New World Strategic Investment Limited ("NWSI"), a wholly-owned subsidiary of New World Development Company Limited ("NWD"; Hong Kong Stock code: 17) congratulates the successful listing of Shifang Holding Limited ("Shifang"; Hong Kong stock code: 1831) on the Main Board of The Hong Kong Stock Exchange Limited today, raised approximately HK$450 million of net proceeds. NWSI, together with other three highly reputable funds, invested an aggregate of US$35 million in Shifang and accounted for approximately 20% shareholding of Shifang after its initial public offering.
Shifang is an integrated media solution provider serving advertisers from a diversified spectrum of consumer industries through its cross-province network of newspapers and television stations.
Commenting on the investment in Shifang, Mr. Adrian Cheng, Managing Director of NWSI and Executive Director of NWD, said, "We believe the latest reform of China media industry provides an unrivaled opportunity to visionary investors. We like Shifang's unique asset-light business model and its success is primarily driven by creativity and ongoing efficiency enhancement. We are delighted to partner a future industry leader of its kind and participated in its listing. We wish Shifang every success in its business".
The successful listing of Shifang demonstrated the continuous commitments of NWSI to become a leading private equity firm through sourcing attractive investment opportunities on strength of its international brand name, local knowledge and solid capital.