China - United Business Media is has raised US$5m for growth this year by selling its share in a Chinese optoelectronics show.
The international exhibition organiser has now offloaded its 70 per cent stake in the China International Optoelectronic Expo (CIOE) trade show to eMedia Asia; a joint venture between UBM and B2B media company Global Sources. The remaining 30 per cent interest in CIOE continues to be retained by the other joint venture partner, Shenzhen Herong Exhibition Industrial.
"We are pleased to complete the transfer of our stake in CIOE to our eMedia joint venture,” says president and CEO of UBM Asia, Jime Essink. “The show has performed well this year and we look forward to its continued successful development."
CIOE was established in 1999 and is held annually in Shenzhen. The 2009 event attracted more than 2,000 exhibitors.
Global Sources' chairman and CEO, Merle Hinrichs, says: “According to the China Optics and Optoelectronic Manufacturers Association, the production value of China's optoelectronics industry is expected to increase to US$45bn by 2010, or 10 per cent of the global market share.”
