Foreigners Can Now Invest In Xinhua News Agency’s Video Offspring
China Xinhua News Network Corporation, the Chinese state-owned tv network owned by the Xinhua News Agency, announced that the restructuring and listing of the video assets of the Xinhua News Agency has been finished in Hong Kong, providing international capital market platform support to the development of the overseas tv business of Xinhua News Agency.
Xinhua New Agency is the official news source for the Chinese government.
According to CNC, the assets of its Asia Pacific’s channel carrier will be injected into Hong Kong’s listed company Tsun Yip Holdings. The transaction has been approved during an extraordinary general meeting of Tsun Yip Holdings. On the completion of the transaction, the Asia Pacific assets will be restructured and listed in Hong Kong.
Under the agreement signed by the two parties, Tsun Yip Holdings buys all the shares of CNC Asia Pacific’s channel carrier at a cost of HKD700 million, with price of newly-issued shares being set at HKD0.196 per share. After completing the transaction, CNC Asia Pacific’s channel will hold a 28.5% stake in Tsun Yip Holdings to become the largest shareholder; meanwhile, it will assign four directors in the board of directors of Tsun Yip Holdings.
CNC is the TV network owned by the Xinhua News Agency. Its Chinese channel opened on January 1, 2010, while its English channel opened a few months later. Both channels target audiences all over the world, broadcasting through satellite, cable televisions, digital media, Internet and other platforms. CNC claims to currently reach billions of people in 57 countries and regions around the world.
Related Links:Find more stories about: Hong Kong, investment, ipo, news, onlie media, social media, SOE, television, Tsun Yip Holdings, TV, Wu Jincai, Xinhua, Xinhua News Agency
source : www.chinatechnews.com
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Submited at Monday, December 12th, 2011 at 3:00 pm on Technologies by Alina
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