China Xinhua TV in global media push, lists in Hong Kong
SHANGHAI Feb 9 (Reuters) - China Xinhua News Network Corp (CNC), the TV unit of state-run Xinhua News Agency, has tapped the Hong Kong capital markets to support its efforts to build a global media presence and strengthen the Chinese government's international influence.
Xinhua debuted in Hong Kong on Wednesday through a back-door listing initiated via a HK$700 million ($90.28 million) share-swap of a listed firm previously known as Tsun Yip Holdings Ltd, which was engaged in waterworks engineering services.
Shares in CNC closed up 0.8 percent at HK$1.33 on Wednesday.
Apart from CNC, Chinese state broadcaster CCTV is launching its American service this week as part of a major overseas expansion, while the online news portal of Chinese government mouthpiece, the People's Daily, is also planning to raise 527 million yuan ($83.72 million) through a Shanghai listing.
CNC said it plans to extend its coverage to about 100 countries by 2014, up from the 60 countries it now reaches. ($1 = 7.7538 Hong Kong dollars) ($1 = 6.2945 Chinese yuan) (Reporting by Fayen Wong and Gabriel Wildau; Editing by Jacqueline Wong)