The China Securities Regulatory Commission (CSRC) recently revealed via its website that it has granted approval to online digital reading service provider developer iReader Technology to IPO on the Shanghai Stock Exchange.
iReader plans to issue 40 mln shares in the IPO, amounting to a 10% stake in the company, and hopes to raise a total of RMB 1.047 bln in the process.
According to iReader's investment prospectus, the company is engaged primarily in the provision of online digital reading services and value-added services. It maintains a digital library of copyrighted content from publishers, copyright operators, literature websites, and authors, and it offers digital reading products online. It also sells e-book reader hardware products and engages in joint game operation and advertising value-added services through its self-operated online platform.
iReader had annual operating revenues of RMB 420 mln, RMB 640 mln, and RMB 1.198 bln in 2014, 2015, and 2016, respectively. Its net profits were RMB 68.87 mln, RMB 43.87 mln, and RMB 86.66 mln, respectively, for the same periods.