BEIJING, Dec. 11 (Xinhuanet) -- A subsidiary of China¡¯s Xinhua News Agency said Wednesday that it has agreed to buy New York-based Market News International in the first acquisition of an American news business by a Chinese company.

    Terms of the deal between Xinhua Financial Network and Market News International were not announced.

    Xinhua Financial Network, also known as Xinhua Finance, is partly owned by Xinhua, China¡¯s main government-run news agency.

    Market News International was founded in 1983 as a specialized agency serving traders and investors. It has offices in New York, Washington and several European capitals.

    ¡°Xinhua Finance¡¯s tremendous distribution capabilities in Asia open up new and exciting opportunities,¡± Michael Connor, chief executive officer of Market News International, said in a statement.

    Xinhua Financial, which describes itself as an independent financial information and services company, said it was seeking other opportunities for partnerships and acquisitions as it expands its international services.

    The Hong Kong-based company, founded in 1999, provides real-time financial information including index values for the Chinese mainland stock markets in Shanghai and Shenzhen.

    Early this year, Xinhua Financial acquired the Asian operations of the financial information provider AFX News from the French news agency Agence France-Presse.

    (Shenzhen Daily/Agencies)