China Xinhua News Network Corporation, the Chinese state-owned television network owned by the Xinhua News Agency, announced that the restructuring and listing of the video assets of the Xinhua News Agency has been completed in Hong Kong, providing international capital market platform support to the development of the overseas television 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 purchases 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.

Wu Jincai, president of CNC and deputy editor-in-chief of Xinhua, said that the operational mode of capitalization will help CNC gain more support from the international capital market and boost its reputation as a competitive, influential and world-renowned media organization. As a listed company, CNC endeavors to lift its influence in the overseas market and adopt a localization strategy so as to strengthen its information-gathering capability. CNC will reportedly "build itself in accordance to the modern enterprise system into a self-financed and world-class media organization".

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.


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