Xinhua News TV subsidiary debuts in HK stock market

9 February 2012 0 h 47 min Comments Off

CNC Holdings Limited, a newly-named company owned by China Xinhua News Network Corp (CNC), the TV arm of China’s state-run Xinhua News Agency, made its debut on Wednesday on the Hong Kong stock exchange.

The quotation debut came after a shareholders’ meeting of the listing company Tsun Yip Holdings Limited on January 16 decided to change its name to CNC Holdings Limited 中國新華電視控股有限公司 “based on the company’s new business direction,” while its stock code remained unchanged, 8356, a news release said. Before the back-door listing, Tsun Yip Holdings Limited was engaged in waterworks engineering services.

The shares started trading in Hong Kong on 8 february and the stock closed 0.8 percent higher at HK$1.33 in Hong Kong trading. The unit’s listing isn’t the first for Xinhua. Xinhua Finance Inc., now known as Xinhua Holdings Ltd., was the first Xinhua’s subsidiary to be listed on the Tokyo stock exchange through an initial public offering in 2004.

Satellite operator capital reshuffle

According to CNC release and circular, three shareholders of its Asia Pacific’s channel carrier, including CNC limited Co, APT Satellite Company Limited (APT) and Ao Rong Investment Corporation, had signed an agreement with Tsun Yip Holdings on September 6. Under the agreement, Tsun Yip Holdings purchased all the shares of CNC Asia Pacific’s channel carrier at a cost of HK$700 million ($90.27 million), with price of newly-issued shares being set at HK$0.196 per share. After completing the transaction under legal procedures on December 9, CNC’s HK branch held 28.5 percent stake in Tsun Yip Holdings, becoming its largest shareholder, and a new board of directors had been established, with Wu Jincai, CNC president and Xinhua’s deputy editor-in-chief, as chairman.

International development of CNC TV

CNC Holdings Limited new major activity will be the international development of CNC TV. ”CNC’s overseas news service has gained support from the international capital market, a boost which can lay foundations for it to build a modernized media institution with global influence and competitiveness”, the news release said.

Wu Jincai said that CNC aims to localize its services while extending its global reach, and will also seek to improve its news reporting and the quality of its programs. China Xinhua News Network Corp., the TV unit of state-run Xinhua News Agency, plans to expand into about 100 countries in an effort to boost its global influence

Established in 2009 as part of Xinhua’s ambition to build a multimedia press institution, CNC kicked off its Chinese channel on January 1, 2010, and its English channel on July 1, 2010. In July, China’s official news agency leased a 60- foot by 40-foot sign in Manhattan’s Times Square to promote its expansion of services in the U.S. Both channels target audiences of all over the world, available via satellite, cable TV, digital media, the Internet, and other platforms. CNC’s signal has reached nearly 60 countries and regions including the United States, the United Kingdom, Canada, New Zealand and Thailand.

The listing of CNC could be followed by the Shanghai listing of the online news portal of Chinese government mouthpiece, the People’s Daily. The state owned daily Group hopes to raise 527 million yuan ($83.72 million).

SOURCES: China Daily, Xinhua, Bloomberg (08/02/12), reuters (09/02/12)

ON CSN WEBSITE

. Xinhua’s CNC World officially launched in NYC, on Time Warner Cable

. PPTV and CNC partner to create the official Xinhua news Internet TV web portal

. Xinhua’s CNC available to Apple and Android users

. China’s Xinhua debuts 24-hour international english news channel

ON THE WEB

. Xinhua TV Unit Plans Global Expansion as Its Shares Make Debut

Bloomberg / Business Week  08/02/12

. China Xinhua TV in global media push, lists in Hong Kong

reuters  09/02/12

Related posts:

Comments are closed

Other News

  • China (mainland) film Brilliant future expected for Chinese cinema: interview

    Brilliant future expected for Chinese cinema: interview

    Jiang Wen (R), a well-known Chinese director, walks down the red carpet with his wife Zhou Yun at the opening ceremony of the 70th Venice Film Festival in Venice, Italy, Aug 29, 2013. [Photo / Xinhua] (Xinhua, 04 Sep, 2013)Chinese films have achieved over the past few years very positive results in terms of both quantity and quality, and will drive their technology-led development, 70th Venice Film Festival president Alberto Barbera told Xinhua in a recent exclusive interview. This venerable [...]

    Read more →
  • Breaking news China (mainland) film Cloudary extends script to movie industry

    Cloudary extends script to movie industry

    (chinadaily.com.cn, 26 Aug, 2013) Cloudary Corp – an online literature platform owned by interactive media giant Shanda Group – said on Friday that it reached a film script agreement with the Chinese movie firm Seven Stars Films. Seven Stars Films, a movie production and investment firm owned by Chinese media entrepreneu r Bruno Wu, will link Cloudary’s literature with the world’s movie industry. Wu, who is married to popular TV host Yang Lan, founded Seven Star Films in 2012. The [...]

    Read more →
  • Breaking news China (mainland) film China’s movie market booms with local content

    China’s movie market booms with local content

    ( Agencies, 23 Aug, 2013) In “American Dreams in China”, Cheng Dongqing is giving a lecture in an abandoned factory in Beijing . Snow falls through the damaged roof and a power cut sends students reaching for their flashlights. The movie , about how young Chinese in the 1990s tried every means to learn English so they could study overseas, is part of a boom in domestic productions that is outpacing foreign film s at the box office in China. [...]

    Read more →
  • Breaking news China (mainland) film Fast forward with film

    Fast forward with film

    (China Daily, 23 Aug, 2013) In the past year, Chinese films have galloped ahead like a dark horse, beating Hollywood imports. It is hardly surprising that most of these domestic hits are comedies. Comedy is mostly local. When Hollywood sent scouts to recover the secret formula, many of them reported that these Chinese movies were not particularly funny. Of course not. When you translate every line into English, you have lost much of the fun, leaving only a few sight [...]

    Read more →
  • Breaking news China (mainland) Digital Mobile game firms looking abroad

    Mobile game firms looking abroad

    (China Daily, 21 Aug, 2013) Intensifying domestic competition is driving Chinese mobile game developers into overseas markets, said Google Inc, owner of the world’s most used smartphone operating system. Japan and South Korea may become “sizeable” money-spinners for developers in China in the coming years, it added. “Tapping into South Korea and Japan makes sense for Chinese developers, because both countries have a large smartphone user base and high sales volume in the mobile gaming sector,” said Ben Zhang, China [...]

    Read more →
  • Breaking news China (mainland) tv PPTV denies buyout rumors

    PPTV denies buyout rumors

    (chinadaily.com.cn, 14 Aug, 2013) Online video provider PPTV has denied rumors it will be jointly acquired by e-commerce giant Alibaba Group Holding Ltd and Hunan Satellite TV. “We have noticed related media reports. PPTV is operating independently, well, and we have nothing to announce at present,” PPTV told China Daily on Wednesday. A report from IT industry portal 36kr.com said on Wednesday that the prospective deal is almost closed, with the transaction reaching $400 million. It cited venture capital sources [...]

    Read more →
  • Breaking news China (mainland) film Film industry needs long tail to grow

    Film industry needs long tail to grow

    (China Daily, 15 Aug, 2013) The domestic film market registered record half-yearly box office returns of 10.9 billion yuan ($1.77 billion) in the first six months of this year, up 35 percent year-on-year, and there have been excited voices saying that the Chinese film industry is about to boom in the international market. However, box office success is just part of the industry’s chain, and without the further development of licensed movie merchandising, the Chinese film industry is still in [...]

    Read more →
  • Breaking news China (mainland) Digital New WeChat game becoming painfully popular

    New WeChat game becoming painfully popular

    (chinadaily.com.cn, 15 Aug, 2013) A new mobile phone game on WeChat, a social network app in China, is proving so popular that it’s causing hand injuries for many Chinese users. The game, which was recently introduced to WeChat’s 400 million subscribers, allows users to compete online with their friends in aircraft battles. Within two hours after the release of the game on Aug 5, there were more than 180 million downloads. But Zou Cheng, an orthopedic doctor at Hangzhou First [...]

    Read more →