Mr. Hugo Shong appointed as Vice Chairman and Non-executive Director of the Company
HONG KONG, Dec. 21 /PRNewswire-Asia/ -- Media China Corporation Limited (“Media China” or the “Company”, together with its subsidiaries referred to as the “Group; Stock Code: 00419.HK) announced today that the Company has entered into a Memorandum of Understanding (“MOU”) with the Shaanxi Provincial Tourism Administration to invest in tourist projects and enterprises in Shaanxi. Pursuant to the MOU, the Shaanxi government plans to restructure key tourist projects and leading tourist enterprises in the province including Shaanxi Tourism Corporation Group for future domestic or overseas public listing. The Company can enjoy pre-emptive rights of investment in them at favourable terms. The total investment will be no more than RMB 100 million.
Media China will use the marketing platform of the Travel Channel, and its self-owned and shareholders’ resources to actively invest in or acquire attractive projects in Shaanxi, and to develop Media China into a leading listing company engaged in the cultural and tourist sector, while achieving a remarkable return on investment by getting these enterprises and projects listed.
Mr. Edward Tian Suning, Chairman of Media China, said, “Media China has successfully introduced IDG Capital Partners as a strategic investor after completion of an open offer and share placement. We are committed to developing our cross-media business and will actively expand into tourist and cultural operations. Tourism has recently been selected by the Chinese government as a pillar sector to revive domestic economic development. With the rapid growth of residents’ income and consumption, this sector has ample room for growth.”
Mr. Edward Tian Suning added, “Shaanxi Province possesses substantial tourist facilities and plays an important role in China’s tourism industry. The sector plays a significant role in the province’s economic development. In 2008, it generated revenue of RMB60.7 billion, or 8.9% of its GDP. Cooperation between Media China and the Shaanxi Provincial Tourism Administration will be complementary to each other and create a win-win result. On the one hand, Media China will get involved in restructuring and IPO of leading tourist enterprises in Shaanxi. It will invest in or acquire premier tourist projects in the province. These investments are expected to generate significant returns, thus laying a solid foundation for the development of our cross-media, cultural and tourist operations. On the other hand, Media China will use its cross-media advertising and marketing platform (mainly through the Travel Channel) to promote the tourism industry of Shaanxi Province. It will make contribution to the development of local tourism industry by actively taking part in the restructuring and listings of major tourist enterprises in the province.”
Shaanxi Tourism Corporation Group is managed by the Shaanxi Provincial Tourism Administration, a government agency to oversee the tourism sector in Shaanxi. It is a large state-owned enterprise mainly engaged in tourist operations and is widely regarded as an "aircraft carrier" in the tourism industry of Shaanxi Province. It currently owns more than 20 wholly-owned subsidiaries and holding companies including Huashan Travel Development Corporation, Qianling Travel Development Corporation Ltd, Famen Temple Travel Development Corporation Ltd, Mausoleum of the First Qin Emperor Travel Development Corporation Ltd, Guanshan Grassland Travel Development Corporation Ltd and Shaanxi Travel Corporation Limited (including Terracotta Warriors and Huaqing Hot Spring). They are widely-known and most influential tourist enterprises in Shaanxi Province and even in China.
Meanwhile, the Company announced that Mr. Hugo SHONG (“Mr. Shong”) has been appointed as Vice Chairman and Non-executive Director of the Company with effect from December 21, 2009. Mr. Shong assisted IDG to establish China’s first technology venture fund with US$20 million, and has been the Founding General Partner of IDG Capital Partners since 1993. Mr. Shong has also been the Founding General Partner of IDG-Accel China Growth Fund and IDG-Accel Capital Fund since 2005 and 2008, respectively. IDG Capital Partners now has a total of US$2.5 billion under its management in China.
About Media China Corporation Limited
Media China Corporation Limited (Stock Code: 00419.HK) is a leading media group, satellite channel operator and entertainment content provider in China. As a media company with one of the largest libraries of films, TV comedies and dramas, Media China is engaged in various media related businesses in China, including consolidation and sale of advertising resources, and the production of television programmes, advertisements, television dramas and movies. The Company will strengthen its efforts in growing its media operations and further expanding into cultural and tourist businesses. For details please refer to its website: http://www.mediachina-corp.com .
Investor and Media Enquiries:
Media China Corporation Limited
Raymond Hau
Tel: +852-2877-8412
Email: raymondhau@mediachina-corp.com
PRChina Limited
Henry Chik
Tel: +852-2522-1368
Email: hchik@prchina.com.hk
PRChina Limited
Jane Liu
Tel: +852-2522-1838
Email: jliu@prchina.com.hk
PRChina Limited
David Shiu
Tel: +852-2521-2823
Email: dshiu@prchina.com.hk
