Xinhua Finance Media, the China-based company that went public earlier this year and is the parent of U.S. news service Market News International, has had Yucaipa Cos. purchase a stake in the company from insiders, according to a story in the Wall Street Journal.
“Xinhua Finance Media’s American depositary receipts rose 90 cents, or 11%, to $8.78 in 4 p.m. Nasdaq Stock Market composite trading yesterday. That followed a 50% increase in the stock in the four prior days. The shares remain below the company’s March offering price of $13, however. The size, scope and timing of Yucaipa’s investment weren’t clear, and it appeared that money will flow to selling shareholders rather than to the company.
“Xinhua Finance Media said in a statement that the appointment of David Olson, a Yucaipa partner, as an independent director would strengthen its corporate governance. Yucaipa, which is run by Los Angeles billionaire Ronald Burkle, counts former President Clinton as a partner. A Yucaipa spokesman declined to comment. The recent decline in Xinhua Finance’s shares offers Yucaipa exposure to China, a hot investment theme, at a lower price than just a few months ago.”
Read more here. Market News International tracks the bond market and federal reserve banks around the globe for investors.
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