HONG KONG, May 31 /Xinhua-PRNewswire-FirstCall/ -- Xinhua Finance
(TSE Mothers: 9399), China's premier financial services and media company,
today announced it has taken its first step into financial media, buying a
majority stake in the Hong Kong company EconWorld Media, a media company
active in financial publishing, with interests in books and a successful
magazine.
EconWorld publishes a range of Chinese-language publications, 15 in Hong
Kong and 10 in China, and a magazine on China's financial markets, personal
finance and wealth management.
"This is the first step by Xinhua Finance into the financial media field,
adding a new high-margin revenue stream for us," said Xinhua Finance CEO Fredy
Bush. "Financial media will be an important part of the future of this
company because it allows us to move our significant array of products onto
new platforms."
Ms Bush said that China's financial media is in its infancy and growing
fast. "We are well placed to take the lead as this vast market opportunity
develops," she said.
Alex Fan, EconWorld's co-founder and CEO, said, "By joining forces with
Xinhua Finance, we become a part of a much stronger platform which will allow
us to grow into a major financial print media player in Greater China."
Yolanda Lo, EconWorld's co-founder and COO, said, "The company's
publications will be dramatically enhanced by the wide range of China and
international content, advertising, and distribution capabilities that Xinhua
Finance can provide.
Under the purchase agreement, Xinhua Finance now gains ownership of a
highly successful Greater China financial publishing business. Through
partnerships with local publishers, EconWorld's various books are being sold
throughout Greater China in over 1,000 book stores and EconWorld's magazine is
distributed to most major cities and has seen its advertising revenue doubled
since January.
The magazine has a monthly circulation of 70,000 which is audited by
global media audit firm BPA Worldwide and has attracted major advertisers such
as Hang Seng Bank, Audi, Ford, Nokia, Philips, Samsung, and Martell.
Xinhua Finance is purchasing a 60% stake, with an option to buy the
remaining 40% for a purchase price based on the company's achievement of
various financial performance targets. The specific financial terms were not
disclosed.
Xinhua Finance CEO Ms Bush said, "China is the future, and distribution
capability within China has enormous value. Xinhua Finance has the content
and we are using the company's unique positioning in the China market and
first mover advantage to build a significant distribution network for that
financial information. This is but the first step," she added.
China financial media has a level of upside potential rarely seen in the
world. China's media market now accounts for around 12% of global advertising
revenue, compared to 7.5% for Japan, and China advertising spend grew 16% last
year to more than 60 billion RMB (US$7.2 billion), according to research by
the International Monetary Fund.
Key executives include CEO Alex Fan, formerly CEO and Chief Editor of
Economic Digest, the no. 1 business weekly magazine in Hong Kong, and founder
and CEO of Economic Digest Publishing, Hong Kong top business and finance book
publisher; COO Yolanda Lo, formerly General Manager of The Asian Wall Street
Journal Weekly, Circulation Director of the Far Eastern Economic Review and
General Manager of the Hong Kong Economic Times, Hong Kong's no.1 business
daily newspaper.
About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial services and media
company, listed on the Mothers Board of the Tokyo Stock Exchange (symbol:
9399). The Company provides financial news and information, as well as a
broad array of financial products and services unique to the China markets.
Xinhua Finance provides real time coverage of Chinese and Asian equity markets,
delivering an integrated platform of China-specific indices, financial news
feeds, credit ratings, and investor relations services to global financial
institutions and re-distributors via leased line, Internet, and satellite
technology.
Founded in 1999, the Company is headquartered in Hong Kong and has 21
offices and 19 news bureaus across Asia, Australia, North America and Europe.
For more information, see http://www.xinhuafinance.com .
For more information, contact:
Xinhua Finance
Hong Kong
Ms Joy Tsang
Corporate & Investor Communications Manager
Tel: +852-3196-3983, +852-9486-4364
Email: joy.tsang@xinhuafinance.com
Japan
Mr. Sun Jiong
Managing Director, Investor Relations
Tel: +81-3-3221-9500
Email: jsun@xinhuafinance.com
United States:
The Ruth Group (PR Contact in the US)
Mr Gregory Tiberend
Tel: +1-646-536-7005
Email: gtiberend@theruthgroup.com
Mr Jason Rando
Tel: +1-646-536-7025
Email: jrando@theruthgroup.com
SOURCE Xinhua Finance Limited
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Related links:
http://www.xinhuafinance.com
CONTACT:
In Japan, Mr Sun Jiong, +81-3-3500-5328, or
jsun@xinhuafinance.com, in HK, Ms Joy Tsang, +852-3196-3983, or,
+852-9486 4364 or joy.tsang@xinhuafinance.com, all of Xinhua
Finance; in US, Mr Gregory Tiberend, +1-646-536-7005, or,
gtiberend@theruthgroup.com, or Mr Jason Rando, +1-646 536-7025 or
jrando@theruthgroup.com, both of the Ruth Group for Xinhua
Finance
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