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HONG KONG, Dec 21, 2015 - (ACN Newswire) - China Everbright Limited ("CEL", Stock Code: 165.HK)'s investment project Focus Media, China's largest outdoor advertising firm and one of the country's largest media companies, has completed the approval process for a backdoor listing on the A-shares market through Hedy Holding Co. Ltd. ("Hedy Holding", Stock Code: 002027).
Focus Media is principally involved in the development and operation of lifestyle-targeted interactive media networks ranging from in-building media (including in-building video display terminals and poster frame advertising) to movie theatre advertising and in-store video terminals. The company was listed on NASDAQ in the U.S. in 2007.
Through its Capital Investment and Financing Department, CEL helped complete the privatization of Focus Media in May 2013 with an investment of US$50 million, giving CEL the right to appoint an observer to Focus Media's board and assist it in pursuing a backdoor listing. From the suspension of trading in late April 2015 to 17 December 2015, Hedy Holding's shares saw a sharp cumulative increase of 266.6%, a performance reflecting the market's recognition of the privatization deal and Focus Media's future prospects.
CEL will remain one of Focus Media's major shareholders and hold a direct equity interest in Hedy Holding. It will also provide Focus Media with strategic, operational, financial and other support to help Focus Media achieve long-term value growth in the China securities market.
For more information on Focus Media, please visit its company website at http://www.focusmedia.cn/.
Contact:
Golin
Max Lau
Tel: 852.2501.7905
E-mail: mlau@golin.com
Topic: Press release summary
Source: China Everbright Ltd
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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