Caixin Media Company Ltd. (Chinese: 财新传媒) is a Beijing-based media group providing financial and business news and information through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin Media publishes four magazines, Caixin Weekly, China Reform, Comparative Studies and Caixin - China Economics & Finance.
The founder and publisher is Hu Shuli, a former Knight Fellow in journalism at Stanford University, and an honorary doctorate degree recipient from Princeton University. Previously, Hu founded Caijing magazine. Yang Daming acts as deputy publisher, and Wang Shuo is editor-in-chief. The business side is headed by Zhang Lihui as executive president.
Caixin Insight Group is Caixin's data and intelligence arm with Gao Erji as its executive president. Established in 2015, it provides financial data products to Chinese institutional investors. As a sister company of Caixin Media, Caixin Insight Group focuses on providing Chinese business with financial databases, macroeconomic research, big-data analytics, smart beta indexes and strategy consulting services.
Caixin China PMI, one of the country's most-closely watched economic indexes, is compiled and published by IHS Markit every month and is often cited by market watchers and media. Caixin Media took over sponsorship of Markit's China PMI from HSBC in 2015 and the research team of Caixin Insight provides in-depth analysis for the index.
Caixin launched a simple English-language news site called "Caixin Online" in 2010, translating a small number of its Chinese stories each day for foreign readers. In 2016, it greatly expanded that presence with the establishment of a separate company called Caixin Global, with Hu Shuli as CEO and Li Xin as managing director. It included a new English language news app, a new English language website (www.caixinglobal.com) upgraded from Caixin Online, and a range of customized business intelligence services under the banner of Caixin Global Intelligence.
In April 2018, Caixin Global and Citic Capital jointly acquired the international business information unit of Britain's Euromoney for $180.5 million, marking one of the biggest offshore purchases ever by a mainstream Chinese media company. The unit, Global Market Intelligence Division (GMID), was a provider of global financial information and data in over 15 languages, with a focus on emerging markets. GMID's two main units are CEIC and EMIS.
Departure from Caijing MagazineEdit
Caixin Media was established in January 2010, created subsequent to the departure of Hu Shuli and the majority of the editors and reporters at Caijing Magazine in November 2009. The original staff of Caixin Media is entirely employees that left Caijing.
Caijing is a financial news magazine "which blazed a trail for other media groups by exposing corruption, the cover-up of the SARS epidemic and the construction flaws that led to the collapse of schools during the Sichuan earthquake". It was founded by Hu Shuli in 1998 and was managed by the Stock Exchange Executive Council (SEEC) (中国证券市场研究设计中心(联办)) whose chairman is Wang Boming, The magazine's ability to push the boundaries in news coverage largely depends on the political protection afforded by SEEC, its well-connected backer.
In November 2009, Hu Shuli resigned from Caijing along with a large portion of Caijing's journalists after weeks of conflicts with Caijing's controller over issues including "its coverage of sensitive current affairs stories". The magazine had been well known for its investigative reporting and in-depth business articles; but its backer, according to departing employees, wanted it "to move away from investigative journalism towards straight coverage of business, in the mode of Fortune". The pressure to focus on finance had mounted substantially since the explosion of ethnic violence in Xinjiang in July 2009; reporters at Caijing received orders from SEEC to remove sensitive stories, despite SEEC's promises not to interfere in editorial decision-making. Except that, there were also disputes over wages.
Jeremy Goldkorn, founder and editor of Danwei, a China-focused blog, called Hu's departure from Caijing "a big loss for SEEC". "No one will take Caijing seriously now," he said. "Hu Shuli is almost half the brand, if not more."
Establishment of CaixinEdit
Caixin Media was invested by various parties. Hu secured a 40-million yuan investment from Zhejiang Daily Press Group, the state-owned newspaper conglomerate, for a 40 percent stake in Caixin. Zhejiang Daily had sought to sell a 19.77 percent stake in Caixin for 56 million yuan in 2011, but later withdrew the sale. In July 2012, Hu won another shot in the arm when Tencent, one of China's largest internet firms, became Caixin's newest stockholder with an undisclosed amount of shares. In December 2013, China Media Capital (CMC), one of China's leading investment and operating platforms in media and entertainment, internet and mobile, and lifestyle, said that it had purchased 40% stake in Caixin Media from Zhejiang Daily Press Group, thus becoming the largest shareholder. Li Ruigang, the chairman of CMC, said, "My fund and I are very honored to become a part of Caixin"; "Our common goal is to build a China-based financial media platform with international influences."
Caixin Media initially offered content from its website, caixin.com, and its mobile app for free, but charged for the electronic version of its signature magazine. On November 6th, 2017, it set up a paywall for caixin.com, becoming the first major Chinese publication to put most of its online content behind a paywall.
The paywall's introduction was part of Caixin's efforts to protect content from copyright infringement and to boost revenue. In May 2018, Hu Shuli, in a speech to students at Renmin University of China, said that many readers had subscribed since testing of the paywall model began in 2016, proving that the market had a positive response to the paywall model.
In an interview in November 2018, one year after the paywall's introduction, Hu Shuli said Caixin had more than 200,000 digital annual subscribers. Caixin's Chinese language website caixin.com receives approximately 130 million page views per month from 50 million unique visitors. Hu said that readership had risen steadily.
Caixin has hundreds of journalists and editors working at bureaus in Beijing, Shanghai, Hong Kong, Montreal and Washington D.C. The team is known for investigative journalism and has received numerous domestic and international awards.
The Economist once remarked that "Caixin is the rarest of things in China: a courageous media outlet, pursuing the truth in the face of intimidation", acknowledging its in-depth reports covering powerful companies such as China's debt-ridden insurance group Anbang.
Caixin and its editorial team have received numerous awards for excellence in journalism in a wide range of categories. The following is a list of some of those awards:
The Caixin report "Across the Magic of ANBANG ASSET" won the Excellence in Business Reporting in Awards for Editorial Excellence 2018 hosted by the Society of Publishers in Asia.
The Caixin report "Beijing: In or Out" won the Excellence in Information Graphics in Awards for Editorial Excellence 2018 hosted by the Society of Publishers in Asia.
The Caixin report "After the Flood: Never Let Bygones Be Bygones" won the Excellence in Journalistic Innovation Award for Editorial Excellence 2017 hosted by the Society of Publishers in Asia.
Caixin won the international media competition "Energy of Words" hosted by the "Global Energy" Non-profit Partnership.
Caixin.com won an Excellence in Digital News of 2015 Award for Editorial Excellence hosted by the Society of Publishers in Asia.
Caixin won the SEC‐Lee Foundation Excellence in Environmental Reporting by a Media Organization award issued by the Singapore Environment Council.
Caixin won the Excellence in Reporting Breaking News of 2014 Award for Editorial Excellence hosted by the Society of Publishers in Asia.
Editor in chief Hu Shuli won the Missouri Honor Medal for Distinguished Service in Journalism.
Caixin reporters were honored at the China Environmental Press Awards given out by The Guardian and China Dialogue.
Managing Editor Wang Shuo was honored by the World Economic Forum as a Young Global Leader.
Ling Huawei's article "Yinguangxia's Trap", receives an honorable mention by the Kurt Schork Awards in International Journalism.
China Purchasing Managers IndexEdit
The Caixin PMI is a closely-watched gauge of nationwide manufacturing activity, which focuses on smaller and medium-sized companies, filling a niche that isn't covered by the official data.— CNBC January 3, 2016
In August 2015, Caixin Media Co Ltd announced that the China Purchasing Managers' Index (PMI) had declined to 51.5. This was the beginning of a decline that continued into December 2015. , PMIs are economic indicators derived from monthly surveys of companies is produced by the financial information firm, Markit Group, which compiles the survey and conducts PMIs for over 30 countries worldwide. From 2010 to 2015 HSBC had sponsored Markit's China PMI, but that relationship ended in June and Caixin stepped in.
When Caixin PMI came in weaker in late December 2015 fresh fears over China's economic growth were triggered and markets around the region responded. China's CMI had fallen to 48.2 from 48.6 in November, 48.3 in October, 50.5 in September and 51.5 in August.
On Friday, 1 January 2016 The Guardian reported that China's factory activity continued to decline, overseas demand for goods fell and export orders for Chinese manufacturers fell. Stock markets which had already responded by mid-December with "metals [experiencing] a broad-based drop on the weakness of manufacturing activity in China,.
Board of TrusteesEdit
To ensure independent journalism, Caixin has set up a Board of Trustees composed of respected intellectuals and academics that are independent of Caixin's board of directors and management, and have the final say in setting editorial principles, as well as the appointment or dismissal of the editor-in-chief.
Chairman of Board of Trustees
Wu Jinglian: Research Fellow for the Development Research Center of the State Council
Xie Ping: Professor of the PBC School of Finance at Tsinghua University
Qian Yingyi: Dean of the School of Economics and Management at Tsinghua University
Xu Hong: Professor of the School of Journalism and Communication at Peking University
Xiao Meng: Executive Editor of Comparative Studies Magazine
Advisor of Board of Trustees
Lawrence H. Summers: Economist and former U.S. Treasury Secretary
Caixin Summit SeriesEdit
The Caixin Summit Series is composed of events Caixin holds regularly at home and abroad, including the Caixin Summit, Caixin international roundtables, and domestic forums. Speakers typically include high-level officials from the financial and business realms, including both the private and public sectors.
The Caixin Summit is Caixin's flagship event and has been held every year in Beijing since 2010. It is recognized as one of the most authoritative events in China's economic and financial sectors. Past speakers have included Kevin Rudd, Zhou Xiaochuan, Ben Bernanke, Larry Summers, Carrie Lam, Lei Jun, Wang Shi, etc.
From 2018, Caixin started holding an annual mid-year summit in Hong Kong. The event brings together business executives, government officials and academics to discuss trends and opportunities in Asia and their impact on the global economy.
Caixin Roundtables are held alongside key international summits, such as the World Economic Forum in Davos, BRICS summits, APEC summits, G20 summits, and the annual meetings of the International Monetary Fund and World Bank. Each roundtable is a half-day meeting with both open- and closed-door sessions. Speakers and attendees include China's economic and financial officials and business leaders and their global counterparts.
Caixin holds various domestic forums in China. Different forums are held in key regions each year, such as the Yangtze River Deltaand China's Greater Bay Area. Each forum is a one-day event, including a high-level closed-door session. Attendees include regional politicians and business leaders.
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