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SCMP Reporter

Mainland entrepreneur to use Hong Kong back-door listing

Ground-breaking magazine publisher Wang Boming plans an aggressive expansion of his mainland media empire using his Hong Kong arm secured through a back-door listing last year.

'Four magazines and one newspaper is certainly not our goal. We're planning to launch a series of new publications,' Mr Wang said.

Outlining a three-staged expansion plan, he said the company  planned to publish more titles, develop a conference business and later acquire the magazine distribution business from its parent, Caixun Group.

The group's flagship publication has pushed the bounds of mainland journalism through exposure of corporate malfeasance.

'The advantage of having a listing vehicle is access to capital, and we can expand quickly,' Mr Wang said.

Caixun's back-door listing saw it inject its advertising business into former pager-maker Sino Infotech before it was re-named SEEC Media Group.

The 47-year old chairman of SEEC Media and his partners own five titles that include the biweekly Caijing, financial newspaper Business Post, property magazine New Real Estate and two editions of Securities Market Weekly. SEEC Media, also known as Caixun Group, is an affiliate of the Stock Exchange Executive Council - a non-profit group of foreign educated economists set up by China's cabinet in 1989 to establish China's stock market.Mr Wang plans to double his media group's revenue and aims at  HK$100 million sales revenue this year, increasing to $200 million revenue next year. An aggressive expansion schedule later this year will see the group launch two more property magazines - one in Shanghai and one in Guangdong.

The group's Beijing-focused property magazine has apparently been profitable since its launch last year.

Like many media managers, Mr Wang sees a natural fit between publishing and conference organising.

'Conference activities can easily contribute 20 to 30 per cent of the group's total revenue in two to three years time.' One such event will see SEEC Media partner with the World Economic Forum in an awards event next month for influential young business leaders.

Mr Wang said Caixun Group would inject the magazine distribution business into its listed vehicle next year after China's regulations were changed to permit the move. Magazine and newspaper distribution amounts to 20-30 million yuan (HK$18.84 million to HK$28.27 million) a year and accounts for 20-30 per cent of the entire magazine group's revenue.



Publisher sets sights on expansion