China Xinhua News Network Corporation (CNC), a TV news network owned by Xinhua News Agency, said Tuesday the assets of its Asia Pacific's channel carrier had been successfully injected to Hong Kong's listed company Tsun Yip Holdings (Stock code: HK 8356) at a total cost of 700 million HK dollars (90 million U.S. dollars).

Wu Jincai, CNC president and Xinhua's deputy editor-in-chief, told a press conference in Hong Kong that the operational mode of " capitalization" will help CNC get more support from the international capital market and boost its reputation as a competitive, influential and world-renowned media organization.

He said, as a listing company, CNC endeavors to lift its influence in overseas market and adopt the strategy of localization, so as to strengthen its information-gathering capability.

Furthermore, CNC will aim to build itself in accordance to the modern enterprise system into a self-financed and world-class media organization, he said.

According to CNC, three shareholders of its Asia Pacific's channel carrier, including CNC limited Co., APT Satellite Company Limited (APT) and Ao Rong Investment Corporation, had signed an agreement with Tsun Yip Holdings on Sept. 6.

Under the agreement, Tsun Yip Holdings purchases all the shares of CNC Asia Pacific's channel carrier at a cost of 700 million HK dollars, with price of newly-issued shares being set at 0.196 HK dollars per share.

After completing the transaction under legal procedures, CNC Asia Pacific's channel will hold 28.5 percent stake in Tsun Yip Holdings to become the largest shareholder. The transaction will be completed on Dec. 9.

CNC is the TV network owned by Xinhua. Its Chinese channel opened on Jan. 1, 2010, while its English channel opened on July 1. Both channels target audiences of all over the world, broadcasting through satellite, cable televisions, digital media, Internet and other platforms. Now, CNC reaches billions of audience in 57 countries and regions.