WPP is to acquire a 25% stake in Shanghai Advertising Agency, a major full-service advertising agency in Shanghai, China, the group announced today.
Shanghai Advertising, one of the top 10 advertising agencies in China, was established early in China’s advertising history by Shanghai East Best International Group, which will continue to hold 50% of the equity, the remaining 25% being acquired by Hakuhodo Inc. Shanghai Advertising itself holds 50% of the equity in Shanghai Hakuhodo Advertising and 49% of Shanghai Ogilvy & Mather Advertising.
The group reported billings of RMB199 million for the year ended 31 December 2001 and had net assets of RMB59 million at that date.
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