Xinhua Sports & Entertainment

Xinhua Sports & Entertainment Limited (XSEL) was a Chinese media company which was delisted in 2011, as well as the arrest of top management of the firm. The company was known as Xinhua Finance Media Limited until 2009.

"Xinhua Finance Media" redirects here. Not to be confused with Xinhua Finance.
Not to be confused with Xinhua News Agency or Xin Hwa Holdings.
Xinhua Sports & Entertainment
FormerlyXinhua Finance Media Limited
TypePublic
Nasdaq: XSEL (ADS)
IndustryMedia
Founded2005
Defunct2011
Fateliquidated
Headquarters
Area served
China
Key people
  • Zheng Jingsheng (Chairman)
  • Fredy Bush (CEO)
RevenueDecrease US$99.231 million (2009)
Decrease (US$222.028 million) (2009)
Decrease (US$311.575 million) (2009)
Total assetsDecrease US$242.559 million (2009)
Total equityDecrease (US$26.170 million) (2009)
Owner
WebsiteXSEL.com
Footnotes / references
in a consolidated basis[1]
Xinhua Sports & Entertainment Limited
Simplified Chinese新华悦动传媒有限公司
Xinhua Finance Media Limited
Simplified Chinese新華財經传媒有限公司

In 2007 the state-owned enterprise Xinhua News Agency even declared that they have no relation with XSEL's parent company Xinhua Finance.[2]

In 2013 Fredy Bush, former CEO was jailed.[3]

History

Xinhua Finance Media Limited was incorporated in the Cayman Islands on 7 November 2005.[4] The company was listed in NASDAQ in March 2007.

On March 2, 2009, Xinhua Finance Media has changed its name to "Xinhua Sports & Entertainment Limited" (XSEL).[5]

In 2011, follow the exposure of the real financial condition of the company which ended as liquidation, Lynn Tilton sued former friend and CEO of XSEL, Fredy Bush, for fraud.[6][7]

References
  1. "Form 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)]". Xinhua Sports & Entertainment. 15 July 2010. Retrieved 27 October 2016 – via U.S. Securities and Exchange Commission (SEC) EDGAR System.
  2. "新华社关于终止与新华财经股权关系的声明(全文)". Xinhua Net (in Chinese). Xinhua News Agency. 28 April 2007. Archived from the original on October 28, 2016. Retrieved 27 October 2016.
  3. "Former CEO and Two Associates Sentenced to Prison Terms for Conspiracy to Impede the Lawful Functions of the Internal Revenue Service". U.S. Attorney for the District of Columbia. 29 April 2013. Retrieved 27 October 2016.
  4. "Form F-1 - Registration statement for certain foreign private issuers". Xinhua Sports & Entertainment. 21 July 2007. Retrieved 27 October 2016 – via SEC.
  5. "XFMedia Changes its Corporate Identity and Ticker Symbol to XSEL" (Press release). Xinhua Sports & Entertainment. March 2, 2009. Retrieved October 14, 2021 – via prnasia.com.
  6. "Tilton's Patriarch funds sue to recoup China loss". Reuters. 22 June 2011. Retrieved 27 October 2016.
  7. "Scandal in China Felt on Wall Street". The Wall Street Journal. 15 May 2011. Retrieved 27 October 2016.
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