(Beijing) -- People's Daily Online, owned by the communist party's official newspaper People's Daily, plans to raise 527 million yuan in an initial public offering. The proposal for the listing is set to be reviewed by China's securities regulator on January 13.

According to a statement released by China Securities Regulatory Commission on January 9, People's Daily Online plans to issue 69.1 million shares on the Shanghai stock exchange to supplement its operation capital, representing a quarter of its total capital after the issuance.