And it's expected to list in Singapore just a week or two ahead of AsiaOne.

CNN: New Media Paper Chase

Sources say SPH's AsiaOne - Singapore's biggest content aggregator - is likely to list locally in June.

CNN: New Media Paper Chase

While it still lags far behind AsiaOne in page views, it is among the most aggressive portals in the region.

CNN: New Media Paper Chase

Take some of the better known Singapore listings, SPH AsiaOne and Horizon.com, both of which are trading below their offering prices.

CNN: Playing the IPO Game

While other publishers have mainly put their old-economy content on the Web, AsiaOne is starting to look like a real portal.

CNN: New Media Paper Chase

AsiaOne also recently signed a deal with Fantastic, an Internet protocol software and services supplier that supports data broadcasting, or datacasting.

CNN: New Media Paper Chase

But while SPH holds the monopoly in Singapore's newspaper market, it's finding that AsiaOne faces fierce competition from other portals operating there.

CNN: New Media Paper Chase

Fund managers figure AsiaOne is selling for 65% or so above fair market value because it is backed by the huge, cash-rich, newspaper monopoly, the SPH Group.

CNN: Playing the IPO Game

AsiaOne may have another leg up on them as well.

CNN: New Media Paper Chase

But AsiaOne's biggest headache is a regional player called Catcha.com.

CNN: New Media Paper Chase

That's why most analysts I have spoken to believe SPH AsiaOne, which debuted at 60 Singapore cents a share nearly two months ago, is hovering around 50 cents now, when it is actually worth no more than half that.

CNN: Playing the IPO Game