SHANGHAI, China, April 29 /Xinhua-PRNewswire/ -- Xinhua Finance Ltd, (TSE Mothers: 9399 and OTC: XHFNY), China's unchallenged leader in financial information and media, today re-iterated a statement, which was published a month ago, 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 signed in 1999 between the Company and the Agency remains unchanged.
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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 changes in their shareholdings.
Xinhua Finance will hold its Annual General Shareholder meeting in June to approve a rotation of certain directors required under its Articles of Association and to add a new board member with Sarbanes Oxley experience in light of the recent listing on NASDAQ of the Company’s subsidiary, Xinhua Finance Media.
The operational and editorial independence of Xinhua Finance was a key commitment made by the founders of the business at its founding in 1999 and this commitment to independence continues to this day. In recent months, there has continued to be misperception of this basic principle in the market and in the media. Xinhua Finance is issuing this statement to clarify the issue.
About Xinhua Finance Limited
Xinhua Finance Limited is China’s premier financial information and media service provider and is listed on the Mothers board of the Tokyo Stock Exchange (symbol: 9399) (OTC ADR: XHFNY). Bridging China's financial markets and the world, Xinhua Finance serves financial institutions, corporations and re-distributors through four focused and complementary service lines: Indices, Ratings, Financial News and Investor Relations. Founded in November 1999, the Company is headquartered in Shanghai with 20 news bureaus and offices in 19 locations across Asia, Australia, North America and Europe.
