Business

Xinhua affiliate begins trading in Hong Kong

Xinhua TV
Image caption Xinhua began broadcasting as a TV network in 2010, in Chinese and English

A company linked to the Chinese news agency Xinhua has begun trading on the Hong Kong stock exchange.

The move comes after an existing listed company, Tsun Yip Holdings, acquired Xinhua TV Asia-Pacific Operating Co Ltd last year.

Many Chinese media outlets are trying to expand their reach outside their home market.

Hong Kong is seen as a gateway for Chinese companies to do business in the rest of the world.

Last year saw several Chinese news organisations open or expand offices in New York City, including Xinhua, China Daily and China Central Television (CCTV).

'Competitive and influential'

According to filings made to the Hong Kong stock exchange, Tsun Yip completed a deal worth HK$700m to acquire Xinhua TV Asia-Pacific Operating Co Ltd from China Xinhua News Network Co in December.

China Xinhua News Network Co is fully owned by Xinhua News Agency, China's official mouthpiece, and will hold shares in CNC.

Tsun Yip has renamed itself CNC Holdings following the deal.

Wu Jincai, chairman of CNC Holdings, said CNC aims to become an influential and competitive broadcaster.

Xinhua began broadcasting Chinese TV in 2010, while the English channel was launched in July of the same year.

Before that its focus was on supplying material for all other Chinese media.

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