Xinhuanet's (SHA:603888) controlling shareholder will be changed to Xinhua News Agency Investment Holdings after a gratuitous transfer agreement, according to a Shanghai bourse disclosure on Monday.
Xinhua Investment obtained 51% of Xinhuanet from Xinhua News Agency.
Xinhua Investment's stake in the state media company rose to 61.4% from 10.4% after the transaction. Xinhua News Agency will remain the actual controller of the company.
Xinhuanet's shares rose 2% during the afternoon trade.
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