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Fosun increases stake in Focus Media before Sina acquisition

By Wang Xing (chinadaily.com.cn)
Updated: 2008-12-25 12:36

Chinese investment company Fosun International has announced that it has acquired a 13.3 percent stake in China's largest outdoor advertising company Focus Media that had been recently acquired by Sina Corp.

Related readings:  China's Sina.com buys ad firm for $1 billion  Sina to buy assets from Focus Media  Fosun buys stakes in Hainan Mining United  IT: Sina to buy assets from Focus Media

That will make Fosun the third largest shareholder in Sina after the deal is completed.

Fosun said in a statement that it spent $150.11 million on 17,267,078 American depositary shares on the open-market between Nov 17 and Dec 22, making it Focus Media's largest shareholder.

The announcement came two days after Focus Media said on Dec 22 that China's largest portal website Sina Corp had agreed to acquire its LCD display network, poster frame network and in-store network through the issue of 47 million new ordinary shares.

Fosun's latest move will give the company a greater say in Sina, which will become China's largest advertising firm after it acquires Focus Media. The new company will be controlled by the three largest shareholders, each of which owns 6 to 8 percent of the company.

Fosun International is involved in pharmaceuticals, property development, steel, mining, retail and financial services and investments. The company is based in Shanghai and listed in the Hong Kong Stock Exchange.