 billion yuan, or $1.5 billion.

That's much higher than the New York Times (NYT). The publisher, widely regarded as one of the best newspapers in the U.S., is worth just $932 million.

People.cn also has a higher market value over than U.S. publishing companies McClatchy (MNI), E.W. Scripps (SSP), Journal Communications (JRN), Daily Journal (DJCO), A. H. Belo (AHC), Media General (MEG) and Lee Enterprises (LEE).

The president of People.cn , Ma Li, is proud of his company's entrance in the stock market, calling it "excellent," in a report published on, of course, People.cn.

The money raised in the stock market will be used to improve the Chinese website's mobile presence, according to the company's prospectus. To top of page

Index Last Change % Change
Dow 26,017.81 -97.84 -0.37%
Nasdaq 7,296.05 -2.23 -0.03%
S&P 500 2,798.03 -4.53 -0.16%
Treasuries 2.62 0.01 0.31%
Data as of 9:00am ET
Company Price Change % Change
General Electric Co 16.77 -0.58 -3.34%
Bank of America Corp... 31.48 0.30 0.96%
Ford Motor Co 12.07 -0.11 -0.90%
Advanced Micro Devic... 12.47 0.29 2.38%
Kinder Morgan Inc 19.01 -0.56 -2.86%
Data as of Jan 18
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.00%3.98%
15 yr fixed3.37%3.32%
5/1 ARM3.95%3.88%
30 yr refi3.97%3.97%
15 yr refi3.34%3.30%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates: