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Xinhua Finance Media Acquisition of CONVEY (2007)
SHANGHAI, July 2, 2007 – Xinhua Finance Media (“XFMedia”; NASDAQ: XFML) today announced it has acquired a 100% interest in Convey Advertising Company (“Convey”), a major outdoor advertising operator in Hong Kong and across southern China. The acquisition expands XFMedia’s outdoor advertising network to seven additional cities and includes significant high traffic and key transit routes linking mainland China with Hong Kong and Macau.
Founded in 1986 in Hong Kong, Convey has advertising rights to over 3,000 outdoor media assets, 2,000 of which are exclusive. These outdoor media assets include traditional outdoor billboards, LED and LCD boards and others in Dongguan, Shenzhen, Guangzhou and Foshan in Guangdong province, Hong Kong and Macau in the south and Tianjin in the north. The company’s main strengths are in the wealthy southern China cities, particularly along the border-port gateways through which millions of mainland Chinese pass each year on their way to the prime shopping and gambling destinations of Hong Kong and Macau.
In 2006, Guangdong province ranked number one in China in terms of GDP, which amounted to one-eighth of the entire country. Its USD 336 billion of GDP was higher than the combined GDP of Hong Kong (USD 187.1 billion) and Singapore (USD 138.6 billion). According to The Tourism Boards of Hong Kong and Macau, there are 12.5 million and 10 million travelers from Mainland China to Hong Kong and Macau respectively every year, and 83% of them go through gateways at border ports of Guangdong province.

Convey has a 20-year history and has secured the most strategic billboard space in Hong Kong and along the gateways through to mainland China,” said XFMedia’s CEO, Ms Fredy Bush. “I am delighted we have the opportunity to work with Convey Chairman Mr Mak as he is one of the most experienced professionals in the outdoor industry in Asia.”
“The acquisition of Convey will significantly strengthen...