The management at Xinhua Finance Media continues to fight back in the face of several weeks of negative press. This week, the company announced that it expected second quarter revenues to be significantly higher than previously announced.  Management stated in a press release that they anticipate revenues will be between US$27 million – US$29 million – up from the previous figure of US$23 million. They also stated that they would revise full-year revenues upwards when they announce second quarter revenues. 

On July 5th, Xinhua Finance Media also announced that the company has signed an exclusive five-year deal to sell advertising on House.china.cn, a real estate portal which is owned by China.com.cn. Earlier this year, XFMedia also signed a similar deal with Sina.com’s real estate portal.

Source: Xinhua Finance Media Press Releases, July 5th and 9th, 2007 – Business Strategies Group, Hong Kong  www.bsgasia.com

BIIA Newsletter July – 2007 Issue