Beijing, 2nd March: NASDAQ-listed, Xinhua Finance Media Limited has announced that it has changed its name to Xinhua Sports & Entertainment Limited (XSEL). Shareholder approval for the change was obtained on 15th January. The corporate identity change comes with the company’s new strategic focus on “the rapidly expanding sports and entertainment market in China.”

Ms. Fredy Bush, XSEL’s CEO said, “Sports themed programming is the fastest growing and most profitable segment of the broadcast industry in China today. According to research conducted by Morgan Stanley, there are approximately 500 million soccer fans and 300 million basketball fans in China.  Providing additional popular international sports content to these individuals as well as the sizeable untapped fans in China is a compelling business strategy and investment opportunity.”  The company’s trading symbol also changed from XFML to XSEL on 2nd March.   Source: XSEL press release

BIIA Newsletter April 2009 Issue