Mount Putuo, a renowned site in Chinese Buddhism, is again ready to file for an initial public offering.
The tourism operating company of Mount Putuo first filed for an IPO in 2018 to raise 615 million yuan (US$ 91 million). However the company withdrew the application after a controversy which questioned whether it was appropriate for a religious site to be commercialized.
The company has been in discussions with authorities about going public again, 21st Century Business Herald reported, citing unnamed sources. This time, it plans to file the IPO as “Zhejiang Zhoushan Tourism” instead of “Mount Putuo.”
The latter is a joint venture with 58.04% owned by Zhoushan Municipal State-owned Assets Supervision and Administration Commission and 13.79% by Zhoushan Auto Transportation. It reported a net profit of 100 million yuan, 123 million yuan and 119 million yuan for 2015, 2016 and 2017, respectively.
In fact, two of the Four Sacred Mountains of Buddhism in China have had their tourism operating companies listed. Mount Emei in Sichuan was listed in 1997 and Mount Jiuhua in Anhui province went public in 2015.