Publishing rights of leading Chinese financial newspaper in HK sold

Hong Kong Economic Journal Company Limited ("Newco") announced on Tuesday night that it had reached an agreement to acquire the publishing rights of the Hong Kong Economic Journal and the Hong Kong Economic Journal Monthly from Shun Po Company Limited.

The Newco is equally owned by Shun Po Company Limited and Clermont Media Limited. Shun Po Company Limited is a private company and Clermont Media Limited is owned by an offshore discretionary trust ("Trust"), the settler of which is Hong Kong tycoon Richard Li Tzar Kai.

Richard Li is expected to spend 200 million HK dollars (25.64 million U.S. dollars) to 300 million HK dollars (38.46 million U.S.dollars) for the trading, which would be completed at the end of this year, local media reported.

According to a press release from the Newco, the Board of Directors of Newco shall be appointed by Shun Po Company Limited and Clermont Media Limited.

Lok Yau Mui shall continue with her role as the Publisher of Hong Kong Economic Journal and Hong Kong Economic Journal Monthly.

Commenting on the acquisition, Lok Yau Mui said, "we are delighted to have entered into this agreement with the Trust as it enhances the future development of the Hong Kong Economic Journal.

As part of the agreement all of our existing staff will be offered employment in the new company, and with our new partner, we will ensure that the editorial style and independence, which we have built up over all these years, will be rigorously maintained.

"The press release said the acquisition fully complies with all laws and relevant statutory requirements of the Hong Kong Special Administrative Region.

Hong Kong Economic Journal, which was first published on July 3, 1973, is one of the most influential Chinese-language financial newspapers in Hong Kong.

Source:Xinhua