MEDIA CHINESE (00685) to Cease Operations in Canada

Stock News

Jan 16

MEDIA CHINESE (00685) announced that the Group will terminate its media business operations in Canada (the Canadian Business) effective February 1, 2026. The cessation of operations is expected to result in one-off expenses, including employee severance compensation, amounting to no less than approximately US$4 million; these costs will be recognized in the Company's consolidated income statement for the fourth quarter ending March 31, 2026. The Canadian Business has served its readers and advertisers for over 32 years; however, audience behavior has shifted significantly towards digital and online platforms in recent years. This termination is part of the Group's ongoing strategic evaluation and resource optimization. The Board of Directors believes that this decision will enable the Group to concentrate management efforts and capital on core markets and digital initiatives, aligning with the overall interests of the Company and its shareholders.

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