Xinhua Finance Clarifies its Relationship with Xinhua News Agency
April 26 2007 - 9:44PM
PR Newswire (US)
SHANGHAI, China, April 26 /Xinhua-PRNewswire/ -- Xinhua Finance
Ltd., (TSE Mothers: 9399; OTC: XHFNY), China's unchallenged leader
in financial information and media, today released a statement to
counter the incorrect perception in the media and elsewhere that
the Company is a subsidiary of Xinhua News Agency. Xinhua Finance
is listed on the Tokyo Stock Exchange and is widely held, with over
12,000 shareholders and no one shareholder holding more than 15% of
its shares. The company further stated that a subsidiary of Xinhua
News Agency has sold its remaining shares in the company to counter
the incorrect perception in the media and elsewhere that the
company is a subsidiary of the news agency. The 20 year agreement
between the Company and Xinhua News Agency remains unchanged. A
subsidiary of Xinhua News Agency was one of the founding
shareholders in Xinhua Finance in 1999. For a number of years, it
has held less than 5% of Xinhua Finance, the level above which
shareholders are required to report share sales. Xinhua Finance
Annual General Shareholder's meeting will take place in June to
approve a rotation of the board required under its Articles of
Association and to add an experienced Sarbanes Oxley board member
in light of the recent listing on NASDAQ of the subsidiary, Xinhua
Finance Media (NASDAQ:XFML). The operational and editorial
independence of Xinhua Finance was a key commitment made by the
founders of the business at its inception in 1999 and this
commitment to independence continues to this day. In recent months,
there has continued to be the misperception of this basic principle
in the market and in the media. As a result, Xinhua Finance is
issuing this clarification. For more information, please contact:
Joy Tsang Tel: +86-136-2179-1577; +852-9486-4364 Email: DATASOURCE:
Xinhua Finance Limited CONTACT: Joy Tsang, +86-136-2179-1577, or
+852-9486-4364, or Web site: http://www.xinhuafinance.com/
Copyright
Xinhua Finance Media Limited ADS (MM) (NASDAQ:XFML)
Historical Stock Chart
From Jun 2024 to Jul 2024
Xinhua Finance Media Limited ADS (MM) (NASDAQ:XFML)
Historical Stock Chart
From Jul 2023 to Jul 2024