Source: Xinhua Finance
Xinhua Finance (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.