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China's publishers survive and thrive

11-07-2011 14:12 BJT

With the changing of people's reading habits, publishers are having to look for new ways to stay in business. Over the past couple of years, major Chinese publishers are going public, forming a publishing cluster in the market. This is bringing new momentum to the nation's rich literary culture.

After going through a number of mergers and reforms, Hubei Changjiang Publishing Group is now busy preparing for a public listing. The company has published a number of top-selling books in recent years, and released the English edition of the Chinese best-seller "Wolf Totem" in overseas markets. Last year, the company's sales volume reached nearly 400 million yuan, a 32 percent annual increase. It now ranks fourth in China's publishing industry, in terms of market share.

Liu Xueming, director from Changjing Literature & Arts Publishing House said: "Now that the group company is going public, it will help us to have access quality products and find better partners."

Also on the road to an IPO is Jiangsu Phoenix Publishing Group. Last year, the group set up a film and TV production company, to produce TV dramas and films adapted from its best-selling novels. This has brought in lucrative profits. Benefiting from the new business model, the company became the first in China's publishing industry to see tens of millions of yuan in annual sales and total assets.

Chen Haiyan, Chairman form Phoenix Publishing Media Group Company, said: "If we stick with publishing, we don't need much capital. But we're targeting modern publishing, so we need more financing. By going public, we can source capital from the market. This will put us under more pressure, but will also provide more incentive to develop the company. This can help enhance our competitiveness."

Insiders say around fifteen major publishing groups in China are getting ready to hit the stock market by end of the year, or the beginning of next year. During a time of uncertainty and change for traditional publishers, analysts say going public will inject some much-needed vitality to the industry.

 

Editor:Zhang Rui |Source: CNTV.CN

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