Ringier sells Chinese subsidiary
The Ringier media group has sold its Chinese subsidiary, Ringier Trade Media (RTM), to its managing director, Mike Hay. The former subsidiary will continue to operate under the name Ringier.
The sale took place on July 1, as Ringier announced on Friday. RTM was sold in a strong position. For this reason, the company will continue to operate under the Ringier name together with its subsidiaries Ringier Shanghai Conference and Shenzhen Ringier Advertising.
China remains a key market for Ringier
According to the press release, the sale was made because RTM differs significantly from the business areas on which Ringier focuses worldwide. However, China will remain a key market with clear growth plans for Ringier in the future.
RTM publishes over 30 trade journals for industry experts. Hay, who has been co-owner since 1998, will continue to lead the company and retain the existing management and editorial team in China, Hong Kong and Taiwan, writes Ringier.
