China Literature Spins a Pricey Yarn – Wall Street Journal
If China ever produces its own counterpart to Harry Potter author J.K. Rowling, they are likely to make it big in online books first. That is the bet made by China Literature, a 65%-owned subsidiary of tech giant Tencent that is planning an initial public offering in Hong Kong. Investors need to work out whether its mooted valuation of close to $7 billion is more fiction than fact.
China Literature is doing its best to monetize online books by charging readers a small fee for reading the 9.6 million stories on its platforms….
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