SHANGHAI Feb 9 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
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