② Today China's most popular provider of fiction-for-phones will book over $1bn in a flotation on Hong Kong's stock exchange.
③ Retail stock was subscribed 600 times over; investors expect a valuation of above $6bn.
④ They hope to help write the next chapters of China Literature—as affluent young Chinese become more willing to pay for them.
⑤ The novel platform, where every month 200m feast on a library of close to 10m novels on their smartphones, offers the first pages of some works for free, then charges to read on.
⑥ The 6m authors who write for the repository serialise works and adapt plotlines based on readers' comments.
⑦ And there is a real-life twist: its majority stakeholder is Tencent, a gaming-and-social-media behemoth that wants to expand its entertainment empire.
⑧ Bestselling novels are already being made into hit games, films and dramas, reaping juicy licensing fees.