Xinhua Finance on acquisition trail following $20 million funding close
12 November 2003 | 2488 views | 0
Xinhua Financial Network, the Hong Kong-based China financial information and media company, has finalised a $20 million financing round, led by the Shemano Group and SBI USA, with the assistance of Nob Hill Capital management.
Xinhua Finance says the proceeds will be used to further develop the existing product lines and for acquiring complementary companies in the region, Europe and the US.
Gordon Lau, CFO of Xinhua Finance, says: "There are several very interesting and complementary domestic and overseas targets that will transform the scope and reach of Xinhua Finance. The activities in the near term will substantially improve shareholders' value and enhance our IPO listing plan and timetable."
Early this year, the company purchased the largest stake in Shanghai Far East Credit Rating, one of only a few companies authorised to conduct ratings business in China, and also acquired AFX-Asia, the local real-time news arm of Agence France-Presse.