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Sunday 1 March 2009
Li, Caijing plan online news service
Richard Li Tzar-kai, chairman of PCCW, plans to set up an online financial news provider with Caijing magazine on the mainland to target investors in the world’s fastest-growing major economy, sources say.
Richard Li Tzar-kai, chairman of PCCW, plans to set up an online financial news provider with Caijing magazine on the mainland to target investors in the world’s fastest-growing major economy, sources say.
The venture, which will focus its coverage on the mainland, Hong Kong and Taiwan, might start operations by the end of the year, according to the sources. Journalists were being recruited for the mainly English service, two of the sources said.
Shanghai’s stocks rallied the most of those in any major market this year. Caijing, the mainland’s top finance publication, may gain international readers through the partnership with Mr. Li, who controls the Hong Kong Economic Journal newspaper and the Now pay-TV service.
“Online distribution of financial news is the way to go in China,” said Vivek Couto, executive director at Media Partners Asia.
“Traditional media such as newspapers and magazines are under some pressure.”
Plans for the internet news venture were at a preliminary stage, and details of the business model and distribution methods had not been completed, the sources said.
Online advertising revenue in China would increase to 22.5 billion yuan (HK$25.5 billion) this year, from 18.3 billion yuan last year, a Credit Suisse report said last month.
Newspaper ad sales might drop 4 per cent to 32.2 billion yuan this year, while revenue growth from magazine advertisements was likely to slow to 2.6 per cent as the mainland economy decelerated, it said.
Joseph Lo, who represents Mr. Li’s Pacific Century Group at public relations company Brunswick Group, could not immediately comment. Daphne Wu, general business manager at Beijing-based Caijing, declined to comment.
Caijing is among the 10 best-selling magazines in China, according to Media Partners Asia.
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Li, Caijing plan online news service
Bloomberg in Shanghai
28 February 2009
Richard Li Tzar-kai, chairman of PCCW, plans to set up an online financial news provider with Caijing magazine on the mainland to target investors in the world’s fastest-growing major economy, sources say.
The venture, which will focus its coverage on the mainland, Hong Kong and Taiwan, might start operations by the end of the year, according to the sources. Journalists were being recruited for the mainly English service, two of the sources said.
Shanghai’s stocks rallied the most of those in any major market this year. Caijing, the mainland’s top finance publication, may gain international readers through the partnership with Mr. Li, who controls the Hong Kong Economic Journal newspaper and the Now pay-TV service.
“Online distribution of financial news is the way to go in China,” said Vivek Couto, executive director at Media Partners Asia.
“Traditional media such as newspapers and magazines are under some pressure.”
Plans for the internet news venture were at a preliminary stage, and details of the business model and distribution methods had not been completed, the sources said.
Online advertising revenue in China would increase to 22.5 billion yuan (HK$25.5 billion) this year, from 18.3 billion yuan last year, a Credit Suisse report said last month.
Newspaper ad sales might drop 4 per cent to 32.2 billion yuan this year, while revenue growth from magazine advertisements was likely to slow to 2.6 per cent as the mainland economy decelerated, it said.
Joseph Lo, who represents Mr. Li’s Pacific Century Group at public relations company Brunswick Group, could not immediately comment. Daphne Wu, general business manager at Beijing-based Caijing, declined to comment.
Caijing is among the 10 best-selling magazines in China, according to Media Partners Asia.
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