Xinhua Holdings
| Public | |
| Traded as | TYO: 9399 |
| ISIN | KYG9827X1025 |
| Industry | Finance |
| Founded |
|
| Founder | Fredy Bush |
| Headquarters | |
Key people | Lian Yihhann (Chairman & CEO)[1] |
 (US$4.165 million) (2015) | |
| Total assets |
 US$19.603 million (2015) |
| Total equity |
US$11.842 million (2015) |
| Owner |
|
Number of employees | 79 (2015) |
| Website | xinhuaholdings.com |
|
Footnotes / references in a consolidated basis[1] | |
Xinhua Holdings Limited (Chinese: 新华控股有限公司; Japanese: ファイナンス・リミテッド) formerly known as Xinhua Finance was founded in 1999. It is engaged in the provision of financial information and services, primarily in the China market. It is headquartered in Hong Kong. It is listed on the Tokyo Mothers Board (9399). The company's subsidiary, Xinhua Finance Media Ltd, was listed on NASDAQ (NASDAQ: XFML) which was delisted in 2011 after the exposure of a scandal.
Xinhua News Agency owned a stake in Xinhua Finance.[2] However, the state-owned news agency had sold all the stake. The agency even made a press release in 2007 to declare they have no relation to Xinhua Finance.[2]
In 2013 Loretta Fredy Bush, Shelly S. Singhal and Dennis L. Pelino, former employee of Xinhua Finance, were sentenced by the court of the United States.[3]
History
Xinhua Financial Network Limited (XFN) was incorporated in Hong Kong in November 1999,[1] by a Samoa incorporated company "Xinhua Finance Holdings Limited".[4] In late 2000, XFN established joint venture with FTSE Group, forming the Xinhua-FTSE Index Series (for example FTSE China A50 Index).[1] In 2004, a Cayman Islands incorporated holding company Xinhua Finance Limited was formed.[1]
In 2003, it formed an international alliance with Agence France-Presse (AFP) Finance. Xinhua Financial Network Ltd. purchased the news agencies of AFP Asian Finance in Hong Kong, Japan, South Korea, and Singapore and eight other Asian countries and regions, which expanded the coverage of Xinhua News Agency's international network.
In July 2006, Mergent, a subsidiary of Xinhua Finance, purchased the business of Praedea Solutions, Inc., a developer of enterprise software for automated data extraction.
In June 2007, XFN announced it had agreed to sell seven of its Asia-Pacific news bureaus in Tokyo, Manila, Jakarta, Kuala Lumpur, Singapore, Sydney and Seoul to Thomson Financial, part of Canadian publisher Thomson Corp., in order to focus on the greater China region.[5] XFN stated they would retain their operations in Beijing, Shanghai, Hong Kong and Taipei, while news operations of Xinhua Finance's other subsidiaries, including Market News International and Stone & McCarthy Research Associates would also not change. Financial terms were not disclosed.
In 2010 the Hong Kong incorporated Xinhua/FTSE Limited was sold to FTSE Group.[6]
Shareholders
The shareholders of Xinhua Holdings used private equity funds and offshore companies to hide the true ownership structure. Although Xinhua News Agency did declared subsidiaries owned equity stakes in Xinhua Finance before 2007, the agency did not disclosed the full detail either, but announcing they did not have any stake any more from 2007 and any new business relationship between Xinhua Finance and the agency must under the law. In 2001 Samoa incorporated "Xinhua Finance Holdings Limited" owned a majority stake in Xinhua Financial Network, which all the shares of Xinhua Financial Network were exchanged with the shares of Xinhua Finance in 2004. According to Xinhua Finance, as at 30 September 2005, Patriarch Partners, a fund of Lynn Tilton, owned Xinhua Finance 9.92% as the largest shareholder, it was followed by Fredy Bush for 6.64% stake, and British Virgin Islands incorporated Xinhua Development Holdings Limited for 4.25% stake.[7]
References
- 1 2 3 4 5 6 "2015 Annual Report". Xinhua Holdings (in Japanese). Financial Services Agency. 31 March 2016. Retrieved 27 October 2016.
- 1 2 "新华社关于终止与新华财经股权关系的声明(全文)". Xinhua Net (in Chinese). Xinhua News Agency. 28 April 2007. Retrieved 27 October 2016.
- ↑ "Former CEO and Two Associates Sentenced to Prison Terms for Conspiracy to Impede the Lawful Functions of the Internal Revenue Service". U.S. Attorney for the District of Columbia. 29 April 2013. Retrieved 27 October 2016.
- ↑ 2001 Annual Return at Hong Kong Companies Registry
- ↑ "Thomson buys non-China bureaus of Xinhua Finance". Reuters. 2007-06-01.
- ↑ 2010 Annual Report of FTSE International Limited in Companies House
- ↑ "Issuance of the Shares to the Specified Allottee" (PDF). Xinhua Finance. 24 November 2005. Retrieved 27 October 2016.