omniture

Xinhua Finance Limited (TSE: 9399) names new ratings business head

2007-10-11 15:14 883

SHANGHAI, Oct. 11 /Xinhua-PRNewswire/ -- Xinhua Finance Limited (“XFL”; TSE: 9399; OTC ADRs: XHFNY), China’s premier financial information and media services provider, today announced it has appointed Dr. Chen Chung-Hsing as head of its Ratings Service Line. He also takes a position as vice-chairman of Shanghai Far East Credit Rating (“SFE”), a Chinese credit ratings agency and an affiliated company of Xinhua Finance since 2005. Dr. Chen joins XFL from Bank of Overseas Chinese Leasing Co. in Taiwan where he was chairman and president. He has strong experience as a regulator, academician and senior executive at various leading financial institutions.

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Photo link of Dr. Chen: http://www.xinhuafinance.com/assets/images/Dr-Chen/

Dr. Chen’s expertise in ratings is evidenced by his establishment in 1997 of Taiwan Ratings Corporation (TRC), Taiwan’s first ratings agency, now 51% controlled by Standard and Poor’s, and in 2001 his pioneering effort as one of the founding members of the Asian Association of Credit Rating Agencies (ACRAA) . Within four years of their launch, TRC’s ratings were recognized by 90% of the financial institutions in Taiwan and endorsed by related local government bureaus. Dr. Chen served as president and chief executive officer of TRC from founding until 2003. Following that, he worked in various senior executive positions at leading financial conglomerate Fuhwa, including president of its financial consulting group, chairman of its asset management company and president of its commercial bank. In 2005, he joined the Bank of Overseas Chinese Leasing.

In his new roles, Dr. Chen will be responsible for strengthening Xinhua Finance’s capabilities in providing ratings assessments and opinions on Chinese companies and sectors to financial institutions. Dr. Chen possesses extensive expertise in the financial services sector, particularly in fixed income and credit. Throughout his career, he has been instrumental in promoting the development of Taiwan’s bonds and futures markets, furthering financial policy research and strengthening the operations of the various top institutions for which he has served.

XFL CEO Ms. Fredy Bush said, “We are pleased to be joined by Dr. Chen Chung-Hsing, whose leadership in Taiwan’s credit markets and pioneering spirit are a perfect supplement to Xinhua Finance’s own endeavors. His expertise will be of special importance to Xinhua Finance as we continue to roll out and refine ratings and research offerings that are fashioned to meet the evolving conditions in China’s bond and credit markets.”

Dr. Chen will oversee the further integration of Xinhua Finance and Shanghai Far East, as ratings committee head of their collaborative ratings venture, Xinhua Far East China Ratings (“XFE”). He will play a key role in shaping both SFE and XFE’s macro-economic views in China and expanding its research and commentary on the country's rapidly growing sectors and individual companies. He is appointed to advance the company’s efforts in undertaking strategic initiatives that promote market transparency and efficiency in China amidst the backdrop of its liberalizing credit markets.

Dr. Chen said, “It is a pleasure to join Xinhua Finance, an organization that has worked to improve information disclosure practices in China. The ratings processes and analytic framework of Xinhua Finance, developed through the collaborative venture Xinhua Far East, are well-grounded in international standards. XFE’s competitive advantage lies in its ability to derive independent, objective and forward-looking ratings assessments and timely updates, which are based on Xinhua Finance’s comprehensive economic and corporate data.”

As of the second quarter of 2007, Xinhua Far East has provided ratings based on public information for 107 of China's largest domestically and overseas-listed corporations. XFE aims to provide a definitive stance on the credit profile of Chinese securities issuers, enabling market participants to model the risks of investment or lending. XFE specializes in issuing national scale ratings to provide greater differentiation among issuers within China, regardless of the country ranking on a global basis.

Other positions Dr. Chen has held include president of Taiwan’s Securities & Futures Institute, general counsel at Taiwan’s Securities and Exchange Commission and associate professor at the Graduate School of Risk Management and Insurance of National Chengchi University. He was also very active in promoting standards for just, efficient and sound capital markets in developing countries, including China, while chairing various committees of the International Organization of Securities Commissions (IOSCO). Dr. Chen holds a doctorate in the science of jurisprudence from Southern Methodist University.

About Xinhua Finance Limited

Xinhua Finance Limited (“XFL”) 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 ADRs: XHFNY). Bridging China’s financial markets and the world, Xinhua Finance’s proprietary content platform, comprising Indices, Ratings, Financial News, and Investor Relations, serves financial institutions, corporationsand re-distributors worldwide. Through its subsidiary Xinhua Finance Media Limited (Nasdaq: XFML), XFL leverages its content across multiple distribution channels in China including television, radio, newspaper, magazine and outdoor media. Founded in November 1999, XFL is headquartered in Shanghai, with offices and news bureaus spanning 11 countries worldwide. For more information, please visit http://www.xinhuafinance.com .

Source: Xinhua Finance Limited
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