SHANGHAI, May 31 /Xinhua-PRNewswire/ -- Xinhua Finance Limited (TSE: 9399) (OTC ADRs: XHFNY), today announced that it has reached an agreement on the sale of certain non-China news operations of Xinhua Finance News ("XFN", an unit of the Company's news service line) to Thomson Financial, a leading provider of information and technology solutions to the worldwide financial community. The move is a strategic decision that allows XFN to focus its operations where it has a significant competitive edge in Greater China. It enables Thomson Financial to further expand its tailored financial news operations in Asia. The two companies have not disclosed the financial terms of the agreement.
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The agreement, which will take effect on June 1st, covers seven XFN Asia-Pacific bureaus located in Tokyo, Manila, Jakarta, Kuala Lumpur, Singapore, Sydney and Seoul. The companies have also signed licensing agreements providing for the exchange of news services following the sale.
Xinhua Finance COO Daniel Connell said, "This allows us to cut costs from a non-core area and refocus our efforts and resources on our core geographic competency, which is Greater China while at the same time enhancing our overall strategy of bridging China's financial markets and the world. We believe that this will benefit the two companies, our customers and our employees."
Leveraging its unique position and strength in China, XFN has realigned its news strategy to focus on the Greater China market and will continue to maintain editorial operations in Beijing, Shanghai, Hong Kong and Taipei. The news operation of Xinhua Finance's other subsidiaries such as Market News International, Stone and McCarthy and G7 Group remain unchanged.
About the companies
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 ADRs: XHFNY). Bridging China's financial markets and the world, Xinhua Finance serves financial institutions, corporations and re-distributors through five focused and complementary service lines: Indices, Ratings, Financial News, Investor Relations, and Distribution. Founded in November 1999, the Company is headquartered in Shanghai, with offices and news bureaus spanning 11 countries worldwide. For more information, please visit http://www.xinhuafinance.com .
Thomson Financial
Thomson Financial, with 2006 revenues of US$2 billion, is a provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation ( http://www.thomson.com ), a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges.
