SHANGHAI, Jan. 7, 2016 /PRNewswire/ -- Touchmedia, the world's largest interactive in-taxi media platform, recently announced that Channel Power Ltd. has acquired a significant, majority stake in their Touchmedia - Hong Kong business. The two companies celebrated the event with a signing ceremony at Touchmedia's headquarters in Shanghai, China.
The two companies will leverage their combined resources to expand Touchmedia's business interests in Hong Kong. To this partnership, Touchmedia will bring its in-taxi media platform and technology solutions, while Channel Power will be responsible for day-to-day business operations, thereby exploiting their in-depth knowledge of the Hong Kong advertising market, as well as their expertise in marketing and content development.
Chong Yik Cheng, Executive Director and CEO of Channel Power Ltd., spoke of the deal, "We are excited to invest in Touchmedia. They are a very strong brand with over a decade of history in taxi media, a media that greatly interests us because of those 23 intimate minutes they have with their passengers. Combined with the current explosion in the O2O market, we are quite pleased with the timing of this investment as it provides a unique opportunity for us to get involved."
Micky Fung, Executive Chairman of Touchmedia and CEO, elaborated at the signing ceremony, "We are happy to have Channel Power as our partner, driving the Touchmedia brand in Hong Kong. They have a strong track record and deep knowledge of the Hong Kong market." Mr. Fung then added, "We are also in early stage discussions to further our relationship with Channel Power to develop the South China market together. At the same time, we are working on developing Northern China with other partners."
Commenting on the new partnership, Melvyn Goh, M Media Ventures, said, "This is the beginning of Touchmedia's business model evolution, partnering with strong entrepreneurs who understand the local terrain instead of building our footprint across China on our own. Touchmedia will leverage its brand, content marketing, technology, and over a decade of experience in the taxi media market to help our partners jumpstart the business."
About Touchmedia
Touchmedia was founded by its Executive Chairman and CEO, Micky Fung, in 2003 and has developed into a state-of-art interactive mobile media platform both in China, as well as internationally. Today, Touchmedia is the largest in-taxi media company in the world. Leveraging their technology and their understanding of the in-taxi media market, Touchmedia provides adaptive marketing solutions to engage their targeted audience.
For more about Touchmedia: www.touchmedia.cn
About Channel Power
Established in 1999, Channel Power Ltd. is a full-service advertising agency that provides creative, media buying, design, and production services. With its headquarters in Hong Kong, Channel Power has expanded its network to major cities in mainland China.
About M Media Ventures
M Media Ventures is a media investment and advisory company that provides a combination of capital, strategic, and operational support to help companies grow their business, maximize valuation, and enable them to be exit ready.
It currently acts on behalf of Touchmedia in both strategic and operational support.
