iReader to offer 'library in hand'

iReader, an e-book and reader vendor which netted 166 million yuan (US$25 million) from a recent IPO, said yesterday that it will focus on mobile reading service to offer users a “library in hand” as it taps the booming digital reading market in China.

iReader, which started trading in the Shanghai stock market last Thursday, is expected to generate revenue up to 1.25 billion yuan in the first nine months of the year, up 50 percent year on year. It expects net profit of 90 million yuan in the period and 128 million yuan for the whole year, analysts said.

“After the IPO, we will focus on our core business of mobile reading and make it more competitive, rather than diversification and asset integration,” said Cheng Xiangjun, chairman and general manager of iReader. 

With more than 100 million monthly active users, more than 90 percent of iReader’s income comes from core businesses, including paid online bookstore and e-book reader.