Xinhua Finance Media Takes Steps to Enhance Corporate Governance

Xinhua Finance Media Takes Steps to Enhance Corporate Governance

September 27, 2007

Adds Five New Directors, Creating a Majority Independent
Board
Appoints Former PricewaterhouseCoopers Senior Manager as
Internal Auditor


    BEIJING, Sept. 27 /Xinhua-PRNewswire/ -- Xinhua Finance
Media ("XFMedia"; Nasdaq: XFML), China's leading
diversified financial and entertainment media company
listed on The NASDAQ Stock Market in March, today announced
additional steps to enhance the Company's corporate
governance.  These initiatives include the appointment of
four new independent directors and one management director
to the Board of Directors and the appointment of an
Internal Auditor.

    The new director appointments have increased the size
of Xinhua Finance Media's board to twelve members, seven of
whom are independent.  The new directors are:

    -- Mr. David Olson -- partner of The Yucaipa Companies,
former Chairman 
       and CEO of Donaldson, Lufkin & Jenrette's Asia
Pacific region and 
       Credit Suisse First Boston's Chairman of Investment
Banking, Asia 
       Pacific
    -- Mr. Larry Kramer -- senior advisor, Polaris Venture
Partners; former 
       president, CBS Digital Media; former chairman, CEO
and founder of 
       MarketWatch, Inc.
    -- Mr. Steve Richards - COO of Silver Pictures and
co-president of Dark 
       Castle Entertainment, a division of Silver Pictures
    -- Ms. Li Shantong -- Senior research fellow and former
Director General, 
       Department of Development Strategy and Regional
Economy, Development 
       Research Center, the State Council, China
    -- Mr. Teddy Liu Weidong -- President of Advertising
Group, Xinhua Finance 
       Media

    Fredy Bush, CEO and Chairman of Xinhua Finance Media,
said, "Today's actions implement many of the
commitments we announced in May to enhance our corporate
governance policies, capabilities and structure.  These
directors will make a significant contribution to our
business strategy and our continued efforts to ensure we
meet a high standard of governance." 

    With the addition of these four new independent
directors, the Company complies with the requirement to
have a majority of independent directors, more than five
months ahead of the one year grace period allowed under
Nasdaq rules.   

    New Internal Auditor

    XFMedia has appointed its Internal Auditor, Mr. Henry
Heung-Ming Wong, to lead audit projects for the company and
its subsidiaries, reporting to and directed by the Board's
audit committee.  Mr. Wong, a CPA and a CIA, has more than
13 years of experience in establishing and maintaining
proper internal control procedures and financial reporting
structures for leading public companies.  While serving at
PricewaterhouseCoopers China, he performed a significant
number of Sarbanes-Oxley projects for various companies,
including a public media company and several foreign
private issuers.  He also played a significant internal
audit role in a public utility company and a fast-moving
consumer goods company. Prior to that, he worked for
Deloitte Touche Tohmatsu and Deloitte and Touche Corporate
Finance.

    Photo link for Henry Wong:
http://www.xinhuafinancemedia.com/HenryWong 

    Please see the biographies of the new directors in
appendix. For more information on the board members, please
visit
http://www.xinhuafinancemedia.com/en/our-company/board-and-management/board-of-directors/
.

    Appendix -- Biographies of New Directors

    Mr. David Olson
    Independent Director

    Photo link:
http://www.xinhuafinancemedia.com/DavidOlson 

    Mr. David Olson is a partner of The Yucaipa Companies,
an investment firm with holdings in Asia, Europe and the
Americas, that has established a record of fostering
economic value through the growth and responsible
development of companies. He has over 20 years of Wall
Street experience particularly in investment banking and
M&A.  Previously, Mr. Olson served as Chairman and CEO
of Guggenheim Merchant Banking, the private equity arm of
Guggenheim Capital in New York and Chicago.  Mr. Olson has
also served as Chairman of Investment Banking for the
Asia-Pacific region at Credit Suisse First Boston, and
Chairman and CEO of Donaldson, Lufkin & Jenrette's
Asia-Pacific region.  

    Mr. Olson holds a JD from Northwestern University
School of Law, where he serves on the Board of Directors,
and a BA from Wesleyan University, where he serves on the
Board of Trustees. Additionally, Mr. Olson is a
vice-chairman and an executive committee board member for
the Rehabilitation Institute of Chicago.

    Mr. Larry Kramer
    Independent Director

    Photo link:
http://www.xinhuafinancemedia.com/LarryKramer 

    Mr. Larry Kramer is senior advisor at Polaris Venture
Partners, a national venture capital firm that invests in
seed, early stage, and growth equity businesses in the
technology, life science, digital media, enertech and
consumer sectors.  Mr. Kramer served as the first president
of CBS Digital Media and continues to serve as an advisor to
CBS today.  Prior to joining CBS, Mr. Kramer was Chairman,
CEO and Founder of the financial website MarketWatch, Inc.,
which was launched in 1997 as a joint venture between CBS
and Data Broadcasting Corp.  Mr. Kramer led MarketWatch
through three acquisitions, an initial public offering, and
a sale to Dow Jones & Co. in 2005.  Previously, Mr.
Kramer spent 20 years in journalism as an award-winning
reporter and editor.  As a journalist, he won several
awards for reporting, including the National Press Club
Award and The Gerald Loeb award for business reporting; his
staffs won two Pulitzer Prizes.  

    Mr. Kramer holds an MBA from Harvard University and a
BA in journalism and political science from Syracuse
University.

    Mr. Steve Richards 
    Independent Director

    Photo link:
http://www.xinhuafinancemedia.com/SteveRichards

    Mr. Steve Richards is COO of Silver Pictures, a film
production company founded by film producer Joel Silver and
affiliated with Warner Bros., and co-president of Dark
Castle Entertainment, a division of Silver Pictures.
Formerly CFO of Silver Pictures, Mr. Richards began his
relationship with Joel Silver and Silver Pictures in 1995. 
He was instrumental in developing the $450 million business
plan for Dark Castle and in forging a financial partnership
with CIT Group Inc., which will finance the production of 15
films over the next six years.  Mr. Richards began his
career in film production and distribution as controller
for the International Movie Group, a publicly listed
company.  Subsequently, he helped launch Scott Free, a
production company founded by renowned directors Ridley and
Tony Scott.  

    Mr. Richards obtained his CPA in 1992 after working for
Arthur Andersen in Los Angeles with a focus on the
entertainment industry. He holds an MBA from UCLA's
Anderson School and a BA from Temple University.

    Ms. Li Shantong 
    Independent Director

    Photo link:
http://www.xinhuafinancemedia.com/LiShantong 

    Ms. Li Shantong is a senior research fellow and former
Director General, Department of Development Strategy and
Regional Economy at the Development Research Center (DRC)
of State Council, PRC, and Vice President of the Academic
Committee of the China Development Research Foundation
affiliated to the DRC.  She is also a member of the
National Committee of Chinese People's Political
Consultative Conference. 

    Ms. Li holds Bachelor's and Master's Degrees in
Mathematics from Peking University.

    Mr. Teddy Liu Weidong 
    Non-independent Director

    Photo link: http://www.xinhuafinancemedia.com/TeddyLiu


    Mr. Teddy Liu Weidong is President of Advertising
Group, Xinhua Finance Media and also Chief Executive
Officer of Xinhua Finance Advertising Limited, the
successor of Ming Shing International Limited which Xinhua
Finance Media acquired in 2006. Prior to joining Ming Shing
International Limited, Mr. Liu worked as a business manager
in Beijing Sangxia Advertising from January 1997 to January
2005, and as a business manager in Beijing Sunshine
Advertising from January 1994 to December 1996. 

    Mr. Liu holds a B.A. degree in garden design from China
Agriculture University.

    About Xinhua Finance Media Limited 

    Xinhua Finance Media ("XFMedia"; Nasdaq:
XFML) is China's leading diversified financial and
entertainment media company targeting high net worth
individuals nationwide. The company reaches its target
audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic
business groups, Advertising, Broadcast, Print, Production
and Research, XFMedia offers a total solution empowering
clients at every stage of the media process and keeping
people connected and entertained.  

    Headquartered in Beijing, the company has offices and
affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more
information, please visit http://www.xinhuafinancemedia.com
.

    Safe Harbor Statement

    This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates," ``confident''
and similar statements. Among other things, quotations from
management in this announcement contain forward-looking
statements.   Statements that are not historical facts,
including statements about XFMedia's beliefs and
expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ
materially from those contained in any forward-looking
statements. Potential risks and uncertainties are risks
outlined in XFMedia's filings with the U.S. Securities and
Exchange Commission, including its registration statement
on Form F-1. All information provided in this press release
is as of the date hereof, and XFMedia undertakes no duty to
update such information, except as required under
applicable law.



    For more information, please contact:

    Xinhua Finance Media, China
     Joy Tsang
     Tel:   [phone]
     Email: [e-mail]