Xinhua Sports & Entertainment

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Xinhua Sports & Entertainment Limited (XSEL) was a Chinese media company that operated from 2005 until it was liquidated in 2011. It was originally named Xinhua Finance Media Limited and changed to XSEL on March 2, 2009. The company was listed on NASDAQ in March 2007 and had its de facto headquarters in Beijing, with a registered office in the Cayman Islands. In 2011 XSEL was delisted and its top management were arrested; the company was liquidated, and in 2013 former CEO Fredy Bush was jailed. In 2007 Xinhua News Agency said it had no relation to XSEL’s parent company Xinhua Finance. Xinhua Finance Media Limited was incorporated in the Cayman Islands on November 7, 2005. The 2009 financials show revenue of about $99.2 million, operating income of about $222.0 million, net income of about $311.6 million, assets around $242.6 million and equity around $26.2 million. Major owners were Patriarch Partners (24%), Xinhua Finance (18.7%), Yucaipa (8.7%) and Fredy Bush (6%). The company’s website was XSEL.com.