CNC HK $ 160 million of new shares to be issued to raise money for the LED advertising projects

Listed subsidiary of Xinhua News Agency in Hong Kong - China Xinhua TV Holding Co., Ltd. (CNC) is trying through the issue of new shares to raise up to HK $ 160 million (HK $ 1 to about 0.8 yuan) funds, to fund outdoor advertising projects.

November 15th, CNC announced signed a framework contract with Alto electronic plan within the year to about 100 commercial real estate development project, responsible for the construction and installation of a total of approximately 200 LED display by Alto electronic specific. Alto electronic bulletin said, the total estimated contract amount of 160 million to 220 million yuan.

Xinhua television executive director Chia Thien Loong, Eric John said, if there is money, then the plan is feasible. Construction of 80-200 square meters large LED display requires 1.2 to 3 million yuan. "We liquidity of HK $ 12 million ... This will be enough build thirty-four LED screen."

Chia Thien Loong, Eric John also said that the the Xinhua TV program to a price below the market price of rental display, quickly recovered funds to build more display. Once rented to the advertising agency, Xinhua TV will be responsible for the news content, the rest of the period can be sold to advertisers.

Xinhua TV was listed in Hong Kong in 2010, invests primarily in waterworks engineering services, road engineering services, site formation works, as well as the field of television broadcasting. It now hopes to enter the field of outdoor advertising.