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HONG KONG The Chinese Communist Party newspaper People's Daily will seek to raise up to 527 million yuan ($83.4 million) in an initial public offering of its website arm, according to a report Tuesday by the state-run Xinhua news agency. In a prospectus filed with the China Securities Regulatory Commission, the People's Daily Online Ltd. said it intends to sell 69.1 million shares, equivalent to about a quarter of its total capitalization, in a listing on the main stock exchange in Shanghai, according to the report. The People's Daily owns a nearly 80% stake in the website, while other stakeholders include China Mobile Ltd. , China Unicom Ltd. [s; hk:762] and China Telecom Ltd. .

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