HONG KONG: PR Newswire has expanded its global corporate financial information network by investing in China's Xinhau Financial News.
This move marks the first time a Western news agency has partnered a Chinese government-backed news supplier.
Xinhau Financial News (XFN) is a comprehensive supplier of real-time financial news and market data in China with exclusive access to the information generated by its parent company, the Xinhau News Agency.
'We believe this investment helps to broaden avenues of communication with and for the rapidly expanding Chinese economy,' said John Williams, PR Newswire executive vice-president of global markets.
Based in Hong Kong with an operations centre in Beijing, XFN distributes news via leased line, satellite and the internet in English and Chinese.
XFN, which has financial backing from the Xinhau News Agency, is planning to list overseas within the next 18 months.