(Asian Tech Press) Drastic changes are taking place in Hong Kong at all levels, including in the field of press and publishing.
According to Chinese media reports, Beijing's top brass is setting up a company in Hong Kong called Bauhinia Culture (Hong Kong) Holdings Limited. Media reports suggest that it's a cultural enterprise set up by the Chinese government in Hong Kong to enhance its soft power.
The company is typical of state-owned key enterprises, with heavy official coloring and administrative hierarchy.
Hong Kong newspaper Sing Tao Daily reported that the state-owned key cultural enterprise, with an administrative level of deputy ministry, is expected to open in the first half of 2021 and will have unified management of Chinese enterprises such as the Sino United Publishing (Holdings) Ltd., Bauhinia magazine, and the Sil-Metropole Organisation Ltd., with assets of hundreds of billions of Hong Kong dollars (US$1 = HK$7.7659), and does not rule out the injection of other cultural assets, with major businesses involving publishing, journalism, film and television, literature and arts.
Condidering the three China-funded firms revealed by the Hong Kong media, the Sino United Publishing (Holdings) Ltd. is undoubtedly the leader. It's the largest comprehensive publishing conglomerate in Hong Kong, with more than 30 subsidiaries and affiliates in Hong Kong, the mainland China, Macau, Singapore, Malaysia, the United States, the United Kingdom, France, Australia and other places.
The publishing conglomerate focuses on publishing, distribution, retailing and printing of books, newspapers and periodicals, as well as multimedia products, records and audio tapes, heritage paintings and calligraphy, stationery and stamps.
The publishing group includes a number of well-known publishers such as Joint Publishing (Hong Kong) Company Ltd., Chung Hwa Book Company (Hong Kong) Ltd., The Commercial Press (Hong Kong) Ltd., and Wan Li Book Company Ltd., which account for about one-fifth of the annual Chinese book publishing volume in Hong Kong. The company also has investments in real estate, self-built properties and logistics.
Founded in 1990, Bauhinia magazine is a monthly comprehensive news magazine published in Hong Kong. And the Bauhinia Foundation Research Centre is a policy think tank under Bauhinia magazine. Based in Hong Kong, Bauhinia magazine has set up offices or liaison stations throughout China.
In addition to being available in major bookstores and newspaper outlets in Hong Kong and Macau, the Bauhinia magazine is now distributed to the mainland China and 164 countries and regions around the world, with more than one million readers at home and abroad.
Based on the major businesses of the Chinese firms mentioned above, Bauhinia Culture will operate as a truly comprehensive cultural media group.
Phoenix TV (02008.HK), once enjoyed a high profile in mainland China, may also be included in the Bauhinia Culture.
Sources said that Liu Changle, CEO and founder of Phoenix TV, has signed a deal to sell 1.89411 billion shares of Phoenix TV to Bauhinia Culture, as well as Shun Tak Holdings Ltd (00242.HK), of which Pansy Ho Chiu-king is the managing director, involving 37.93% of Phoenix TV's issued share capital. After the transaction is completed, Bauhinia Culture will have full control over Phoenix TV.
Another source said that the China Fund, which is part of the well-known Shenzhen-based media Securities Times, will also be merged into Bauhinia Culture as a whole. Securities Times has already started to set up a new fund news department as all personnel are incorporated into the new group.
The source said the preparation of the new group was carried out as early as 2019, but once suspended, and was put back on the agenda in June last year. The new group is expected to start operations in the first half of 2021, with the administrative level of deputy ministry.
On March 3, 2021, the delegates of China's National People's Congress (NPC) arrived at Beijing one after another. And when Mao Chaofeng, former executive vice governor of Hainan Province, appeared in the delegation of the Guangdong province in his new title as chairman and party secretary of Bauhinia Culture (Hong Kong) Holdings Limited, it indicates that the new group may be the administrative level of vice ministry.
What kind of changes will be brought to Hong Kong’s culture and journalism by the Bauhinia Culture, with the strong official coloring of state-owned key enterprises? The world is waiting to see.
