Xinhua Sports & Entertainment Limited (XSEL) Wrap Up:

Xinhua Finance Media Limited was incorporated on November 7, 2005 in the Cayman Islands as an exempted company limited by shares and our affairs are governed by the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. We acquired several companies from our parent, Xinhua Finance Limited, and continue to make acquisitions. For a detailed description of our acquisitions, see “Item 5. Operating 29 -------------------------------------------------------------------------------- Table of Contents and financial review and prospects — Acquisitions”. In 2007, we operated our businesses across five groups, as follows: • Broadcast. Our broadcast group was formed through the following transactions: • Upper Step. We signed a series of agreements pursuant to which we acquired 19.  ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2008%2f05%2f19%2f0001145549-08-000903.html#FIS_COMPANY_INFORMATION"