Mainland SOE enters HK media industry
Updated: 2016-08-02 07:23
By FAN FEIFEI in Beijing/LIN WENJIE in Hong Kong/XIE CHUANJIAO in Qingdao(China Daily)
|
|||||||||
People visit the stand of Ming Pao during the 2015 Hong Kong Book Fair in Hong Kong, China, July 18 2015.[Photo/IC] |
Media Chinese International said on Monday in a statement that its subsidiary, One Media Group Ltd, sold 73.01 percent of its shares and media business including its Hong Kong publication, Ming Pao Weekly, and related digital business to Qingdao West Coast Holdings (International).
The company is the investment arm of Qingdao West Coast Development Group, set up in 2012 by the Qingdao government, with registered capital of 10 billion yuan.
It is in charge of the development and construction work of West Coast New Area, Qingdao's economic and technological development zone.
Shares of Media Chinese International, which resumed trading on Monday afternoon in Hong Kong, rose 14.05 percent to HK$1.38 at the close.
Media Chinese International, a leading Chinese language media platform, has five well-established Chinese language newspapers, including Ming Pao Daily News, one of the most influential and credible newspapers in Hong Kong.
Founded in November 1968 by Ming Pao Daily News, Ming Pao Weekly is a lifestyle and entertainment magazine targeted at middle-class readers in Hong Kong. It contents cover entertainment news, film, tourism, fashion trends and culture.
Ming Pao Weekly is also One Media Group's main turnover contributing business for the Hong Kong segment.
It's not the first time a mainland company has purchased a Hong Kong media group.
Last December, internet giant Alibaba Group Holding Ltd spent HK$2.06 billion to acquire the media assets of SCMP Group, including the South China Morning Post.
Hong Kong-based analysts said it is probably another step in Alibaba's quest to build a media empire.
"It is a trend for mainland companies to invest in the Hong Kong media industry," said Victor Fung Keung, principal lecturer at the Communication School of Hong Kong Baptist University.
"In the next 10 years, 80 percent of local media will be supported by capital from the mainland," he said.
"It is a win-win deal," he explained, saying that mainland companies can learn how to operate offshore media, preparing them for the further acquisition of media companies in other places.
- From hunting wild fruits to satellite dishes: Life of Myanmar returnees
- World's first panda-themed subway line runs in Chengdu
- Minister: PLA to firmly protect maritime rights
- China raises alert level ahead of Typhoon Nida
- Japanese suspect detained in security inquiry
- Xi: Disaster relief must be improved
- Powerful blast rocks Afghan capital amid darkness
- Tokyo elects 1st female governor
- 450th Old Bridge diving competition held in Mostar
- S. Korea to launch WWII 'comfort women' victims foundation
- China to become Australia's biggest tourist source market
- Patient shoots, kills doctor in Berlin then kills himself
- Amazing night view of Kaifeng in Henan province
- In pics: Women soldier carrying the flag
- Rough and tough world of soldiers' training
- Moments from the 2016 Tour of Qinghai Lake
- Panda-themed subway line runs in Chengdu
- In pictures: Aerial images of Rio's Olympic venues
- Images reveal distinctive Tunpu culture in Guizhou
- Ten photos from around China: July 22 – 28
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
Chinese State Councilor Yang Jiechi to meet Kerry
Chinese stocks surge on back of MSCI rumors
Liang avoids jail in shooting death
US Weekly
Geared to go |
The place to be |