We are very pleased with how One Media Group has grown. Since its formation in March of 2004, via a merger, it has successfully listed on the main board of the Stock Exchange of Hong Kong and launched several new initiatives.

Going forward, we shall continue our momentum of revitalizing our existing products, in parallel from both an editorial management perspective and a business development perspective in an effort to make the products even better than what they already are and more profitable as well. These revitalization initiatives will embrace deep evolutionary changes in some selected products to bring more life to their editorial contents, improve their appeal to advertisers while boosting their cost-efficiency.

At the same time, we are critically looking into the business model of licensing our own leading magazine brands to other markets. The first step of this new business development is the Taiwan edition of our flagship Ming Pao Weekly. We, together with our partner in Taiwan, have successfully launched the Taiwan edition of Ming Pao Weekly in the Taiwan market in June 2008. This is a precursor for a probable stream of forthcoming business developments in this area. This also makes Ming Pao Weekly, at the time for us to celebrate its 40th anniversary in 2008, to be one of a few truly cross-boundaries entertainment magazines in Chinese language in the world.

On the top of prospecting suitable foreign magazines to introduce to this part of the world, we have started an initiative of forging extended licensing relationships with the established licensors, citing the flourishing multimedia content production and delivery possibilities these licensors have been investing in over the last few years. Once started, this could become another major area of our business development to a breadth unmatched by our peers.

Lastly but not the least, I close by saying thank you for the hard work and relentless spirit of innovation to all our employees. We are where we are today – being able to engage in one of the most promising industry in the most promising market in the world – because of your efforts. To our shareholders and other stakeholders, I thank you for your continuous support.

Tiong Kiu King
Chairman