Media firm also says it has no plans to sell Sing Pao Daily SMI Corp has denied that mainland media tycoon Qin Hui, the company's largest shareholder, has been detained in connection with a loans investigation and dismissed rumours loss-making Chinese-language newspaper Sing Pao Daily will be sold. The troubled entertainment company said Mr Qin, who also controls SMI Publishing Group and M Channel Corp, was working each day in his Beijing office and was in daily contact with the management. As reporters stood in front of him yesterday, SMI managing director Philip Wong Kun-to telephoned executive director Qin Hong, who is Mr Qin's younger brother, to show the company was still operating, despite having been suspended from trading since Thursday. 'Qin Hui remains at work everyday,' said Qin Hong, 'He just finished a board meeting and left the company. Please don't make any speculations.' But Mr Wong declined to call Qin Hui, saying the 37-year-old executive director wanted to remain low profile. Last month, mainland media reported Mr Qin, who has a 48.79 per cent stake in SMI, had been arrested by Beijing police amid an investigation into loans from China Minsheng Banking Corp, China Construction Bank and China Merchants Bank. Mr Wong said Mr Qin had only helped police in their investigations and was not held. 'I am in touch with him daily. He is free to move around,' he said. 'His personal life is separate from his work at SMI.' SMI, which controls 63.34 per cent of Sing Pao publisher SMI Publishing, said it did not plan to sell its stake in the Growth Enterprise Market-listed firm or the ownership of the newspaper. 'At this moment, we have no intention to have any major change in Sing Pao,' Mr Wong said. 'We don't want to sell it, although some potential buyers have approached us.' SMI Publishing recorded a loss of $71.44 million for the nine months to December last year, following a $65.76 million loss a year ago. Turnover dropped from $90.27 million to $85.35 million including 46.14 per cent from Sing Pao advertising revenue and 53.84 per cent from newspaper sales. The company had net cash and cash equivalents of $3.44 million in September last year. Industry watchers estimated the paper's receivables and loans at $20 million. 'We will support all our controlling companies on both financial and operational levels,' Mr Wong said. 'Sing Pao has expressed a wish for assistance and we will offer our help as much as we can. 'We are working with Sing Pao's directors to turn around the newspaper.' SMI said it might sell its stake at a 'reasonable' price.