Today, Fredy Bush, the CEO of Xinhua Finance and Xinhua Finance Media Limited (XFML), released a letter to counter the recent media coverage of “the mystery of Xinhua Finance”. Quote the letter:
— Over the years the media has criticized Xinhua Finance as being too
close to the Xinhua News Agency and the government of China; now they
are criticizing us for not being close enough. The fact is, we have a
20 plus 10 year exclusive agreement signed in 2000 with the China
Economic Information Service of the Xinhua News Agency and that has not
changed. This has been publicly disclosed on numerous occasions.
— Xinhua News Agency has always had its own financial services division,
and it is called the China Economic Information Service of the Xinhua
News Agency. Their recent announcement concerned an upgrade of those
services. And, contrary to suggestions in the Wall Street Journal,
they are not involved in indices, ratings and so forth. Again, this is
— The media also have attempted to dispute my role in the founding of
Xinhua Finance and how this company achieved the success it has
experienced to date. The fact is I was both a founder and early
investor. The information regarding the establishment of the company
is recorded clearly in the company’s public registration documents.
The track record of the company, the valuable business relationships we
have established, and the financial performance we have achieved speak
for themselves, and we are very proud of these important
— I want to point out one of the misperceptions in the article that is
very important to me, even if it may seem innocuous: I have never
attributed the success of Xinhua Finance solely to my own personal
persistence and determination, but instead to that of my entire team.
— The article also attempted to cast a shadow on me personally. Even
insignificant facts like the color of my car, the size of my home in
Hawaii, and what my staff calls me were inaccurate. In English, my
staff calls me Fredy, and in Chinese, because of my hair, some
jokingly call me ”mian mian”, which means instant noodles. But I’m
not going to dignify other inaccuracies about my personal life,
supposed nicknames and long-ago family tragedies with further comment.