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Xinhuaonline reports strong results for its * * * April 11, 2002, Hong Kong - Xinhuaonline Info & Tech Co. Ltd. ("Xinhuaonline"), a joint venture between Global China Technology Group ("Global China Technology", HKSE: 1105) and the China Economic Information Service ("CEIS"), an affiliate of Xinhua News Agency, announced strong growth for its media industry value-added information services. The company has signed 400 corporate users since the launch of the service in November 2001, and estimates the figure will exceed 1,500 by the end of 2002, representing an approximately 8% of the potential market in mainland China. Xinhuaonline's core businesses are the provision of information, evaluation, training and consulting services to media organizations, and the provision of business information and content aggregation services to the financial industry. China's entry into the WTO has hastened the reforms by mainland media organizations to better adapt to the macro-economic changes and market challenges. However, as the media industry remains closed to foreign participation, there exists a large market for information and consulting services relating to the mainland media industry. It was against this background that Xinhuaonline's "Xinhua Chuanmei Gongchang" (Xinhua Media Center) was launched in November 2001 as China's first information service provider dedicated to serve the needs of the mainland media industry as well as overseas media organizations and investors. The business will leverage the authoritative source of information from the CEIS and the expertise of the consulting team to provide value-added services to its customers. Xinhua Chuanmei Gongchang's core services are: Media Information Center, Media Training and Management, Media Product Distribution, Media Evaluation System, and Media Management Consulting services. Under Media Information Services, Xinhua Chuanmei Gongchang has published over 150 commentaries and analytical reports on breaking news and issues relating to the operating environment facing mainland media organizations. Among them the "China Media Investment Report 2001" was released in December 2001 as China's first attempt to examine the media industry from an investment viewpoint. Its customers include organizations such as CCTV, JF Daily Group, and Lehman Brothers. The Media Training and Management consulting service is another high growth area for the business as the media industry continues to go through the commercialization process. Xinhua Chuanmei Gongchang has partnered with the China Journalists Association and Xinhua News Agency to provide training courses for media organizations to enhance their operational efficiency. It is estimated that media related products and service will make an approximately 60% of Xinhuaonline's turnover in 2002. Leveraging core partnerships to build strength for the business, Xinhuaonline has also signed a strategic alliance with Dow Jones Newswire to capture the growing demand for quality and timely business information by mainland media operators and financial institutions. On an exclusive basis, the company will provide localized Dow Jones' business information to mainland media organizations and government departments, and sector reports to financial institutions. The services have grown to over 60 customers. "China's media industry is moving towards a more market-oriented approach following the country's accession to the WTO. Such developments have been the latest focus for Hong Kong and overseas investors and media operators. As a core component of our Infohub business, Xinhuaonline is uniquely positioned to provide the information and services the market demands. We will support Xinhuaonline's development into a leading multi-channel value-added information service provider as the China information industry continues to commercialize," said Judy Inn, Chief Operating Officer of Global China Technology Group Ltd. Yu Gan, CEO of Xinhuaonline said, "Leveraging our shareholders' strong brands and extensive resources in distribution channels, content and capital, we are in an excellent position to develop into the most credible organization for information and services relating to mainland media policy and operating environment. Our unique strength also allows us to serve Hong Kong and overseas businesses who are interested in entering the mainland media industry." Xinhuaonline was formally established in May 2001 and first phase of service was launched in July last year. Xinhuaonline information products are distributed by Global China Technology in Hong Kong.
About Xinhuaonline About Xinhua News Agency/The China Economic
Information Service About Global China Technology Group Ltd
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