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Amy Li

The Shanghai United  Media Group (SUMG), a newly created state-owned media conglomerate, has taken the first steps towards building China's equivalent of US financial information giant Bloomberg, according to Chinese media analysts.
A hiring advertisement posted by SUMG, which went viral on social media on Thursday, has added to speculation about the media conglomerate's plans to build a powerful financial service empire capable of competing with local and international rivals, wrote TMTpost columnist Wei Wuhui, who has been closely watching SMG's recent reforms.

The advert said the group was looking for journalists, researchers, engineers and analysts to fill more than 100 vacancies. It said the 60 senior business reporters who are recruited will be given stock options in the company.
"There will not be traditional editors and reporters in our firm," reads the advert, "We are looking for people with real connections and  talent from areas ranging from law to public relations."
The post explained that the services provided by the new firm will include supplying investment information for individuals, producing reports of listed companies, and providing investor relation.services.
The new project will be led by He Li, a former chief editor of Caijing magazine. Funding will also be sought from other local and overseas investors, with a goal of US$500 million in total,  the South China Morning Post reported last week
Meanwhile, executives at  Shanghai Media Group (SMG), the second largest media group in the country, were also reported to be hashing out ambitious reforms.  
Li Ruigang, a veteran media executive who was appointed group president in 2002 and charged with the mission of reforming and expanding SMG, said in a recent speech  that the company's success depends on how well its businesses are integrated with the internet.
"Everything we do, no matter [whether] it's content or business development, will not succeed if it's not adapted to mobile internet, " he said.
SMG includes in its portfolio three television companies, two radio stations, a newspaper, an internet portal, six sports teams and 12 prominent buildings in the city. The group also produces content distributed to 200 TV stations across the country.


Shanghai media conglomerate aspires to build China's equivalent of Bloomberg: reports

The Shanghai United  Media Group  aspires to become China's equivalent of Bloomberg. Photo: screenshot of SUMG's website

Shanghai's multimillion media project set to prop up ailing sector

Shanghai newspapers from 2013. Photo: AFP

New boss, and backing, for Hu Shuli’s Caixin Media group

Hu Shuli, seen here in Hong Kong in 2010, started Caixin Media with 40 million yuan from Zhejiang Daily Press. Photo: Dickson Lee

The deal places the outspoken Hu Shuli under the wings of powerful state media executive, Li Ruigang. Photo: SCMP Pictures

Li Ruigang, president of Shanghai Media & Entertainment Group, speaks at a news briefing in Beijing in 2009. Photo: Bloomberg

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New | Shanghai media conglomerate aspires to build China's equivalent of Bloomberg: reports